Philippines: 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 the Philippines

In 2022, the Philippine market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption recorded a abrupt decrease. Grease fittings and oil seals consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

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

Exports from the Philippines

In 2022, the amount of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels exported from the Philippines reached X units, with an increase of X% compared with 2021. Over the period under review, exports, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, grease fittings and oil seals exports reduced to $X in 2022. In general, exports showed buoyant growth. The pace of growth was the most pronounced in 2021 when exports increased by X%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X units) was the main destination for grease fittings and oil seals exports from the Philippines, accounting for a X% share of total exports. Moreover, grease fittings and oil seals exports to South Korea exceeded the volume sent to the second major destination, Singapore (X units), fourfold. The third position in this ranking was held by Japan (X units), with a X% share.

From 2017 to 2022, the average annual rate of growth in terms of volume to South Korea totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and Japan (X% per year).

In value terms, South Korea ($X) remains the key foreign market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Singapore ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2017 to 2022, the average annual growth rate of value to South Korea stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and Japan (X% per year).

Export Prices by Country

The average export price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels stood at $X per unit in 2022, declining by X% against the previous year. In general, the export price, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2019 when the average export price increased by X%. The export price peaked at $X per unit in 2021, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Denmark ($X per unit), while the average price for exports to Norway ($X per unit) was amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into the Philippines

After two years of growth, purchases abroad of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels decreased by X% to X units in 2022. Overall, imports faced a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, grease fittings and oil seals imports contracted sharply to $X in 2022. In general, imports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X units), India (X units) and China (X units) were the main suppliers of grease fittings and oil seals imports to the Philippines, with a combined X% share of total imports. The United States, Thailand, Singapore, Italy, Hong Kong SAR, Germany, Belgium, Taiwan (Chinese), Malaysia and South Korea lagged somewhat behind, together comprising a further X%.

From 2017 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels to the Philippines, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports. It was followed by China, with an X% share.

From 2017 to 2022, the average annual rate of growth in terms of value from Japan stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and China (X% per year).

Import Prices by Country

The average import price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels stood at $X per unit in 2022, declining by X% against the previous year. Over the period under review, import price indicated a resilient expansion from 2017 to 2022: its price increased at an average annual rate of X% over the last five-year period. 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 decreased by X% against 2020 indices. The growth pace was the most rapid in 2018 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2020; however, from 2021 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 Germany ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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