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Yesterday's news, an industry agency said that the rubber shortage in the world's second largest consumer of rubber in India in the next 10 years is expected to be five times the current income increase will stimulate tire demand.
Vinod Simon, chairman of the Rubber Industry Association of India, said that in 2020, the rubber gap in the country will increase from 175,000 tons in 2011 to 840,000 tons, and the gap in 2015 will be 687,000 tons.
Anand James, chief analyst at Geojit Comtrade, said that with car sales continuing to rise and more and more people demanding green products, the rubber gap will last longer than expected.
Simon said that India’s population growth will drive the rubber products market and the shortage will continue. Simon said that if the annual economic growth rate is maintained at 8.5%, India's rubber consumption will reach 1.89 million tons in 2020, compared with 930,000 tons this year.
According to data from India's State Rubber Bureau, the country’s total rubber production in September was 88,500 tons, compared with 93,500 tons in the same period last year.
James believes that the rubber market will still be the seller's market. As in the past two or three years, the balance of supply and demand cannot change in the short term.
The Chairman of the Indian Rubber Industry Association stated that by 2020, the country’s rubber gap will have quadrupled to 840,000 tons, which will stimulate demand for tires due to increased income.