Azerbaijan: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Azerbaijan

In 2022, the Azerbaijani vulcanised rubber seal market increased by 13% to $X, rising for the second consecutive year after two years of decline. Overall, consumption posted a resilient increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Vulcanised Rubber Seal Exports

Exports from Azerbaijan

Vulcanised rubber seal exports from Azerbaijan declined notably to X tons in 2022, waning by -27.7% against 2021 figures. In general, exports, however, recorded a significant increase. The growth pace was the most rapid in 2013 with an increase of 855% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, vulcanised rubber seal exports contracted to $X in 2022. Overall, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 857%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons), Kazakhstan (X kg) and Georgia (X kg) were the main destinations of vulcanised rubber seal exports from Azerbaijan, together accounting for 76% of total exports. The UK, Belgium, the United States, Trinidad and Tobago and Latvia lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +80.4%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), the United States ($X) and Kazakhstan ($X) constituted the largest markets for vulcanised rubber seal exported from Azerbaijan worldwide, together accounting for 67% of total exports. The UK, Georgia, Belgium, Trinidad and Tobago and Latvia lagged somewhat behind, together comprising a further 17%.

Among the main countries of destination, Belgium, with a CAGR of +82.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average vulcanised rubber seal export price amounted to $X per ton, picking up by 20% against the previous year. In general, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vulcanised rubber seal export price increased by +86.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 56%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+18.4%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Azerbaijan

In 2022, purchases abroad of seals of vulcanised rubber increased by 17% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports enjoyed a strong expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 105% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, vulcanised rubber seal imports rose sharply to $X in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +29.1% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 72%. Over the period under review, imports reached the peak figure at $X in 2018; afterwards, it flattened through to 2022.

Imports by Country

In 2022, China (X tons) constituted the largest vulcanised rubber seal supplier to Azerbaijan, with a 51% share of total imports. Moreover, vulcanised rubber seal imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. Russia (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +22.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+0.6% per year) and Russia (+16.9% per year).

In value terms, the United States ($X), China ($X) and the UK ($X) were the largest vulcanised rubber seal suppliers to Azerbaijan, with a combined 41% share of total imports. Turkey, Germany, Russia, South Korea, India, the United Arab Emirates and Ukraine lagged somewhat behind, together accounting for a further 30%.

In terms of the main suppliers, India, with a CAGR of +72.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average vulcanised rubber seal import price amounted to $X per ton, declining by -7.2% against the previous year. In general, the import price showed a noticeable reduction. The pace of growth was the most pronounced in 2015 an increase of 44% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+16.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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