Sri Lanka: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Sri Lanka

The Sri Lankan vulcanised rubber seal market surged to $X in 2022, picking up by 21% against the previous year. Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +36.9% against 2019 indices. Vulcanised rubber seal consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Vulcanised Rubber Seal Production in Sri Lanka

In value terms, vulcanised rubber seal production totaled $X in 2022 estimated in export price. In general, the total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.6% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 30%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Vulcanised Rubber Seal Exports

Exports from Sri Lanka

In 2022, the amount of seals of vulcanised rubber exported from Sri Lanka dropped rapidly to X tons, which is down by -63.1% on 2021 figures. Overall, exports, however, enjoyed a pronounced expansion. The growth pace was the most rapid in 2013 with an increase of 82% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank sharply in the following year.

In value terms, vulcanised rubber seal exports reduced markedly to $X in 2022. In general, exports, however, posted a mild increase. The pace of growth appeared the most rapid in 2013 with an increase of 114% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then contracted rapidly in the following year.

Exports by Country

Sweden (X tons) was the main destination for vulcanised rubber seal exports from Sri Lanka, with a 44% share of total exports. Moreover, vulcanised rubber seal exports to Sweden exceeded the volume sent to the second major destination, the United States (X tons), threefold. France (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden amounted to +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.3% per year) and France (+1.1% per year).

In value terms, Sweden ($X) remains the key foreign market for seals of vulcanised rubber exports from Sri Lanka, comprising 46% of total exports. The second position in the ranking was held by the United States ($X), with a 15% share of total exports. It was followed by Japan, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden totaled +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+1.1% per year) and Japan (-3.7% per year).

Export Prices by Country

The average vulcanised rubber seal export price stood at $X per ton in 2022, declining by -20.9% against the previous year. Overall, the export price recorded a perceptible shrinkage. The growth pace was the most rapid in 2018 an increase of 25%. As a result, the export price reached the peak level of $X per ton. From 2019 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 China ($X per ton), while the average price for exports to Norway ($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 Germany (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Sri Lanka

Vulcanised rubber seal imports into Sri Lanka shrank markedly to X tons in 2022, waning by -31.5% on the year before. In general, imports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of 160%. Over the period under review, imports attained the maximum at X tons in 2021, and then declined markedly in the following year.

In value terms, vulcanised rubber seal imports declined significantly to $X in 2022. Over the period under review, imports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 114% against the previous year. Imports peaked at $X in 2021, and then shrank rapidly in the following year.

Imports by Country

India (X tons), China (X tons) and Japan (X tons) were the main suppliers of vulcanised rubber seal imports to Sri Lanka, with a combined 82% share of total imports. France, the United Arab Emirates, Hong Kong SAR, Thailand, Singapore and Germany lagged somewhat behind, together comprising a further 9.5%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +19.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Japan ($X) appeared to be the largest vulcanised rubber seal suppliers to Sri Lanka, with a combined 49% share of total imports.

China, with a CAGR of +21.2%, saw the highest rates of growth with regard to the value of imports, in terms of 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, which is down by -2.8% against the previous year. Over the last decade, it increased at an average annual rate of +3.6%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 30% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 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 Germany ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+20.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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