Libya: 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 Libya

In 2021, after four years of growth, there was significant decline in the Libyan market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels, when its value decreased by -5.4% to $X. Over the period under review, consumption, however, showed a perceptible downturn. Over the period under review, the market hit record highs 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 Libya

In 2021, the amount of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels exported from Libya surged to X units, increasing by 21% compared with 2020 figures. Overall, exports posted a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 880%. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, grease fittings and oil seals exports reached $X in 2021. Over the period under review, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 305% 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 remained at a lower figure.

Exports by Country

Egypt (X units) was the main destination for grease fittings and oil seals exports from Libya, accounting for a 97% share of total exports. It was followed by Turkey (X units), with a 2.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Egypt amounted to +14.4%.

In value terms, Egypt ($X) remains the key foreign market for grease fittings and oil seals exports from Libya, comprising 99% of total exports. The second position in the ranking was held by Turkey ($X), with a 1.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Egypt amounted to +15.1%.

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, dropping by -13.6% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 164% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Egypt ($X per unit), while the average price for exports to Turkey amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+0.6%).

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

Imports into Libya

In 2021, overseas purchases of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels increased by 19% to X units, rising for the fifth year in a row after four years of decline. In general, imports showed a notable expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 86%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, grease fittings and oil seals imports shrank significantly to $X in 2021. Over the period under review, imports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 90% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Italy (X units) constituted the largest supplier of grease fittings and oil seals to Libya, with a 43% share of total imports. Moreover, grease fittings and oil seals imports from Italy exceeded the figures recorded by the second-largest supplier, Turkey (X units), twofold. The third position in this ranking was taken by the United Arab Emirates (X units), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from Italy totaled +54.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-3.2% per year) and the United Arab Emirates (+13.7% per year).

In value terms, Italy ($X), Germany ($X) and the United Arab Emirates ($X) constituted the largest grease fittings and oil seals suppliers to Libya, with a combined 69% share of total imports.

Among the main suppliers, Italy, with a CAGR of +39.9%, 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

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 -34% against the previous year. In general, the import price showed a deep slump. The growth pace was the most rapid in 2017 when the average import price increased by 30%. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat 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 ($X per unit), while the price for China ($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 UK (+4.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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