Do you want to enter the rubber market in the UK? This post is for you, you will find the way to use an API to invest carefully!
Rubber industry is an important resource-based industry sector in the world. It has witnessed a steady and strong growth over the years. Because of the wide application of rubber in both tires and non-tire applications, the present scenario as well as the future of the rubber industry is tied to the global economy.
To make rubber, a series of lengthy processes are needed: three primary methods of molding rubber are compression molding (used in making tires among other products), transfer molding and injection molding. And hen, vulcanization of the rubber occurs during the molding process rather than as a separate step. Vulcanization completes the rubber-production process.
Although, Rubber manufacture declined in the UK as a result of cheaper imports and today, the three largest producers are Thailand, Indonesia and Malaysia. Between them, they produce around 72% of the world’s natural rubber. In 2020, some 12.7 million metric tons of natural rubber and 14.2 million metric tons of synthetic rubber were consumed worldwide.
In the UK, the rubber production supplied by rubber from South America and South-East Asia. As a result, the opposing armies suffered from a lack of the material. In the early 1990s, the UK and Germany joined forces to create a new momentum in the rubber market. But it did not work due to the economic crisis of the time. Then, In the mid 2010s, the rubber business in the UK flourished again, uniting economic alliances with Asian countries.
Now, the UK makes approximately 1.7million tonnes of raw plastics every year. Some of the biggest polymer, plastic manufacturing companies in the UK are Ineos, Basell Polyolefins, Inovyn and Lotte Chemicals. The UK plastic processors consume more than 3.3 millions tonnes of material every year.
This growing strength in the UK rubber market made economists set their sights on the country again when it comes to investing in its currency, always taking into account measuring the analyzes within the stock market. To do this, they use Commodities-API
What Is Commodities-API?
It’s a free online API service that provides real-time commodity information, such as coffee, rice, and maize. Commodities-API, on the other hand, offers an exchange in any currency, with two decimal places of precision and a list of 170 market goods. In fact, if you want to check how previous months or years’ statistics were, it has that information as well, so you can choose the best way to finance your money and move in the market.
How Is It Used?
It is very simple to use. Three simple steps must be followed:
- Visit their website and log in.
- Obtain an API key.
- Find the items (RUBBER) and currencies (GBP) that you want.
After that, the API will be supplied to you in the form of a JSON script, which you may use anyway you like.
How Accurate Is It?
With an accuracy of 2 decimal points and over 170 different options, the Commodities-API allows you to access data in whatever currency you choose. You may also get data updates every 60 seconds and make 100.000 API queries every month.