GCC: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in GCC

The GCC vulcanised rubber seal market declined to $X in 2022, reducing by -2.9% against the previous year. The total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +11.7% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Vulcanised Rubber Seal Production in GCC

In value terms, vulcanised rubber seal production contracted to $X in 2022 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.8% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 44% against the previous year. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Vulcanised Rubber Seal Exports

Exports in GCC

In 2022, approx. X tons of seals of vulcanised rubber were exported in GCC; reducing by -14.4% against the year before. Total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -15.1% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 43% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, vulcanised rubber seal exports contracted modestly to $X in 2022. In general, exports, however, saw strong growth. The pace of growth appeared the most rapid in 2017 when exports increased by 40%. The level of export peaked at $X in 2021, and then shrank slightly in the following year.

Exports by Country

The United Arab Emirates prevails in exports structure, finishing at X tons, which was near 85% of total exports in 2022. Oman (X tons) took the second position in the ranking, followed by Bahrain (X tons). All these countries together took approx. 12% share of total exports. Saudi Arabia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to vulcanised rubber seal exports from the United Arab Emirates stood at +1.4%. At the same time, Oman (+35.5%) and Bahrain (+22.8%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +35.5% from 2012-2022. By contrast, Saudi Arabia (-3.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Oman and Bahrain increased by +6.8 and +4.1 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest vulcanised rubber seal supplier in GCC, comprising 81% of total exports. The second position in the ranking was held by Bahrain ($X), with an 8.4% share of total exports. It was followed by Oman, with a 6% share.

In the United Arab Emirates, vulcanised rubber seal exports increased at an average annual rate of +5.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bahrain (+33.3% per year) and Oman (+39.3% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, picking up by 11% against the previous year. Export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +4.9% 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 +21.8% against 2020 indices. The growth pace was the most rapid in 2017 when the export price increased by 17%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+16.0%), while the other leaders experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports in GCC

After four years of growth, supplies from abroad of seals of vulcanised rubber decreased by -12.1% to X tons in 2022. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +3.9% 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 +65.8% against 2017 indices. The pace of growth was the most pronounced in 2021 with an increase of 26% against the previous year. As a result, imports attained the peak of X tons, and then shrank in the following year.

In value terms, vulcanised rubber seal imports declined to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.9% 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 +72.3% against 2016 indices. The growth pace was the most rapid in 2019 with an increase of 30% against the previous year. The level of import peaked at $X in 2021, and then contracted in the following year.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) represented roughly 69% of total imports in 2022. Qatar (X tons) held the next position in the ranking, followed by Kuwait (X tons) and Oman (X tons). All these countries together took near 28% share of total imports. Bahrain (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +12.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X) were the countries with the highest levels of imports in 2022, together accounting for 81% of total imports. Oman, Kuwait and Bahrain lagged somewhat behind, together comprising a further 19%.

In terms of the main importing countries, Bahrain, with a CAGR of +17.5%, recorded 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

The import price in GCC stood at $X per ton in 2022, picking up by 7.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The pace of growth appeared the most rapid in 2017 an increase of 35% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Qatar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+11.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform