Hong Kong SAR, China: Market for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels 2022

Market Size for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels in Hong Kong SAR, China

The Hong Kong market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels fell markedly to $X in 2021, dropping by -59.2% against the previous year. Over the period under review, consumption continues to indicate a deep slump. As a result, consumption reached the peak level of $X, and then shrank rapidly in the following year.

Production of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels in Hong Kong SAR, China

In value terms, grease fittings and oil seals production reduced rapidly to $X in 2021 estimated in export price. In general, production, however, posted a mild increase. The pace of growth appeared the most rapid in 2020 when the production volume increased by 868%. As a result, production attained the peak level of $X, and then dropped remarkably in the following year.

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

Exports from Hong Kong SAR, China

In 2021, grease fittings and oil seals exports from Hong Kong SAR dropped significantly to X units, which is down by -18.1% compared with the previous year. Over the period under review, exports recorded a pronounced decrease. The most prominent rate of growth was recorded in 2014 with an increase of 46% against the previous year. Over the period under review, the exports reached the maximum at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, grease fittings and oil seals exports declined modestly to $X in 2021. Overall, total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -18.5% against 2016 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 47% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

China (X units), the United States (X units) and Japan (X units) were the main destinations of grease fittings and oil seals exports from Hong Kong SAR, with a combined 57% share of total exports. These countries were followed by Taiwan (Chinese), Mexico, Thailand, Canada, Sweden, France, Brazil, Malaysia, Vietnam and Singapore, which together accounted for a further 31%.

From 2012 to 2021, the biggest increases were in Mexico (with a CAGR of +46.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Taiwan (Chinese) ($X) were the largest markets for grease fittings and oil seals exported from Hong Kong SAR worldwide, together comprising 60% of total exports. Mexico, Thailand, Vietnam, Japan, Malaysia, Canada, Singapore, Sweden, France and Brazil lagged somewhat behind, together comprising a further 29%.

Mexico, with a CAGR of +58.0%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

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 2021, growing by 19% against the previous year. In general, export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, grease fittings and oil seals export price increased by +49.6% against 2018 indices. The most prominent rate of growth was recorded in 2013 an increase of 36%. The export price peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Taiwan (Chinese) ($X per unit), while the average price for exports to Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+16.0%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into Hong Kong SAR, China

In 2021, approx. X units of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels were imported into Hong Kong SAR; falling by -42.7% compared with 2020. Overall, imports showed a deep contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 70%. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, grease fittings and oil seals imports reduced notably to $X in 2021. Over the period under review, imports showed a perceptible decline. The pace of growth appeared the most rapid in 2014 when imports increased by 40% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of grease fittings and oil seals to Hong Kong SAR, accounting for a 79% share of total imports. Moreover, grease fittings and oil seals imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), eightfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+6.6% per year) and Taiwan (Chinese) (+13.0% per year).

In value terms, China ($X) constituted the largest supplier of grease fittings and oil seals to Hong Kong SAR, comprising 69% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 7.8% share of total imports. It was followed by Japan, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value from China stood at -2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+14.2% per year) and Japan (-7.8% per year).

Import Prices by Country

In 2021, the average import price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels amounted to $X per unit, picking up by 10% against the previous year. Over the last nine years, it increased at an average annual rate of +3.7%. The pace of growth was the most pronounced in 2016 when the average import price increased by 18% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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