Kuwait: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Kuwait

The Kuwaiti vulcanised rubber seal market contracted to $X in 2022, which is down by -2.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, posted a buoyant increase. Over the period under review, the market reached the peak level at $X in 2021, and then dropped slightly in the following year.

Vulcanised Rubber Seal Exports

Exports from Kuwait

In 2022, the amount of seals of vulcanised rubber exported from Kuwait fell significantly to X tons, shrinking by -37.9% against 2021 figures. Over the period under review, exports, however, recorded a remarkable increase. The growth pace was the most rapid in 2015 with an increase of 127% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, vulcanised rubber seal exports declined modestly to $X in 2022. In general, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 179% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for vulcanised rubber seal exports from Kuwait, accounting for a 64% share of total exports. Moreover, vulcanised rubber seal exports to India exceeded the volume sent to the second major destination, Bahrain (X kg), fourfold. The third position in this ranking was taken by France (X kg), with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India totaled +39.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+286.9% per year) and France (+21.4% per year).

In value terms, Bahrain ($X), India ($X) and France ($X) were the largest markets for vulcanised rubber seal exported from Kuwait worldwide, together comprising 65% of total exports. Bulgaria and Tanzania lagged somewhat behind, together accounting for a further 9.8%.

In terms of the main countries of destination, Bulgaria, with a CAGR of +468.4%, recorded the highest rates of growth with regard to 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, rising by 60% against the previous year. Over the period under review, the export price continues to indicate prominent growth. The pace of growth was the most pronounced in 2019 an increase of 96%. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Tanzania ($X per ton), while the average price for exports to India ($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 Tanzania (+88.6%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Kuwait

After six years of growth, supplies from abroad of seals of vulcanised rubber decreased by -0.7% to X tons in 2022. In general, imports, however, saw prominent growth. The pace of growth was the most pronounced in 2017 with an increase of 86%. Over the period under review, imports hit record highs at X tons in 2021, and then contracted slightly in the following year.

In value terms, vulcanised rubber seal imports contracted slightly to $X in 2022. Overall, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 73% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest vulcanised rubber seal supplier to Kuwait, accounting for a 35% share of total imports. Moreover, vulcanised rubber seal imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was held by India (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+4.6% per year) and India (+4.9% per year).

In value terms, the United States ($X), China ($X) and Germany ($X) appeared to be the largest vulcanised rubber seal suppliers to Kuwait, together accounting for 43% of total imports. India, Singapore, the Netherlands, Bahrain, Turkey and France lagged somewhat behind, together accounting for a further 16%.

Bahrain, with a CAGR of +43.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average vulcanised rubber seal import price stood at $X per ton in 2022, falling by -3.1% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 43% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Turkey ($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 Netherlands (+38.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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