The rubber tree Hevea brasiliensis is a tropical tree. It is native to the Amazon Basin in Brazil and adjoining countries. 

Tapping begins once trees reach maturity at about seven years, although this may be later in unfavorable areas. Tapping involves periodically cutting bark on the trunk, and hence severing latex vessels. It is best done at a 25-30° angle from the horizontal, from high on the left of the tree to low on its right, in an action exposing the maximum number of latex vessels per length of incision. Tapping productivity is a critical issue in maintaining sustainable supplies of natural rubber.

In 1839, Charles Goodyear (whose wife allegedly nagged him) while working in his garage (that's why he worked in the garage) discovered how to vulcanize (no relation to Spock) rubber and make it non-sticky and much more usable. In this process, because of added sulfur, the rubber becomes cross linked and also has better elasticity.

As rubber began to be used in pneumatic tires, about 1900, there was a rubber boom. In 1910, rubber sold for $3.10 per pound. Towns, such as Manaus in Brazil, did well economically. They even had an opera house and European opera companies came there (many of them got malaria and died). But at just about that time, the production of rubber plantations in Southeast Asia became important and the price went down. In the 1920's rubber went to 14 cents per pound and in 1932, it sold for 3 cents per pound. By World War II, 90% of all rubber came from Asian plantations.

Because of the war, much work on synthetic substitutes began. (The Germans had already made some synthetic rubbers).  Several types of synthetic rubbers were made. For some purposes they are better than natural rubber, but, for others, not as good. In any case, use of natural rubber is greater today than at any time in the past. About 2/3 of all rubber goes into tires. Natural rubber is the best for airplane tires and is also important in radial tires.

Synthetic rubber is made from petroleum derivatives, which will be  problem in the future as oil reserves run dry.

At present, the prices for rubber and especially for hevea milk juice are extremely high. These prices are mainly determined by the ever increasing world price induced by the increasing demand.