Greece: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Greece

In 2022, the Greek vulcanised rubber seal market decreased by -12.4% to $X for the first time since 2017, thus ending a four-year rising trend. In general, consumption, however, continues to indicate a relatively flat trend pattern. Vulcanised rubber seal consumption peaked at $X in 2021, and then fell in the following year.

Vulcanised Rubber Seal Production in Greece

In value terms, vulcanised rubber seal production reduced to $X in 2022 estimated in export price. Overall, production, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2014 with an increase of 104%. Vulcanised rubber seal production peaked at $X in 2021, and then dropped in the following year.

Vulcanised Rubber Seal Exports

Exports from Greece

In 2022, shipments abroad of seals of vulcanised rubber increased by 0.9% to X tons, rising for the second year in a row after three years of decline. In general, exports showed perceptible growth. The most prominent rate of growth was recorded in 2016 with an increase of 182%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, vulcanised rubber seal exports contracted to $X in 2022. Overall, exports saw resilient growth. The pace of growth was the most pronounced in 2016 when exports increased by 262% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Bulgaria (X tons) was the main destination for vulcanised rubber seal exports from Greece, accounting for a 30% share of total exports. Moreover, vulcanised rubber seal exports to Bulgaria exceeded the volume sent to the second major destination, Cyprus (X tons), threefold. The third position in this ranking was taken by Romania (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bulgaria was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+3.2% per year) and Romania (-6.6% per year).

In value terms, Cyprus ($X), Bulgaria ($X) and Romania ($X) constituted the largest markets for vulcanised rubber seal exported from Greece worldwide, with a combined 35% share of total exports. The United Arab Emirates, Marshall Islands, Kuwait, Italy, Germany, Spain, Albania and Malta lagged somewhat behind, together comprising a further 29%.

Spain, with a CAGR of +177.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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, flattening at the previous year. Over the period under review, the export price, however, continues to indicate moderate growth. The most prominent rate of growth was recorded in 2014 an increase of 49% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Albania ($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 Kuwait (+42.4%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Greece

For the fourth consecutive year, Greece recorded growth in overseas purchases of seals of vulcanised rubber, which increased by 7.1% to X tons in 2022. In general, imports enjoyed prominent growth. The pace of growth appeared the most rapid in 2016 when imports increased by 87%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, vulcanised rubber seal imports contracted to $X in 2022. Overall, imports enjoyed buoyant growth. The growth pace was the most rapid in 2016 with an increase of 46%. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

Germany (X tons), Italy (X tons) and Bulgaria (X tons) were the main suppliers of vulcanised rubber seal imports to Greece, together accounting for 74% of total imports.

From 2012 to 2022, the biggest increases were recorded for Bulgaria (with a CAGR of +81.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of seals of vulcanised rubber to Greece, comprising 31% of total imports. The second position in the ranking was held by Italy ($X), with a 13% share of total imports. It was followed by Bulgaria, with a 9% share.

From 2012 to 2022, the average annual growth rate of value from Germany totaled +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+18.7% per year) and Bulgaria (+87.9% per year).

Import Prices by Country

In 2022, the average vulcanised rubber seal import price amounted to $X per ton, dropping by -18.7% against the previous year. In general, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +4.2% 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 import price decreased by -24.5% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 45% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+16.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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