Eastern Asia: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Eastern Asia

In 2022, the East Asian vulcanised rubber seal market decreased by -0.6% to $X, falling for the fifth year in a row after two years of growth. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Vulcanised Rubber Seal Production in Eastern Asia

In value terms, vulcanised rubber seal production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 24%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Vulcanised Rubber Seal Exports

Exports in Eastern Asia

In 2022, overseas shipments of seals of vulcanised rubber increased by 2.5% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 21% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, vulcanised rubber seal exports reached $X in 2022. The total export value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 when exports increased by 25% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

China dominates exports structure, recording X tons, which was near 75% of total exports in 2022. South Korea (X tons) held a 9.2% share (based on physical terms) of total exports, which put it in second place, followed by Japan (7.9%) and Taiwan (Chinese) (7.1%).

China was also the fastest-growing in terms of the seals of vulcanised rubber exports, with a CAGR of +4.5% from 2012 to 2022. At the same time, Taiwan (Chinese) (+4.4%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. By contrast, South Korea (-6.9%) illustrated a downward trend over the same period. While the share of China (+16 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Japan (-2.7 p.p.) and South Korea (-13.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest vulcanised rubber seal supplier in Eastern Asia, comprising 54% of total exports. The second position in the ranking was held by Japan ($X), with a 26% share of total exports. It was followed by Taiwan (Chinese), with an 8.1% share.

In China, vulcanised rubber seal exports increased at an average annual rate of +6.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-2.3% per year) and Taiwan (Chinese) (+5.5% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, shrinking by -2.3% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 3.8%. As a result, the export price reached the peak level of $X per ton, and then fell modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.7%), while the other leaders experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports in Eastern Asia

Vulcanised rubber seal imports contracted to X tons in 2022, with a decrease of -10.2% on 2021 figures. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 12% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, vulcanised rubber seal imports fell to $X in 2022. The total import value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 17% against the previous year. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

China (X tons) and Japan (X tons) were the largest importers of seals of vulcanised rubber in 2022, accounting for approx. 46% and 34% of total imports, respectively. South Korea (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (6.2%). Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +3.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported seals of vulcanised rubber in Eastern Asia, comprising 65% of total imports. The second position in the ranking was held by Japan ($X), with a 17% share of total imports. It was followed by South Korea, with a 9.1% share.

In China, vulcanised rubber seal imports increased at an average annual rate of +2.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+0.3% per year) and South Korea (+2.3% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, flattening at the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2016 when the import price increased by 7.4% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then dropped modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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