KUALA LUMPUR—Global production of natural rubber is set to fall 9 percent to just under 12.6 million metric tons in 2020, according to the latest figures published by the Association of Natural Rubber Producing Countries.
The revised outlook, published Dec. 14, is 2.2 percent or 304,000 tons lower than ANRPC's projections published in September, reflecting the impact of "climatic change, extreme weather, and leaf diseases" on output in major producing countries.
In 2021, production is anticipated to recover by 8.6 percent to 13.69 million tons, but will remain lower than the 2019 level of 13.84 million tons.
As for NR consumption, the association expects global demand to fall 6.9 percent to 12.8 million tons in 2021, reflecting an 8.6 percent year-over-year decline in the first 10 months of the year and a 1.2 percent increase during November and December.
The revised outlook is 200,000 tons, or 1.5 percent higher, than ANRPC's September projections, driven by the "higher-than-previously-expected" economic performance in China and India.
For the year 2021, demand is set to recover by 4.9 percent rate to 13.44 million tons, still remaining below the 2019 consumption level of 13.77 million tons, according to ANRPC.