ECOWAS: Market for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels 2024

Market Size for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels in ECOWAS

In 2022, after eight years of growth, there was significant decline in the ECOWAS market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels, when its value decreased by X% to $X. In general, consumption posted a prominent increase. As a result, consumption attained the peak level of $X, and then shrank markedly in the following year.

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

In value terms, grease fittings and oil seals production expanded markedly to $X in 2022 estimated in export price. Over the period under review, production posted resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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

Exports in ECOWAS

In 2022, overseas shipments of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels increased by X% to X units, rising for the third consecutive year after three years of decline. Overall, exports recorded a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, grease fittings and oil seals exports shrank rapidly to $X in 2022. Over the period under review, exports showed a tangible increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Benin represented the major exporter of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels in ECOWAS, with the volume of exports reaching X units, which was approx. X% of total exports in 2022. Togo (X units) ranks second in terms of the total exports with a X% share, followed by Senegal (X%) and Liberia (X%). Burkina Faso (X units) took a minor share of total exports.

Benin 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 X% from 2012 to 2022. At the same time, Senegal (X%), Togo (X%) and Liberia (X%) displayed positive paces of growth. By contrast, Burkina Faso (X%) illustrated a downward trend over the same period. While the share of Benin (X p.p.), Senegal (X p.p.) and Burkina Faso (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X), Liberia ($X) and Senegal ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Benin and Burkina Faso lagged somewhat behind, together comprising a further X%.

Benin, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, which is down by X% against the previous year. Overall, the export price showed a dramatic downturn. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 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 Liberia ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced mixed trends in the export price figures.

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

Imports in ECOWAS

In 2022, grease fittings and oil seals imports in ECOWAS rose remarkably to X units, surging by X% on the previous year. Over the period under review, imports enjoyed resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, grease fittings and oil seals imports reached $X in 2022. Overall, imports posted prominent growth. The growth pace was the most rapid in 2019 with an increase of X%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Liberia dominates imports structure, recording X units, which was near X% of total imports in 2022. It was distantly followed by Sierra Leone (X units), mixing up a X% share of total imports. Nigeria (X units) and Ghana (X units) followed a long way behind the leaders.

Liberia was also the fastest-growing in terms of the non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels imports, with a CAGR of X% from 2012 to 2022. Ghana experienced a relatively flat trend pattern. Sierra Leone (X%) and Nigeria (X%) illustrated a downward trend over the same period. Liberia (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria and Sierra Leone saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Liberia ($X) constitutes the largest market for imported non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Nigeria ($X), with a X% share of total imports. It was followed by Sierra Leone, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Liberia stood at X%. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Sierra Leone (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, waning by X% against the previous year. Import price indicated a buoyant increase 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, grease fittings and oil seals import price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2016 when the import price increased by X%. Over the period under review, import prices reached the peak figure at $X per unit in 2021, and then fell in the following year.

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 Liberia ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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