Vietnam: 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 Vietnam

After three years of growth, the Vietnamese market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels decreased by -16.9% to $X in 2021. Overall, the total consumption indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +44.9% against 2017 indices. As a result, consumption reached the peak level of $X, and then declined rapidly in the following year.

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

In value terms, grease fittings and oil seals production fell remarkably to $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 67%. As a result, production reached the peak level of $X, and then dropped notably in the following year.

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

Exports from Vietnam

In 2021, the amount of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels exported from Vietnam expanded markedly to X units, growing by 12% against 2020 figures. Overall, exports, however, continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2020 when exports increased by 86%. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, grease fittings and oil seals exports fell significantly to $X in 2021. Over the period under review, exports, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2020 with an increase of 46% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for grease fittings and oil seals exports from Vietnam, accounting for a 36% share of total exports. Moreover, grease fittings and oil seals exports to Japan exceeded the volume sent to the second major destination, South Korea (X units), threefold. Germany (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan totaled -16.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+47.7% per year) and Germany (+89.3% per year).

In value terms, Japan ($X), China ($X) and Germany ($X) constituted the largest markets for grease fittings and oil seals exported from Vietnam worldwide, together comprising 71% of total exports. These countries were followed by South Korea, Poland, the United States, Turkey and Thailand, which together accounted for a further 19%.

Poland, with a CAGR of +128.3%, recorded the highest rates of growth with regard to the value of exports, among 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, dropping by -24.9% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average export price increased by 21% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2019; however, from 2020 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 China ($X per unit), while the average price for exports to Poland ($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 Thailand (+2.6%), 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 Vietnam

In 2021, the amount of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels imported into Vietnam soared to X units, rising by 20% against the year before. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 126% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, grease fittings and oil seals imports stood at $X in 2021. Overall, imports posted a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of 236%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

China (X units), Japan (X units) and Taiwan (Chinese) (X units) were the main suppliers of grease fittings and oil seals imports to Vietnam, with a combined 65% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +47.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of grease fittings and oil seals to Vietnam, comprising 37% of total imports. The second position in the ranking was held by Singapore ($X), with an 11% share of total imports. It was followed by China, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Japan stood at +42.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-2.0% per year) and China (+0.6% per year).

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, falling by -15.1% against the previous year. Overall, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.5% 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 increased by +42.4% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 68%. As a result, import price attained the peak level of $X per unit, and then fell dramatically in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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