Iraq: Market for Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines 2024

Market Size for Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines in Iraq

The Iraqi fuel or lubricating pump market rose markedly to $X in 2021, surging by 10% 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). Overall, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.5% against 2019 indices. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Exports of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines

Exports from Iraq

In 2021, the amount of fuel, lubricating or cooling-medium pumps for internal combustion engines exported from Iraq stood at X units, standing approx. at 2020 figures. In general, exports showed a significant expansion. The growth pace was the most rapid in 2016 with an increase of 715%. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, fuel or lubricating pump exports dropped dramatically to $X in 2021. Over the period under review, exports saw significant growth. The pace of growth was the most pronounced in 2016 with an increase of 757%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey (X units) was the main destination for fuel or lubricating pump exports from Iraq, accounting for a 69% share of total exports. Moreover, fuel or lubricating pump exports to Turkey exceeded the volume sent to the second major destination, Azerbaijan (X units), fourfold. The third position in this ranking was held by the United States (X units), with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey totaled +81.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (0.0% per year) and the United States (+23.0% per year).

In value terms, the largest markets for fuel or lubricating pump exported from Iraq were the United States ($X), Turkey ($X) and Azerbaijan ($X), with a combined 94% share of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +26.0%, 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

The average fuel or lubricating pump export price stood at $X per unit in 2021, with a decrease of -53.9% against the previous year. In general, the export price showed a abrupt curtailment. The pace of growth was the most pronounced in 2020 an increase of 48% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per unit), while the average price for exports to Azerbaijan ($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 the United States (+1.7%), while the prices for the other major destinations experienced a decline.

Imports of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines

Imports into Iraq

In 2021, supplies from abroad of fuel, lubricating or cooling-medium pumps for internal combustion engines was finally on the rise to reach X units after two years of decline. Over the period under review, total imports indicated notable growth from 2012 to 2021: its volume increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -28.0% against 2018 indices. The pace of growth was the most pronounced in 2013 with an increase of 84% against the previous year. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, fuel or lubricating pump imports rose rapidly to $X in 2021. In general, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -3.5% against 2019 indices. The pace of growth was the most pronounced in 2013 when imports increased by 99% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X units), the United Arab Emirates (X units) and South Korea (X units) were the main suppliers of fuel or lubricating pump imports to Iraq, with a combined 88% share of total imports. India and Turkey lagged somewhat behind, together accounting for a further 6.9%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +15.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest fuel or lubricating pump suppliers to Iraq were China ($X), the United Arab Emirates ($X) and Turkey ($X), with a combined 75% share of total imports. These countries were followed by South Korea and India, which together accounted for a further 10%.

Among the main suppliers, India, with a CAGR of +17.0%, saw the highest rates of growth with regard to 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

In 2021, the average fuel or lubricating pump import price amounted to $X per unit, surging by 10% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2019 an increase of 32% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Turkey ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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