October 30, Colombo (LNW): The Sri Lankan rubber industry is striving to double its export income to $2 billion by 2030, up from its current $1 billion, as shared by Dr. Dilhara Edirisinghe, Head of the Rubber Technology and Development Department at the Rubber Research Institute of Sri Lanka, during the TechBiz Rubber Week event held at the Ramada Hotel.

Presently, over 85% of Sri Lankan rubber products are exported primarily to the U.S. and EU markets, with key products being tyres and gloves.

 This strong demand provides significant room for growth, especially in the solid tyre manufacturing sector, where Sri Lanka leads globally, supplying over 30% of the world’s demand. 

Additionally, Sri Lanka holds the fifth position globally in the glove manufacturing industry, with the sector employing more than 500,000 people in plantation and manufacturing roles.

Sri Lanka’s rubber products currently hold a modest 0.25% share of the global market, yet 80% of its revenue is derived from value-added products. 

There is considerable potential to diversify and broaden the range of rubber-based products, which could reduce imports and further bolster export earnings. 

The industry is also committed to sustainability efforts, particularly in substituting synthetic materials in rubber composites with natural alternatives. 

This shift will aid in creating environmentally friendly “green” products, aligning with global demands for sustainable manufacturing.

Vindya Wijesinghe, Senior Innovation Officer at Sri Lanka’s National Innovation Agency, emphasized that Sri Lankan rubber is uniquely odor-free, which presents an opportunity to brand it with geographical distinction similar to Ceylon cinnamon.

 She underscored the importance of research and development (R&D) investments, which can drive sustainable innovations in rubber manufacturing. Collaborative research with universities and institutes can foster advancements that will enhance the rubber industry’s long-term growth and global competitiveness.

Intellectual property (IP) and innovation are essential in positioning Sri Lankan rubber products effectively in international markets.

The National Innovation Agency, tasked with fostering the nation’s innovation ecosystem, aims to support commercialization and IP management in the rubber sector.

 Recognizing industry leadership, the TechnoBiz event honored three influential professionals—Thilak De Zoysa, Dr. Nanda Fernando, and Pierre Pringiers—by inducting them into the ‘Rubber World – Hall of Fame’ for their invaluable contributions to the Sri Lankan rubber industry.

With strategic investments, product diversification, and a strong focus on R&D, Sri Lanka’s rubber industry is well-positioned to achieve its ambitious goal, increasing exports and cementing its global standing in the coming decade.