Grease Fittings And Oil Seals Market

The global market for non-automatic lubricating pots, greasing nipples, oil seal rings, and hand wheels is projected to experience growth in consumption over the next eight years, with a forecasted CAGR for both volume and value. Key consuming countries include the United States, China, and India, while top producing countries include China, the United States, and India. Germany, France, and China are the largest importers of these products, while China leads in exports. Import and export prices have shown fluctuations over the years, with average prices varying across countries.

Market Forecast

Driven by increasing demand for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market volume to 5.2B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.3% for the period from 2022 to 2030, which is projected to bring the market value to $96.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

Global grease fittings and oil seals consumption soared to 3.8B units in 2022, increasing by 22% against 2021 figures. Overall, the total consumption indicated buoyant growth from 2012 to 2022: its volume 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 decreased by -19.4% against 2020 indices. As a result, consumption attained the peak volume of 4.8B units. From 2021 to 2022, the growth of the global consumption remained at a lower figure.

The value of the market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels worldwide was estimated at $64B in 2022, with an increase of 15% 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). In general, consumption recorded strong growth. As a result, consumption reached the peak level of $69.8B. From 2021 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (507M units), China (354M units) and India (345M units), together accounting for 31% of global consumption. Japan, the UK, France, Mexico, Germany, Italy, Saudi Arabia, Canada, Democratic Republic of the Congo and Australia lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Italy (with a CAGR of +13.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest grease fittings and oil seals markets worldwide were the United States ($18.8B), Japan ($14.7B) and Canada ($3.3B), with a combined 57% share of the global market. Italy, Australia, France, India, Germany, Mexico, China, Saudi Arabia, Democratic Republic of the Congo and the UK lagged somewhat behind, together accounting for a further 18%.

Italy, with a CAGR of +14.1%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of grease fittings and oil seals per capita consumption in 2022 were Australia (3 units per person), Saudi Arabia (2.8 units per person) and the UK (2.6 units per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Italy (with a CAGR of +13.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

In 2022, global grease fittings and oil seals production skyrocketed to 6.1B units, picking up by 17% against 2021. Overall, production continues to indicate strong growth. The pace of growth was the most pronounced in 2020 with an increase of 105%. As a result, production attained the peak volume of 7B units. From 2021 to 2022, global production growth failed to regain momentum.

In value terms, grease fittings and oil seals production expanded remarkably to $76B in 2022 estimated in export price. Over the period under review, production showed resilient growth. The growth pace was the most rapid in 2020 with an increase of 52%. As a result, production reached the peak level of $81.1B. From 2021 to 2022, global production growth remained at a lower figure.

Production By Country

The country with the largest volume of grease fittings and oil seals production was China (2.6B units), accounting for 42% of total volume. Moreover, grease fittings and oil seals production in China exceeded the figures recorded by the second-largest producer, the United States (504M units), fivefold. India (356M units) ranked third in terms of total production with a 5.8% share.

In China, grease fittings and oil seals production increased at an average annual rate of +14.5% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+5.3% per year) and India (+6.8% per year).

Imports

World Imports of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

For the third year in a row, the global market recorded growth in overseas purchases of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels, which increased by 6.1% to 825M units in 2022. Over the period under review, imports saw a buoyant expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 82% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, grease fittings and oil seals imports rose remarkably to $6.5B in 2022. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 18% against the previous year. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, Germany (210M units), distantly followed by France (128M units), the Czech Republic (39M units), Italy (39M units) and China (38M units) represented the largest importers of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels, together achieving 55% of total imports. Austria (29M units), the Netherlands (27M units), Denmark (27M units), Poland (23M units), the United States (18M units), Spain (16M units), Finland (15M units) and Romania (13M units) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +26.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest grease fittings and oil seals importing markets worldwide were Germany ($707M), the United States ($527M) and China ($423M), together comprising 25% of global imports. France, the Netherlands, Italy, Austria, Spain, Poland, Denmark, the Czech Republic, Finland and Romania lagged somewhat behind, together comprising a further 19%.

Among the main importing countries, Poland, with a CAGR of +6.6%, recorded the highest rates of growth with regard to the value of imports, 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 import price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels amounted to $7.9 per unit, approximately equating the previous year. In general, the import price, however, continues to indicate a deep setback. The pace of growth appeared the most rapid in 2016 an increase of 12%. As a result, import price reached the peak level of $20 per unit. From 2017 to 2022, the average 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 the United States ($30 per unit), while the Czech Republic ($1.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.7%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

In 2022, the amount of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels exported worldwide was estimated at 3.1B units, picking up by 9.2% on 2021. Overall, exports posted a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 300%. The global exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, grease fittings and oil seals exports expanded significantly to $9B in 2022. The total export value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 12% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports By Country

China represented the major exporting country with an export of about 2.2B units, which accounted for 73% of total exports. It was distantly followed by Germany (320M units), making up a 10% share of total exports. The following exporters - the Czech Republic (77M units) and France (52M units) - together made up 4.2% of total exports.

China was also the fastest-growing in terms of the non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels exports, with a CAGR of +25.8% from 2012 to 2022. At the same time, the Czech Republic (+23.1%) and Germany (+14.1%) displayed positive paces of growth. France experienced a relatively flat trend pattern. While the share of China (+36 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Germany (-3.7 p.p.) and France (-7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.9B), Germany ($1.6B) and France ($308M) were the countries with the highest levels of exports in 2022, with a combined 43% share of global exports.

China, with a CAGR of +12.9%, saw 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

In 2022, the average export price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels amounted to $2.9 per unit, with a decrease of -3.8% against the previous year. In general, the export price saw a deep contraction. The growth pace was the most rapid in 2018 when the average export price increased by 10% against the previous year. Over the period under review, the average export prices reached the maximum at $11 per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($6 per unit), while China ($0.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (-1.0%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform