ANRPC releases monthly Natural Rubber statistical report, January-February 2022
The Association of Natural Rubber Producing Countries (ANRPC) says that the global outlook of natural rubber (NR) market stays positive in 2022. The world production is expected to grow by 1.9% at 14.107 million tons while the world consumption is expected a moderate growth at 1.2% to 14.232 million tons during 2022.
Despite the positive sentiments in NR market, it also faces several challenges which may hinder its growth. In the supply side, it is heavily affected by adverse climate, labour shortage in NR producing countries amid the rising spread of Covid-19 variant, Omicron cases around the globe and off-tapping season which may aggravate the supply tightness of raw material in the coming months. While good prospect in NR demand in view of the strong demand from healthcare sector and positive auto sale growth in major economies.
ANRPC also reports that other global events may influence the NR market such as surge in crude oil prices, geopolitical crisis, reopening border and its economy under endemic arrangement, global supply chain disruption caused by delayed shipping schedule, global shortage of semiconductor chipsets and healthcare risk such as Covid-19 development.
Countries have taken different approaches to manage the Covid-19 pandemic for its nation and economy’s sake. However, an effective Covid-19 management is still key to sustain the economic recovery from the post-pandemic, otherwise, it will still pose uncertainties of adverse impact to its recovery.
Original article by ANRPC.