Latvia: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Latvia

The Latvian vulcanised rubber seal market contracted dramatically to $X in 2022, dropping by -17.9% against the previous year. In general, consumption, however, posted a resilient increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Vulcanised Rubber Seal Production in Latvia

In value terms, vulcanised rubber seal production dropped notably to $X in 2022 estimated in export price. In general, production, however, enjoyed strong growth. The growth pace was the most rapid in 2017 with an increase of 76% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Vulcanised Rubber Seal Exports

Exports from Latvia

In 2022, overseas shipments of seals of vulcanised rubber increased by 29% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2019 with an increase of 112% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, vulcanised rubber seal exports rose modestly to $X in 2022. Over the period under review, exports, however, continue to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2018 when exports increased by 36%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Poland (X tons) was the main destination for vulcanised rubber seal exports from Latvia, accounting for a 55% share of total exports. Moreover, vulcanised rubber seal exports to Poland exceeded the volume sent to the second major destination, Estonia (X tons), fourfold. The third position in this ranking was held by Lithuania (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Poland totaled +18.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (-6.2% per year) and Lithuania (+6.8% per year).

In value terms, Lithuania ($X), Poland ($X) and Estonia ($X) appeared to be the largest markets for vulcanised rubber seal exported from Latvia worldwide, together comprising 48% of total exports. Belarus, Russia, Germany, Sweden and Finland lagged somewhat behind, together comprising a further 26%.

Finland, with a CAGR of +48.9%, saw the highest rates of growth with regard to the value of exports, among 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, with a decrease of -21.1% against the previous year. In general, the export price, however, saw prominent growth. The pace of growth appeared the most rapid in 2020 when the average export price increased by 62% against the previous year. The export price peaked at $X per ton in 2021, and then declined sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Poland ($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 Belarus (+17.8%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Latvia

In 2022, imports of seals of vulcanised rubber into Latvia fell sharply to X tons, which is down by -16.3% against the year before. Overall, total imports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.6% 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 +9.9% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 65%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, vulcanised rubber seal imports contracted to $X in 2022. In general, total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +8.7% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 23% against the previous year. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

Germany (X tons), Poland (X tons) and Sweden (X tons) were the main suppliers of vulcanised rubber seal imports to Latvia, with a combined 57% share of total imports. Lithuania, China, Norway, South Korea, Finland, Turkey, France, Estonia, Italy and Russia lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +32.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest vulcanised rubber seal suppliers to Latvia were Germany ($X), Poland ($X) and Norway ($X), together comprising 41% of total imports. Sweden, Lithuania, Finland, China, Estonia, France, Italy, South Korea, Russia and Turkey lagged somewhat behind, together comprising a further 44%.

In terms of the main suppliers, Turkey, with a CAGR of +35.0%, saw the highest growth rate of 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

In 2022, the average vulcanised rubber seal import price amounted to $X per ton, increasing by 5.8% against the previous year. In general, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 decreased by -1.1% against 2020 indices. The growth pace was the most rapid in 2020 an increase of 40% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Estonia ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform