Philippines: 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 the Philippines

For the third year in a row, the Philippine market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels recorded decline in sales value, which decreased by -2.5% to $X in 2021. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

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

Exports from the Philippines

In 2021, the amount of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels exported from the Philippines fell rapidly to X units, dropping by -27.3% on 2020 figures. Over the period under review, exports showed a perceptible decline. The pace of growth appeared the most rapid in 2019 when exports increased by 51%. As a result, the exports attained the peak of X units. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, grease fittings and oil seals exports dropped sharply to $X in 2021. In general, exports recorded a noticeable curtailment. The growth pace was the most rapid in 2019 with an increase of 93% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Korea (X units), the United States (X units) and China (X units) were the main destinations of grease fittings and oil seals exports from the Philippines, with a combined 69% share of total exports. Singapore, Sweden, the Netherlands, Malaysia, Japan and Germany lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sweden (with a CAGR of +298.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for grease fittings and oil seals exported from the Philippines were South Korea ($X), the United States ($X) and China ($X), with a combined 69% share of total exports. These countries were followed by Singapore, Sweden, the Netherlands, Malaysia, Japan and Germany, which together accounted for a further 24%.

Sweden, with a CAGR of +356.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

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, rising by 7.4% against the previous year. In general, export price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, grease fittings and oil seals export price increased by +83.0% against 2017 indices. The pace of growth appeared the most rapid in 2018 an increase of 30%. 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 failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, the highest price was recorded for prices to Germany ($X per unit) and Japan ($X per unit), while the average price for exports to South Korea ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+16.6%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into the Philippines

In 2021, approx. X units of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels were imported into the Philippines; with an increase of 24% compared with 2020. Over the period under review, total imports indicated a moderate increase from 2012 to 2021: its volume increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 49% against the previous year. Over the period under review, imports attained the peak figure at X units in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, grease fittings and oil seals imports fell sharply to $X in 2021. Overall, imports, however, continue to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2015 when imports increased by 19% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest grease fittings and oil seals supplier to the Philippines, accounting for a 50% share of total imports. Moreover, grease fittings and oil seals imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. The third position in this ranking was held by India (X units), with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +49.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+21.8% per year) and India (+16.7% per year).

In value terms, Japan ($X) constituted the largest supplier of grease fittings and oil seals to the Philippines, comprising 39% of total imports. The second position in the ranking was taken by China ($X), with a 17% share of total imports. It was followed by Thailand, with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+37.5% per year) and Thailand (+26.6% per year).

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, waning by -38.3% against the previous year. In general, the import price continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2017 when the average import price increased by 35% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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