RubberSilver report

Published April 2026Insight Research13 min read2026 Edition15 sources, 15 primary-gradeVery high source depth

Thailand Rubber Market Intelligence

Thailand is world's largest natural rubber producer at ~4.5M tonnes/year (~35% of global). STA (SET: STA, STGT gloves parent), Halcyon Agri, Von Bundit, Southland dominate processing. Michelin, Bridgestone Thailand absorb tyre demand. RAOT, EUDR, price cycle binding.

Key takeaways

1
Thailand produces approximately tonnes of natural rubber annually — the world's largest producer at ~ of global natural-rubber output. Indonesia, Vietnam, India, Malaysia complete ANRPC top-5.
2
~ smallholder farmers tap rubber on ~3- hectares primarily in Southern Thailand (Surat Thani, Songkhla, Trang, Nakhon Si Thammarat etc.), with growing Eastern, Northeast plantings. RAOT (Rubber Authority of Thailand) administers price-stabilisation, smallholder support under RAOT Act B.E. 2558 (2015).
3
Processor concentration: Sri Trang Agro-Industry (SET: STA, listed parent of Sri Trang Gloves SET: STGT) ~ processor share, largest listed rubber company; Halcyon Agri (SGX-listed, Sinochem-controlled) ~; Von Bundit (private) ~; Southland Rubber, Thai Hua, smaller private ~ combined; cooperatives, smallholder direct trading ~.
4
Downstream absorption: tyre manufacturers (Michelin Thailand multi-plant, Bridgestone Thailand, Yokohama, Goodyear, Otani, smaller) consume ~ of Thai natural rubber domestically, export globally. Medical, exam gloves (STGT, Malaysian-affiliated operators) consume growing share post-COVID, mature; automotive, industrial rubber, rubber wood furniture completes demand.
5
Our read: Thai rubber is volume-dominant global commodity, downstream integration play. Binding variables: (a) EU Deforestation Regulation (EUDR), smallholder compliance, (b) rubber-price cycle (TOCOM, SGX futures), (c) downstream tyre, glove demand, (d) STA, STGT capital allocation, integration.

RAOT, MOAC, STA, Halcyon, Von Bundit, UN Comtrade, ANRPC, IRSG, TOCOM, TFTIA, SCB EIC

Data as of: April 2026 edition · FY2024 full-year anchor

Executive summary

What this report covers, and the thesis in one paragraph

Thailand produces approximately tonnes of natural rubber in FY2024 per RAOT, ANRPC, IRSG — maintaining global #1 position at ~ of world production. Indonesia (~), Vietnam (~), India (~), Malaysia (~) complete the top-5 producing ~ of global NR combined. Thai production concentrates in Southern provinces (Surat Thani, Songkhla, Trang, Nakhon Si Thammarat, Yala, Narathiwat), with growing but still secondary Eastern (Rayong, Chanthaburi), Northeast (Buri Ram, Surin) plantings from RAOT-subsidised expansion programmes.^{[, , ]}

Processing, trading concentration: Sri Trang Agro-Industry (SET: STA, listed parent of Sri Trang Gloves SET: STGT, founded 1987) is the largest listed Thai rubber company — STR block rubber, latex, concentrated latex, compound rubber, downstream. Halcyon Agri (SGX-listed, majority-owned by China's Sinochem since 2016) is a major Thai processor, global natural-rubber trader. Von Bundit, Southland Rubber, Thai Hua, smaller private processors complete the mid-tier. ~ smallholder farmers supply raw latex, cuplump to processors through RAOT-licensed cooperatives, private traders.^{[, , , ]}

Our thesis: Thai rubber is volume-dominant global commodity, downstream-integration platform. Binding variables: (a) EU Deforestation Regulation (EUDR, 2024 effective), smallholder compliance, traceability; (b) global rubber-price cycle via TOCOM, SGX futures, ANRPC supply-agreement discussions; (c) downstream tyre demand (Michelin, Bridgestone, Yokohama Thai plants), medical glove cycle (STGT); (d) STA / STGT capital allocation, vertical-integration playbook.^{[, , , ]}

RAOT, MOAC, STA, Halcyon, ANRPC, IRSG, TOCOM, TFTIA

Data as of: April 2026 edition · FY2024 full-year anchor

Natural rubber production at a glance

Thailand natural rubber production, 2020–2024 (M tonnes, FY2024 anchor)

2020

Production (Mt)

~4.4Mt

YoY

base

Driver

COVID disruption; tapping, processing restricted; price weak.

2021

Production (Mt)

~4.5Mt

YoY

+2%

Driver

Partial recovery; global automotive, glove demand supports price.

2022

Production (Mt)

~4.6Mt

YoY

+2%

Driver

Peak tyre, auto demand; prices recover.

2023

Production (Mt)

~4.7Mt

YoY

+2%

Driver

Steady state; smallholder tapping, expanded plantings.

2024

Production (Mt)

~4.5Mt

YoY

−4%

Driver

Weather, disease, smallholder labour constraints; price pressure.

Year	Production (Mt)	YoY	Driver
2020	~4.4Mt	base	COVID disruption; tapping, processing restricted; price weak.
2021	~4.5Mt	+2%	Partial recovery; global automotive, glove demand supports price.
2022	~4.6Mt	+2%	Peak tyre, auto demand; prices recover.
2023	~4.7Mt	+2%	Steady state; smallholder tapping, expanded plantings.
2024	~4.5Mt	−4%	Weather, disease, smallholder labour constraints; price pressure.

RAOT, MOAC, ANRPC production series

Data as of: April 2026 · FY2024 full-year anchor

Thailand maintains global #1 position at ~35% of world NR production.

Product mix

Thailand natural-rubber output by product form (FY2024 share, directional)

STR block rubber

~40%

Driver

Tyre-grade Standard Thai Rubber (STR10, STR20); largest export category.

Concentrated latex

~25%

Driver

Glove, condom, medical, specialty latex applications.

RSS (ribbed smoked sheets)

~15%

Driver

Premium tyre, specialty grade.

Compound rubber, specialty

~10%

Driver

Pre-compounded, specialty downstream.

Rubber wood, other

~10%

Driver

End-of-plantation timber for furniture, construction.

Product	Share	Driver
STR block rubber	~40%	Tyre-grade Standard Thai Rubber (STR10, STR20); largest export category.
Concentrated latex	~25%	Glove, condom, medical, specialty latex applications.
RSS (ribbed smoked sheets)	~15%	Premium tyre, specialty grade.
Compound rubber, specialty	~10%	Pre-compounded, specialty downstream.
Rubber wood, other	~10%	End-of-plantation timber for furniture, construction.

RAOT, processor disclosures, UN Comtrade

Data as of: April 2026 · FY2024 product-mix reconciliation

Shares directional. STR, concentrated latex, RSS are the primary export categories.

Analyst framing

Why this profile is worth unlocking

Thai rubber is world's #1 producer, downstream integration platform. STA, STGT listed anchor; Halcyon Agri, Von Bundit private, SGX-listed peers. Tyre, glove, rubber wood downstream. EUDR, price cycle, STA integration binding.

Operator playbooks

STA anchor, private, SGX-listed, downstream tyre consumers

Sri Trang Agro-Industry (SET: STA) is the listed parent of Sri Trang Gloves (SET: STGT), largest Thai rubber company by integrated scale. FY2024 consolidated revenue reflects both NR processing (STA standalone), glove manufacturing (STGT subsidiary) — combined group revenue ~THB 90B. Vertical integration: STA rubber farms, contracts, processing (STR, latex, RSS), STGT gloves, specialty downstream. Founded 1987.

Halcyon Agri (SGX-listed, majority-controlled by China's Sinochem since 2016) is a major Thai natural-rubber processor, global rubber trader. Thai operations via multiple plants; global export via Singapore, European trading offices. Von Bundit (private, family-held) is a top-3 Thai rubber processor, trader at similar scale to Halcyon's Thai ops. Southland Rubber, Thai Hua, smaller processors complete the mid-tier.

Downstream tyre: Michelin Thailand (multiple plants, passenger, commercial tyres, largest Thai tyre manufacturer), Bridgestone Thailand (multi-plant Japanese-parent), Yokohama, Goodyear, Otani, MRF, smaller Chinese Thai-ops. Thai tyre industry consumes ~60% of domestic natural rubber, exports finished tyres. Glove demand via STGT, Thai-Malaysian operators. Automotive, industrial, specialty rubber, rubber-wood furniture complete downstream.

Market scenarios to 2031

Where Thai rubber production, processor mix lands by 2031

Downside: price, EUDR squeeze

~4.2Mt/year

EUDR compliance burden compresses smallholder supply; price weak; tyre, glove downstream slows. STA, peers face margin pressure.

Base case

~4.5Mt/year

Production holds at FY2024 level; EUDR compliance manageable via aggregator programmes; tyre, glove downstream recovers modestly. STA, STGT integration delivers efficiencies.

Upside: downstream, premium

~4.7Mt/year

Global tyre, glove, EV-tyre demand accelerates; specialty, compound rubber premium, STA vertical capture expand. STGT glove cycle recovery.

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Key figures

Selected anchors from the report evidence pack.

FY2024

~4.5-5 Mt

Thai natural rubber production volume (2024)

Rubber Authority of Thailand, ANRPC, USDA FAS

FY2024

~USD 5-7B

Thai natural rubber export value (USD, 2024)

Thai Rubber Association, RAOT export statistics, Thai Customs Department

2023-2024

~85-90%

Smallholder share of Thai rubber output

Rubber Authority of Thailand, ANRPC

FY2024

~THB 55-80/kg

AFET RSS3 rubber price range (2024)

AFET daily price data, RAOT reference prices, SICOM

2023-2024

~5-8% of latex output

Thai latex-to-glove downstream capacity

Sri Trang Agro-Industry Annual Report, RAOT downstream data

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