Kuwait: 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 Kuwait

In 2021, the Kuwaiti market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels was finally on the rise to reach $X after three years of decline. Over the period under review, consumption, however, faced a abrupt shrinkage. Grease fittings and oil seals consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

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

Exports from Kuwait

In 2021, shipments abroad of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels increased by 55% to X units, rising for the sixth consecutive year after three years of decline. Overall, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 360%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, grease fittings and oil seals exports dropped markedly to $X in 2021. Over the period under review, exports saw a significant increase. The growth pace was the most rapid in 2019 when exports increased by 78% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020, and then reduced remarkably in the following year.

Exports by Country

Egypt (X units) was the main destination for grease fittings and oil seals exports from Kuwait, accounting for a 97% share of total exports. It was followed by the United Arab Emirates (X units), with a 1.2% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Egypt amounted to +83.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-15.9% per year) and Saudi Arabia (-31.9% per year).

In value terms, Egypt ($X) remains the key foreign market for grease fittings and oil seals exports from Kuwait, comprising 96% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 1.5% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Egypt totaled +78.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-50.0% per year) and Saudi Arabia (-31.2% 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, shrinking by -45.3% against the previous year. Over the period under review, the export price continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2018 an increase of 49% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to Egypt ($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 Saudi Arabia (+1.8%), 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 Kuwait

In 2021, purchases abroad of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels was finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, faced a deep setback. Imports peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, grease fittings and oil seals imports skyrocketed to $X in 2021. Overall, imports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2017 with an increase of 37% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X units), Germany (X units) and Italy (X units) were the main suppliers of grease fittings and oil seals imports to Kuwait, with a combined 65% share of total imports. India, Turkey, Taiwan (Chinese), the United States, Singapore and the UK lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +54.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest grease fittings and oil seals suppliers to Kuwait were the United Arab Emirates ($X), Germany ($X) and Italy ($X), with a combined 51% share of total imports. The United States, India, Turkey, Taiwan (Chinese), the UK and Singapore lagged somewhat behind, together comprising a further 24%.

In terms of the main suppliers, Turkey, with a CAGR of +45.4%, 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, reducing by -35.2% against the previous year. In general, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, grease fittings and oil seals import price decreased by -35.6% against 2019 indices. The most prominent rate of growth was recorded in 2016 an increase of 53% against the previous year. As a result, import price attained the peak level of $X per unit. From 2017 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+25.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :