KUALA LUMPUR—Global demand for natural rubber in 2024 is anticipated to rise by 1.8 percent compared to the previous year, according to the latest estimates from the Association of Natural Rubber Producing Countries.
Total NR consumption is expected to reach 15.448 million metric tons for 2024, up from 15.173 million tons in 2023, according to ANRPC's December monthly report.
The increase is largely attributed to revised demand projections for Indonesia and Malaysia, as indicated by the December estimates provided by the countries.
The anticipated growth, said ANRPC, signals a "potential recovery," driven by a resurgence in manufacturing activities and a growing emphasis on sustainable practices.
In this context, the association said NR stakeholders needed to "adapt and strategize effectively" to capitalize on emerging opportunities in the market.
Breaking down consumption trends, ANRPC said its member states contributed to 73 percent of overall demand.
Among them, China was the biggest player with its demand representing nearly 46 percent of the total market share. The country is forecast to see a 3.3-percent year-on-year increase in consumption, leading to an estimated total of approximately 7.216 million tons for 2024.