Vulcanised Rubber Seal Market

The global market for vulcanised rubber seals is witnessing a growing demand, with projections indicating a steady increase in market volume and value until 2030. Key insights include market performance with a forecasted CAGR, consumption trends, production levels, and trade dynamics. China stands out as a significant consumer and producer of vulcanised rubber seals, while the United States leads in imports and exports. The article also provides detailed information on consumption per capita, market value, and growth rates across key countries and regions.

Market Forecast

Driven by increasing demand for seals of vulcanised rubber worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market volume to 5.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.1% for the period from 2022 to 2030, which is projected to bring the market value to $126.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Seals Of Vulcanised Rubber

In 2022, approx. 4.1M tons of seals of vulcanised rubber were consumed worldwide; increasing by 1.7% compared with the year before. The total consumption volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the peak volume at 4.1M tons in 2020; afterwards, it flattened through to 2022.

The global vulcanised rubber seal market value reached $84.8B in 2022, surging by 2.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a moderate expansion from 2012 to 2022: its value 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, consumption increased by +56.1% against 2012 indices. Over the period under review, the global market hit record highs in 2022 and is likely to see gradual growth in years to come.

Consumption By Country

China (1.1M tons) remains the largest vulcanised rubber seal consuming country worldwide, comprising approx. 28% of total volume. Moreover, vulcanised rubber seal consumption in China exceeded the figures recorded by the second-largest consumer, the United States (508K tons), twofold. The third position in this ranking was taken by India (458K tons), with an 11% share.

In China, vulcanised rubber seal consumption increased at an average annual rate of +4.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+5.1% per year) and India (+5.6% per year).

In value terms, the United States ($23.8B), Japan ($14.4B) and China ($13.4B) appeared to be the countries with the highest levels of market value in 2022, together comprising 61% of the global market. Brazil, India, Turkey, Mexico, Germany, France, South Korea, Thailand and Hungary lagged somewhat behind, together accounting for a further 23%.

In terms of the main consuming countries, Hungary, with a CAGR of +20.4%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of vulcanised rubber seal per capita consumption was registered in Hungary (7.3 kg per person), followed by Turkey (2.4 kg per person), France (1.9 kg per person) and Japan (1.7 kg per person), while the world average per capita consumption of vulcanised rubber seal was estimated at 0.5 kg per person.

In Hungary, vulcanised rubber seal per capita consumption increased at an average annual rate of +23.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Turkey (+7.4% per year) and France (+13.3% per year).

Production

World Production of Seals Of Vulcanised Rubber

Global vulcanised rubber seal production amounted to 3.8M tons in 2022, standing approx. at 2021 figures. The total output volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 16%. Over the period under review, global production hit record highs at 3.9M tons in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, vulcanised rubber seal production fell to $71.7B in 2022 estimated in export price. Overall, the total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +0.6% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 20% against the previous year. Global production peaked at $77.9B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (1.2M tons) remains the largest vulcanised rubber seal producing country worldwide, accounting for 33% of total volume. Moreover, vulcanised rubber seal production in China exceeded the figures recorded by the second-largest producer, India (456K tons), threefold. The United States (317K tons) ranked third in terms of total production with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +4.8%. In the other countries, the average annual rates were as follows: India (+6.4% per year) and the United States (+3.2% per year).

Imports

World Imports of Seals Of Vulcanised Rubber

In 2022, purchases abroad of seals of vulcanised rubber increased by 4.3% to 905K tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 15%. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, vulcanised rubber seal imports amounted to $15B in 2022. The total import value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 19% against the previous year. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

The United States represented the largest importing country with an import of about 222K tons, which accounted for 25% of total imports. Germany (82K tons) held the second position in the ranking, followed by Mexico (71K tons). All these countries together took near 17% share of total imports. Poland (33K tons), France (28K tons), Hungary (25K tons), the Czech Republic (24K tons), the UK (22K tons), China (22K tons), Spain (21K tons), Belgium (21K tons), India (20K tons) and Malaysia (18K tons) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +5.3% from 2012 to 2022. At the same time, Hungary (+10.6%), Spain (+8.9%), Belgium (+6.0%), Malaysia (+5.6%), France (+1.7%) and Germany (+1.5%) displayed positive paces of growth. Moreover, Hungary emerged as the fastest-growing importer imported in the world, with a CAGR of +10.6% from 2012-2022. Poland experienced a relatively flat trend pattern. By contrast, China (-1.3%), the UK (-2.9%), India (-4.1%), Mexico (-5.0%) and the Czech Republic (-5.8%) illustrated a downward trend over the same period. While the share of the United States (+8.3 p.p.) and Hungary (+1.7 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of India (-1.5 p.p.), the Czech Republic (-2.7 p.p.) and Mexico (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vulcanised rubber seal importing markets worldwide were the United States ($2.5B), Germany ($1.4B) and China ($1.3B), together accounting for 35% of global imports. Mexico, France, India, Poland, the Czech Republic, the UK, Belgium, Spain, Hungary and Malaysia lagged somewhat behind, together comprising a further 23%.

Spain, with a CAGR of +5.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average vulcanised rubber seal import price amounted to $16,556 per ton, which is down by -3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2017 an increase of 9.3% against the previous year. Global import price peaked at $17,562 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 importing countries. In 2022, amid the top importers, the country with the highest price was China ($60,067 per ton), while Hungary ($7,927 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+9.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Seals Of Vulcanised Rubber

In 2022, overseas shipments of seals of vulcanised rubber increased by 0.1% to 602K tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 13%. Over the period under review, the global exports hit record highs at 617K tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, vulcanised rubber seal exports rose slightly to $12.9B in 2022. The total export value increased at an average annual rate of +3.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 19%. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, China (109K tons), distantly followed by Germany (64K tons), Poland (63K tons), Mexico (45K tons) and the United States (31K tons) were the key exporters of seals of vulcanised rubber, together mixing up 52% of total exports. Italy (23K tons), France (18K tons), India (18K tons), Taiwan (Chinese) (12K tons), Japan (11K tons), Thailand (11K tons), Turkey (11K tons) and the Netherlands (11K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of +8.5%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest vulcanised rubber seal supplying countries worldwide were the United States ($1.7B), Germany ($1.6B) and China ($1.5B), with a combined 37% share of global exports. Japan, Mexico, France, Poland, Italy, Taiwan (Chinese), the Netherlands, Thailand, India and Turkey lagged somewhat behind, together comprising a further 32%.

India, with a CAGR of +11.1%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average vulcanised rubber seal export price stood at $21,392 per ton in 2022, rising by 2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2017 when the average export price increased by 5.8%. The global export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($62,244 per ton), while Turkey ($9,303 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 (+8.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform