Middle East: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in the Middle East

The Middle Eastern vulcanised rubber seal market dropped to $X in 2022, waning by -11.3% against the previous year. Overall, consumption, however, enjoyed prominent growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Vulcanised Rubber Seal Production in the Middle East

In value terms, vulcanised rubber seal production declined significantly to $X in 2022 estimated in export price. In general, production, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2021 when the production volume increased by 69% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Vulcanised Rubber Seal Exports

Exports in the Middle East

Vulcanised rubber seal exports stood at X tons in 2022, therefore, remained relatively stable against the previous year. Total exports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.4% 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 +58.9% against 2016 indices. The pace of growth was the most pronounced in 2020 when exports increased by 26%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, vulcanised rubber seal exports expanded markedly to $X in 2022. Total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 +90.0% against 2016 indices. The pace of growth was the most pronounced in 2021 when exports increased by 22%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

Turkey represented the largest exporter of seals of vulcanised rubber in the Middle East, with the volume of exports amounting to X tons, which was approx. 74% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), creating a 21% share of total exports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to vulcanised rubber seal exports from Turkey stood at +3.8%. At the same time, Oman (+35.5%) and the United Arab Emirates (+1.4%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +35.5% from 2012-2022. While the share of Turkey (+2.9 p.p.) and Oman (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-4.5 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest vulcanised rubber seal supplier in the Middle East, comprising 67% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +6.7%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+5.6% per year) and Oman (+39.3% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, with an increase of 8.8% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The pace of growth appeared the most rapid in 2014 an increase of 12%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey ($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 United Arab Emirates (+4.2%), while the other leaders experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports in the Middle East

After five years of growth, supplies from abroad of seals of vulcanised rubber decreased by -1.5% to X tons in 2022. Total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.5% 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 +50.2% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 19%. As a result, imports reached the peak of X tons, and then fell slightly in the following year.

In value terms, vulcanised rubber seal imports reached $X in 2022. Total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +63.8% against 2016 indices. The growth pace was the most rapid in 2019 when imports increased by 18%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Turkey represented the main importing country with an import of about X tons, which accounted for 37% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with an 18% share, followed by the United Arab Emirates (14%), Qatar (6.5%), Israel (5.1%) and Iraq (4.8%). Iran (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Qatar (with a CAGR of +12.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest vulcanised rubber seal importing markets in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), together accounting for 70% of total imports.

Saudi Arabia, with a CAGR of +10.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, picking up by 2.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2019 an increase of 13%. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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