Latin America and the Caribbean: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Latin America and the Caribbean

For the third year in a row, the Latin American vulcanised rubber seal market recorded growth in sales value, which increased by 7.5% to $X in 2022. The market value increased at an average annual rate of +3.4% 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 in 2022 and is expected to retain growth in the immediate term.

Vulcanised Rubber Seal Production in Latin America and the Caribbean

In value terms, vulcanised rubber seal production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 17% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Vulcanised Rubber Seal Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of seals of vulcanised rubber decreased by -5.3% to X tons, falling for the seventh year in a row after four years of growth. In general, exports, however, continue to indicate a modest expansion. The growth pace was the most rapid in 2015 with an increase of 101%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, vulcanised rubber seal exports reached $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +31.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 21%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico was the largest exporter of seals of vulcanised rubber in Latin America and the Caribbean, with the volume of exports reaching X tons, which was near 74% of total exports in 2022. Costa Rica (X tons) ranks second in terms of the total exports with a 19% share, followed by Brazil (4.9%).

From 2012 to 2022, average annual rates of growth with regard to vulcanised rubber seal exports from Mexico stood at +1.1%. At the same time, Costa Rica (+4.8%) displayed positive paces of growth. Moreover, Costa Rica emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +4.8% from 2012-2022. By contrast, Brazil (-1.9%) illustrated a downward trend over the same period. Costa Rica (+5.2 p.p.) significantly strengthened its position in terms of the total exports, while Brazil and Mexico saw its share reduced by -1.9% and -2.8% from 2012 to 2022, respectively.

In value terms, Mexico ($X) remains the largest vulcanised rubber seal supplier in Latin America and the Caribbean, comprising 81% of total exports. The second position in the ranking was taken by Costa Rica ($X), with an 8.9% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Mexico amounted to +7.6%. In the other countries, the average annual rates were as follows: Costa Rica (+3.9% per year) and Brazil (-4.8% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 14% against the previous year. In general, the export price recorded a moderate increase. The pace of growth was the most pronounced in 2021 an increase of 40%. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+6.4%), while the other leaders experienced a decline in the export price figures.

Vulcanised Rubber Seal Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of seals of vulcanised rubber increased by 2.3% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, vulcanised rubber seal imports rose notably to $X in 2022. The total import value increased at an average annual rate of +3.1% from 2012 to 2022; however, 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 when imports increased by 28% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Mexico prevails in imports structure, resulting at X tons, which was near 73% of total imports in 2022. It was distantly followed by Brazil (X tons), making up a 9.8% share of total imports. The following importers - Argentina (X tons), the Dominican Republic (X tons) and Chile (X tons) - together made up 7.5% of total imports.

Imports into Mexico decreased at an average annual rate of -5.0% from 2012 to 2022. At the same time, the Dominican Republic (+16.2%), Chile (+4.8%) and Brazil (+2.8%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +16.2% from 2012-2022. Argentina experienced a relatively flat trend pattern. Brazil (+4.6 p.p.) and the Dominican Republic (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Mexico saw its share reduced by -13.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported seals of vulcanised rubber in Latin America and the Caribbean, comprising 60% of total imports. The second position in the ranking was held by Brazil ($X), with a 21% share of total imports. It was followed by Argentina, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico totaled +3.5%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+3.0% per year) and Argentina (+1.0% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 3% against the previous year. Import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.7% 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 increased by +91.8% against 2012 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 38%. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the near future.

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 Brazil ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+9.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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