Norway: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Norway

In 2022, the Norwegian vulcanised rubber seal market increased by 8.6% to $X, rising for the second consecutive year after five years of decline. In general, consumption, however, showed a perceptible reduction. Vulcanised rubber seal consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Vulcanised Rubber Seal Production in Norway

In value terms, vulcanised rubber seal production shrank to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2021 with an increase of 20% against the previous year. Vulcanised rubber seal production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Vulcanised Rubber Seal Exports

Exports from Norway

For the third year in a row, Norway recorded growth in shipments abroad of seals of vulcanised rubber, which increased by 9.2% to X tons in 2022. The total export volume increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 13%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, vulcanised rubber seal exports stood at $X in 2022. The total export value increased at an average annual rate of +3.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 28% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden (X tons) was the main destination for vulcanised rubber seal exports from Norway, with a 60% share of total exports. Moreover, vulcanised rubber seal exports to Sweden exceeded the volume sent to the second major destination, the UK (X tons), tenfold. The third position in this ranking was held by Poland (X tons), with a 4.5% share.

From 2012 to 2022, the average annual growth rate of volume to Sweden amounted to +5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+9.6% per year) and Poland (+17.4% per year).

In value terms, the UK ($X), the Netherlands ($X) and Sweden ($X) constituted the largest markets for vulcanised rubber seal exported from Norway worldwide, together accounting for 32% of total exports. The United States, China, Denmark, Poland, Thailand, Vietnam, Latvia and South Korea lagged somewhat behind, together accounting for a further 29%.

In terms of the main countries of destination, Vietnam, with a CAGR of +33.8%, saw the highest growth rate of the value of exports, 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, rising by 2.6% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average export price increased by 13%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Sweden ($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 China (+16.5%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Norway

In 2022, overseas purchases of seals of vulcanised rubber were finally on the rise to reach X tons after four years of decline. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 32% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, vulcanised rubber seal imports rose significantly to $X in 2022. The total import value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by 17% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Poland (X tons) constituted the largest supplier of vulcanised rubber seal to Norway, accounting for a 31% share of total imports. Moreover, vulcanised rubber seal imports from Poland exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was taken by Sweden (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland totaled +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.5% per year) and Sweden (-5.7% per year).

In value terms, the United States ($X), Sweden ($X) and Germany ($X) were the largest vulcanised rubber seal suppliers to Norway, with a combined 44% share of total imports. The UK, Poland, Taiwan (Chinese), Italy, China, Denmark, France, the Netherlands and Sri Lanka lagged somewhat behind, together accounting for a further 43%.

Taiwan (Chinese), with a CAGR of +25.6%, saw the highest rates of growth with regard to 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

In 2022, the average vulcanised rubber seal import price amounted to $X per ton, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2018 an increase of 24% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Sri Lanka ($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 Netherlands (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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