Iraq: 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 Iraq

For the third year in a row, the Iraqi market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels recorded growth in sales value, which increased by 28% to $X in 2021. Overall, consumption posted a resilient increase. Grease fittings and oil seals consumption peaked in 2021 and is likely to see gradual growth in years to come.

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

Exports from Iraq

In 2021, grease fittings and oil seals exports from Iraq surged to X units, with an increase of 33% against the year before. Over the period under review, exports recorded a significant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 188%. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, grease fittings and oil seals exports rose modestly to $X in 2021. Overall, exports, however, continue to indicate a deep reduction. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Egypt (X units) was the main destination for grease fittings and oil seals exports from Iraq, with a 67% share of total exports. Moreover, grease fittings and oil seals exports to Egypt exceeded the volume sent to the second major destination, Colombia (X units), threefold. Turkey (X units) ranked third in terms of total exports with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Egypt amounted to +26.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (0.0% per year) and Turkey (+5.8% per year).

In value terms, Egypt ($X) remains the key foreign market for grease fittings and oil seals exports from Iraq, comprising 63% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 20% share of total exports. It was followed by Turkey, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to Egypt stood at -5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (0.0% per year) and Turkey (-21.5% per year).

Export Prices by Country

In 2021, the average export price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels amounted to $X per unit, falling by -22.9% against the previous year. Overall, the export price continues to indicate a significant decrease. The most prominent rate of growth was recorded in 2015 when the average export price increased by 106% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Colombia ($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 Ukraine (+72.6%), while the prices for the other major destinations experienced a decline.

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

Imports into Iraq

In 2021, approx. X units of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels were imported into Iraq; rising by 68% against the previous year's figure. In general, imports continue to indicate a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, grease fittings and oil seals imports fell to $X in 2021. Overall, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +8.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +92.2% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 62% against the previous year. Imports peaked at $X in 2020, and then shrank in the following year.

Imports by Country

The United Arab Emirates (X units), Turkey (X units) and the United States (X units) were the main suppliers of grease fittings and oil seals imports to Iraq, with a combined 89% share of total imports. These countries were followed by Germany, China, Taiwan (Chinese) and India, which together accounted for a further 9.3%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +41.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest grease fittings and oil seals suppliers to Iraq were the United States ($X), the United Arab Emirates ($X) and Turkey ($X), together comprising 81% of total imports.

In terms of the main suppliers, the United States, with a CAGR of +20.2%, saw the highest growth rate of 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

The average import price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels stood at $X per unit in 2021, declining by -45% against the previous year. Overall, the import price faced a abrupt decline. The pace of growth appeared the most rapid in 2017 when the average import price increased by 17% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+7.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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