Western Africa: 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 Western Africa

After two years of growth, the West African market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels decreased by -3.4% to $X in 2021. Overall, consumption continues to indicate a strong increase. As a result, consumption reached the peak level of $X, and then reduced slightly in the following year.

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

In value terms, grease fittings and oil seals production declined markedly to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 82% against the previous year. As a result, production reached the peak level of $X, and then declined notably in the following year.

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

Exports in Western Africa

In 2021, overseas shipments of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, exports posted a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, grease fittings and oil seals exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a buoyant increase. The growth pace was the most rapid in 2013 with an increase of 99%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X units), Togo (X units), Nigeria (X units) and Ghana (X units) represented roughly 80% of total exports in 2021. Benin (X units) took a 6.8% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (6.7%). Liberia (X units) took a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Togo (with a CAGR of +104.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest grease fittings and oil seals supplying countries in Western Africa were Cote d'Ivoire ($X), Nigeria ($X) and Benin ($X), together comprising 68% of total exports.

Among the main exporting countries, Benin, with a CAGR of +125.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per unit, shrinking by -65.1% against the previous year. In general, the export price showed a pronounced slump. The most prominent rate of growth was recorded in 2013 an increase of 151% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2021, the the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+11.6%), while the other leaders experienced more modest paces of growth.

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

Imports in Western Africa

For the third consecutive year, Western Africa recorded growth in purchases abroad of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels, which increased by 56% to X units in 2021. In general, imports continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2019 when imports increased by 99%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, grease fittings and oil seals imports reduced remarkably to $X in 2021. Overall, imports showed a strong increase. The growth pace was the most rapid in 2019 when imports increased by 118% against the previous year. The level of import peaked at $X in 2020, and then dropped dramatically in the following year.

Imports by Country

Liberia prevails in imports structure, amounting to X units, which was approx. 86% of total imports in 2021. It was distantly followed by Nigeria (X units), making up a 5.9% share of total imports. Sierra Leone (X units) and Ghana (X units) followed a long way behind the leaders.

Imports into Liberia increased at an average annual rate of +15.4% from 2012 to 2021. At the same time, Sierra Leone (+25.4%) and Ghana (+4.1%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +25.4% from 2012-2021. By contrast, Nigeria (-5.1%) illustrated a downward trend over the same period. While the share of Liberia (+20 p.p.) and Sierra Leone (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-1.8 p.p.) and Nigeria (-20.6 p.p.) displayed negative dynamics.

In value terms, Liberia ($X) constitutes the largest market for imported non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels in Western Africa, comprising 91% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 6.2% share of total imports. It was followed by Ghana, with a 1% share.

From 2012 to 2021, the average annual growth rate of value in Liberia amounted to +17.8%. In the other countries, the average annual rates were as follows: Nigeria (-8.3% per year) and Ghana (-4.9% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per unit, shrinking by -45.4% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the import price increased by 32% against the previous year. As a result, import price attained the peak level of $X per unit, and then dropped notably in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Liberia ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Liberia (+2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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