Saudi Arabia: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Saudi Arabia

In 2022, the Saudi vulcanised rubber seal market decreased by -8.6% to $X for the first time since 2016, thus ending a five-year rising trend. Over the period under review, consumption, however, enjoyed a remarkable increase. Over the period under review, the market hit record highs at $X in 2021, and then shrank in the following year.

Vulcanised Rubber Seal Exports

Exports from Saudi Arabia

Vulcanised rubber seal exports from Saudi Arabia reached X tons in 2022, increasing by 6.2% against the previous year's figure. Over the period under review, exports, however, showed a perceptible downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 708% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, vulcanised rubber seal exports expanded slightly to $X in 2022. In general, exports posted buoyant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 646% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Bahrain (X tons), the United Arab Emirates (X tons) and Kuwait (X tons) were the main destinations of vulcanised rubber seal exports from Saudi Arabia.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +47.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the key foreign market for seals of vulcanised rubber exports from Saudi Arabia, comprising 63% of total exports. The second position in the ranking was held by Bahrain ($X), with a 30% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates stood at +50.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+33.4% per year) and Kuwait (+6.0% per year).

Export Prices by Country

In 2022, the average vulcanised rubber seal export price amounted to $X per ton, dropping by -1.7% against the previous year. Over the period under review, the export price, however, showed a strong increase. The pace of growth was the most pronounced in 2020 when the average export price increased by 204%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices failed to regain momentum.

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 Arab Emirates ($X per ton), while the average price for exports to Bahrain ($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 Yemen (+302.0%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Saudi Arabia

In 2022, purchases abroad of seals of vulcanised rubber decreased by -10.9% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 when imports increased by 38% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, vulcanised rubber seal imports reduced to $X in 2022. In general, imports, however, posted a buoyant increase. The growth pace was the most rapid in 2013 when imports increased by 30% against the previous year. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

China (X tons), the United States (X tons) and the United Arab Emirates (X tons) were the main suppliers of vulcanised rubber seal imports to Saudi Arabia, with a combined 48% share of total imports. Germany, India, Japan, Italy, South Korea, Mexico, Taiwan (Chinese), Poland, the UK and France lagged somewhat behind, together comprising a further 43%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +22.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of seals of vulcanised rubber to Saudi Arabia, comprising 31% of total imports. The second position in the ranking was taken by Germany ($X), with a 9.7% share of total imports. It was followed by China, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.6% per year) and China (+19.6% per year).

Import Prices by Country

The average vulcanised rubber seal import price stood at $X per ton in 2022, rising by 3.7% against the previous year. Over the period under review, import price indicated perceptible growth from 2012 to 2022: its price 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, vulcanised rubber seal import price decreased by -16.9% against 2019 indices. The growth pace was the most rapid in 2017 an increase of 36%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :