Norway: 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 Norway

The Norwegian market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels declined remarkably to $X in 2021, with a decrease of -36.3% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Grease fittings and oil seals consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Production of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels in Norway

In value terms, grease fittings and oil seals production reduced to $X in 2021 estimated in export price. Over the period under review, production recorded a perceptible setback. The most prominent rate of growth was recorded in 2018 when the production volume increased by 149% against the previous year. Grease fittings and oil seals production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

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

Exports from Norway

In 2021, approx. X units of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels were exported from Norway; surging by 10% on 2020 figures. In general, exports, however, faced a deep slump. The most prominent rate of growth was recorded in 2019 when exports increased by 57% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, grease fittings and oil seals exports skyrocketed to $X in 2021. Overall, exports, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2013 with an increase of 36% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The Netherlands (X units) was the main destination for grease fittings and oil seals exports from Norway, accounting for a 32% share of total exports. Moreover, grease fittings and oil seals exports to the Netherlands exceeded the volume sent to the second major destination, Sweden (X units), fourfold. The third position in this ranking was held by the UK (X units), with an 8.8% share.

From 2012 to 2021, the average annual growth rate of volume to the Netherlands amounted to +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (-1.7% per year) and the UK (+0.1% per year).

In value terms, the Netherlands ($X) remains the key foreign market for grease fittings and oil seals exports from Norway, comprising 29% of total exports. The second position in the ranking was held by the UK ($X), with a 7.5% share of total exports. It was followed by Poland, with a 5.4% share.

From 2012 to 2021, the average annual growth rate of value to the Netherlands totaled -1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-9.7% per year) and Poland (-8.6% per year).

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 8.3% against the previous year. Overall, the export price, however, continues to indicate a pronounced reduction. The pace of growth was the most pronounced in 2013 when the average export price increased by 13% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Turkey ($X per unit), while the average price for exports to Sweden ($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 Poland (+3.5%), while the prices for the other major destinations experienced mixed trend patterns.

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

Imports into Norway

In 2021, supplies from abroad of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels decreased by -33.3% to X units, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a abrupt setback. The pace of growth appeared the most rapid in 2013 when imports increased by 88%. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, grease fittings and oil seals imports shrank remarkably to $X in 2021. Overall, imports recorded a perceptible downturn. The growth pace was the most rapid in 2013 when imports increased by 81% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Denmark (X units), Germany (X units) and China (X units) were the main suppliers of grease fittings and oil seals imports to Norway, with a combined 47% share of total imports. The UK, Sweden, Italy, Romania, Spain, Poland, the Netherlands, Finland, the United States and France lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2021, the biggest increases were in Romania (with a CAGR of +23.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Denmark ($X) and Germany ($X) constituted the largest grease fittings and oil seals suppliers to Norway, together comprising 54% of total imports. The United States, Sweden, Finland, the Netherlands, Spain, Italy, France, China, Romania and Poland lagged somewhat behind, together accounting for a further 37%.

Romania, with a CAGR of +12.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 import price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels amounted to $X per unit, rising by 9.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.1%. The pace of growth was the most pronounced in 2019 an increase of 22% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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