Libya: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Libya

The Libyan vulcanised rubber seal market rose modestly to $X in 2022, growing by 3.1% 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). Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Vulcanised Rubber Seal Exports

Exports from Libya

In 2022, after four years of decline, there was significant growth in shipments abroad of seals of vulcanised rubber, when their volume increased by 109% to X kg. Over the period under review, exports, however, faced a sharp reduction. The pace of growth was the most pronounced in 2015 with an increase of 5,538% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, vulcanised rubber seal exports skyrocketed to $X in 2022. In general, exports, however, faced a sharp setback. The growth pace was the most rapid in 2015 when exports increased by 1,300% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

South Africa (X kg) was the main destination for vulcanised rubber seal exports from Libya, with a 70% share of total exports. Moreover, vulcanised rubber seal exports to South Africa exceeded the volume sent to the second major destination, Kuwait (X kg), fourfold. Germany (X kg) ranked third in terms of total exports with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Africa stood at +21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+7.2% per year) and Germany (-19.7% per year).

In value terms, South Africa ($X) remains the key foreign market for seals of vulcanised rubber exports from Libya, comprising 54% of total exports. The second position in the ranking was held by Germany ($X), with a 21% share of total exports. It was followed by Kuwait, with a 20% share.

From 2012 to 2022, the average annual growth rate of value to South Africa stood at +23.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-27.9% per year) and Kuwait (+18.7% per year).

Export Prices by Country

In 2022, the average vulcanised rubber seal export price amounted to $X per ton, rising by 1.5% against the previous year. Overall, the export price, however, showed a deep downturn. The pace of growth was the most pronounced in 2014 an increase of 165% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to China ($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 Ghana (+65.9%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Libya

In 2022, the amount of seals of vulcanised rubber imported into Libya reached X tons, picking up by 8.3% on 2021. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 73%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, vulcanised rubber seal imports fell modestly to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 78% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Turkey (X tons) and Italy (X tons) were the main suppliers of vulcanised rubber seal imports to Libya, with a combined 80% share of total imports. Tunisia, Egypt, the United Arab Emirates, the UK, the United States and Canada lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +16.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Turkey ($X) and Italy ($X) appeared to be the largest vulcanised rubber seal suppliers to Libya, together accounting for 46% of total imports.

Italy, with a CAGR of +12.1%, saw the highest growth rate of the value of imports, among 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, shrinking by -8.4% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 29%. As a result, import price reached the peak level of $X per ton. From 2021 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 United States ($X per ton), while the price for Egypt ($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 United States (+21.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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