Republic of Korea: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Republic of Korea

The South Korean vulcanised rubber seal market dropped to $X in 2022, with a decrease of X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Vulcanised rubber seal consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Vulcanised Rubber Seal Production in Republic of Korea

In value terms, vulcanised rubber seal production reduced slightly to $X in 2022 estimated in export price. In general, the total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Vulcanised rubber seal production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

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Vulcanised Rubber Seal Exports

Exports from Republic of Korea

In 2022, overseas shipments of seals of vulcanised rubber decreased by X% to X tons, falling for the fourth consecutive year after seven years of growth. Over the period under review, exports, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2013 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, vulcanised rubber seal exports dropped to $X in 2022. Overall, exports, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for vulcanised rubber seal exports from South Korea, accounting for a X% share of total exports. Moreover, vulcanised rubber seal exports to the United States exceeded the volume sent to the second major destination, Mexico (X tons), twofold. China (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and China (X% per year).

In value terms, China ($X), the United States ($X) and Vietnam ($X) appeared to be the largest markets for vulcanised rubber seal exported from South Korea worldwide, together comprising X% of total exports. Mexico, India, Japan, Indonesia, Poland, Thailand, Russia, Singapore, Slovakia and Brazil lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Poland, with a CAGR of X%, 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, increasing by X% against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of X% 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 export price increased by X% against 2017 indices. The growth pace was the most rapid in 2021 an increase of X%. The export price peaked in 2022 and is likely to see gradual growth in the near future.

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

Vulcanised Rubber Seal Imports

Imports into Republic of Korea

In 2022, approx. X tons of seals of vulcanised rubber were imported into South Korea; approximately equating 2021. In general, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, vulcanised rubber seal imports dropped slightly to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Japan (X tons) and Vietnam (X tons) were the main suppliers of vulcanised rubber seal imports to South Korea, together comprising X% of total imports. Germany, the United States, Taiwan (Chinese), Thailand, Italy, Sweden and India lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest vulcanised rubber seal suppliers to South Korea were the United States ($X), Japan ($X) and China ($X), together comprising X% of total imports. Germany, Vietnam, Italy, Taiwan (Chinese), Sweden, Thailand and India lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Thailand, with a CAGR of X%, saw the highest growth rate of the value of imports, 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, almost unchanged from the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2017 an increase of X%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat 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 the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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