Global demand for rubber is likely to rise about 2.5 percent in 2019 to more than 30 million metric tons, according to the International Rubber Study Group (IRSG).
The IRSG's forecast - based on the International Monetary Fund's world outlook for the rubber industry and other scenarios - represents a slight drop in demand growth for rubber from a 3.2-percent consumption increase last year.
The Singapore-based industry trade group foresees growth in demand for both natural rubber and synthetic rubber of 2.6 and 2.4 percent, respectively.
According to the IRSG data, global rubber consumption increased by around to 29.3 million tons in 2018. Natural rubber growth was pegged at 4.9 percent, to 13.9 million tons, and synthetic rubber growth at 1.7 percent, to 15.4 million tons.
World natural rubber and synthetic rubber demand is set to increase to 14.2 million tons and 15.8 million tons, respectively, this year.