Thailand: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Thailand

For the third year in a row, the Thai vulcanised rubber seal market recorded decline in sales value, which decreased by -1.8% to $X in 2022. The market value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Vulcanised rubber seal consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Vulcanised Rubber Seal Production in Thailand

In value terms, vulcanised rubber seal production contracted slightly to $X in 2022 estimated in export price. Overall, the total production indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 -10.2% against 2019 indices. The growth pace was the most rapid in 2019 when the production volume increased by 26% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Vulcanised Rubber Seal Exports

Exports from Thailand

In 2022, shipments abroad of seals of vulcanised rubber increased by 3.8% to X tons, rising for the third year in a row after three years of decline. In general, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 49%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, vulcanised rubber seal exports rose markedly to $X in 2022. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 +51.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 41%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

Exports by Country

The United States (X tons) was the main destination for vulcanised rubber seal exports from Thailand, accounting for a 24% share of total exports. Moreover, vulcanised rubber seal exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), twofold. The third position in this ranking was taken by Indonesia (X tons), with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +22.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+1.8% per year) and Indonesia (+14.4% per year).

In value terms, the United States ($X) remains the key foreign market for seals of vulcanised rubber exports from Thailand, comprising 25% of total exports. The second position in the ranking was held by Japan ($X), with a 12% share of total exports. It was followed by Taiwan (Chinese), with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +24.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-1.9% per year) and Taiwan (Chinese) (+31.9% per year).

Export Prices by Country

In 2022, the average vulcanised rubber seal export price amounted to $X per ton, increasing by 3.6% against the previous year. In general, the export price, however, continues to indicate a slight contraction. The pace of growth appeared the most rapid in 2018 an increase of 26% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to South Korea ($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 Taiwan (Chinese) (+19.7%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Seal Imports

Imports into Thailand

In 2022, after three years of growth, there was significant decline in overseas purchases of seals of vulcanised rubber, when their volume decreased by -18.9% to X tons. Overall, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of 60%. 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 stood at $X in 2022. In general, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +88.4% against 2014 indices. The pace of growth appeared the most rapid in 2016 with an increase of 26% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest vulcanised rubber seal supplier to Thailand, accounting for a 45% share of total imports. Moreover, vulcanised rubber seal imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +21.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.3% per year) and Taiwan (Chinese) (+9.3% per year).

In value terms, the largest vulcanised rubber seal suppliers to Thailand were China ($X), Japan ($X) and the United States ($X), with a combined 58% share of total imports.

China, with a CAGR of +24.1%, recorded 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

The average vulcanised rubber seal import price stood at $X per ton in 2022, growing by 25% against the previous year. Over the period under review, the import price, however, showed a mild downturn. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a 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 Singapore ($X per ton), while the price for Hong Kong SAR ($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 States (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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