The IRSG’s forecast – based on the International Monetary Fund’s (IMF) world outlook for the rubber industry and other scenarios – calls for a slight drop in demand growth for rubber from a 3.2 per cent consumption increase last year.
In December, the Singapore-based group predicted growth in demand for both natural rubber and synthetic rubber of 2.6 per cent and 2.4 per cent respectively.
According to the IRSG, global rubber consumption increased by around to 29.3 million tonnes in 2018. Natural Rubber (NR) growth reached 4.9 per cent, to 13.9 million tonnes, and Synthetic Rubber (SR) growth was 1.7 per cent, reaching 15.4 million tonnes.
World NR and SR demand is set to increase to 14.2 million tons and 15.8 million tonnes, respectively, according to the IRSG.