ASEAN: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in ASEAN

The ASEAN grinding and sharpening machine market totaled $X in 2022, approximately equating the previous year. In general, consumption enjoyed a buoyant increase. The level of consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Production of Grinding And Sharpening Metal Finishing Machines in ASEAN

In value terms, grinding and sharpening machine production amounted to $X in 2022 estimated in export price. Over the period under review, production recorded a resilient increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 73% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports in ASEAN

In 2022, the amount of grinding and sharpening metal finishing machines exported in ASEAN skyrocketed to X units, with an increase of 21% on the year before. Overall, exports, however, recorded a pronounced slump. The pace of growth was the most pronounced in 2016 when exports increased by 80% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, grinding and sharpening machine exports fell to $X in 2022. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 103%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Singapore (X units) was the main exporter of grinding and sharpening metal finishing machines, committing 64% of total exports. Thailand (X units) ranks second in terms of the total exports with a 20% share, followed by Malaysia (7.9%) and Indonesia (6.7%).

From 2012 to 2022, average annual rates of growth with regard to grinding and sharpening machine exports from Singapore stood at -5.1%. At the same time, Indonesia (+23.1%) and Malaysia (+11.2%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +23.1% from 2012-2022. By contrast, Thailand (-5.2%) illustrated a downward trend over the same period. Indonesia (+6.1 p.p.) and Malaysia (+6 p.p.) significantly strengthened its position in terms of the total exports, while Thailand and Singapore saw its share reduced by -3.1% and -8.9% from 2012 to 2022, respectively.

In value terms, Thailand ($X) remains the largest grinding and sharpening machine supplier in ASEAN, comprising 88% of total exports. The second position in the ranking was held by Singapore ($X), with a 7.3% share of total exports. It was followed by Malaysia, with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand totaled +1.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-6.7% per year) and Malaysia (-2.5% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, reducing by -22.9% against the previous year. Overall, the export price, however, enjoyed a measured expansion. The pace of growth was the most pronounced in 2018 when the export price increased by 123%. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.1%), while the other leaders experienced a decline in the export price figures.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports in ASEAN

In 2022, overseas purchases of grinding and sharpening metal finishing machines increased by 9.2% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, saw a noticeable decrease. The pace of growth appeared the most rapid in 2015 when imports increased by 38% against the previous year. Over the period under review, imports attained the peak figure at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, grinding and sharpening machine imports expanded significantly to $X in 2022. Overall, imports, however, continue to indicate a deep setback. The pace of growth was the most pronounced in 2021 when imports increased by 17%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Indonesia (X units), Singapore (X units) and Thailand (X units) represented roughly 58% of total imports in 2022. It was distantly followed by the Philippines (X units), Malaysia (X units), Vietnam (X units) and Myanmar (X units), together comprising a 37% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Philippines (with a CAGR of +9.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Vietnam ($X) and Thailand ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 80% share of total imports.

In terms of the main importing countries, Vietnam, with a CAGR of -0.0%, 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 a decline in the imports figures.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, stabilizing at the previous year. In general, the import price showed a drastic downturn. The most prominent rate of growth was recorded in 2018 an increase of 24%. Over the period under review, import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per unit), while Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform