Lithuania: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Lithuania

The Lithuanian vulcanised rubber seal market reduced to $X in 2022, dropping by -13.3% against the previous year. Over the period under review, consumption, however, posted a strong expansion. Vulcanised rubber seal consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Vulcanised Rubber Seal Production in Lithuania

In value terms, vulcanised rubber seal production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a prominent increase. The growth pace was the most rapid in 2014 when the production volume increased by 354%. Vulcanised rubber seal production peaked at $X in 2021, and then shrank slightly in the following year.

Vulcanised Rubber Seal Exports

Exports from Lithuania

In 2022, vulcanised rubber seal exports from Lithuania declined dramatically to X tons, with a decrease of -21.1% on the previous year's figure. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 78% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, vulcanised rubber seal exports expanded slightly to $X in 2022. In general, total exports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +94.3% against 2015 indices. The growth pace was the most rapid in 2017 with an increase of 28% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

Denmark (X tons), Latvia (X tons) and Russia (X tons) were the main destinations of vulcanised rubber seal exports from Lithuania, together comprising 34% of total exports. Ukraine, Kazakhstan, Poland, Sweden, the United States, Estonia, the UK, Kyrgyzstan, Germany and Serbia lagged somewhat behind, together comprising a further 48%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kyrgyzstan (with a CAGR of +160.9%), while the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X) emerged as the key foreign market for seals of vulcanised rubber exports from Lithuania, comprising 28% of total exports. The second position in the ranking was taken by Russia ($X), with a 10% share of total exports. It was followed by Kazakhstan, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Denmark totaled +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-9.7% per year) and Kazakhstan (+41.9% per year).

Export Prices by Country

The average vulcanised rubber seal export price stood at $X per ton in 2022, picking up by 30% against the previous year. Overall, the export price posted a resilient increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Denmark ($X per ton), while the average price for exports to Sweden ($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 Estonia (+12.5%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Lithuania

Vulcanised rubber seal imports into Lithuania contracted sharply to X tons in 2022, waning by -33.4% compared with the previous year. Overall, imports showed a slight decline. The most prominent rate of growth was recorded in 2017 with an increase of 43%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, vulcanised rubber seal imports dropped dramatically to $X in 2022. Over the period under review, imports, however, recorded a noticeable increase. The most prominent rate of growth was recorded in 2018 when imports increased by 46%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Poland (X tons), Germany (X tons) and Sweden (X tons) were the main suppliers of vulcanised rubber seal imports to Lithuania, with a combined 64% share of total imports. Turkey, China, Italy, Denmark, Latvia, the Netherlands, Belgium, Estonia, Russia and Ukraine lagged somewhat behind, together accounting for a further 28%.

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 +28.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest vulcanised rubber seal suppliers to Lithuania were Germany ($X), Poland ($X) and Sweden ($X), together comprising 53% of total imports. Italy, Denmark, China, Latvia, the Netherlands, Estonia, Belgium, Turkey, Russia and Ukraine lagged somewhat behind, together accounting for a further 22%.

In terms of the main suppliers, the Netherlands, with a CAGR of +24.7%, recorded 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

The average vulcanised rubber seal import price stood at $X per ton in 2022, surging by 8.3% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.7% 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 -21.6% against 2019 indices. The pace of growth appeared the most rapid in 2018 an increase of 52% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 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 Ukraine (+19.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform