Asia: Boring Machinery Market 2024

Boring Machinery Market Size in Asia

The Asian boring machinery market dropped to $X in 2022, shrinking by -8.1% against the previous year. The total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -9.1% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Boring Machinery Production in Asia

In value terms, boring machinery production contracted to $X in 2022 estimated in export price. The total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.8% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of 42%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Boring Machinery Exports

Exports in Asia

In 2022, overseas shipments of boring or sinking machinery increased by 16% to X units, rising for the second year in a row after two years of decline. In general, exports enjoyed a slight increase. The most prominent rate of growth was recorded in 2018 with an increase of 109% against the previous year. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, boring machinery exports amounted to $X in 2022. Over the period under review, exports, however, saw a abrupt contraction. The growth pace was the most rapid in 2018 with an increase of 156% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

China (X units) and Thailand (X units) represented roughly 64% of total exports in 2022. The United Arab Emirates (X units) ranks next in terms of the total exports with a 10% share, followed by Turkey (8.7%) and Singapore (5.3%). The following exporters - Japan (X units), Saudi Arabia (X units) and Malaysia (X units) - each amounted to a 6.5% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +30.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Singapore ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 68% of total exports. Thailand, Malaysia, Turkey, Saudi Arabia and Japan lagged somewhat behind, together accounting for a further 25%.

Among the main exporting countries, Malaysia, with a CAGR of +15.1%, saw the highest growth rate of 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 2022, the export price in Asia amounted to $X per unit, waning by -2.4% against the previous year. In general, the export price continues to indicate a deep setback. The pace of growth was the most pronounced in 2016 when the export price increased by 30% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.8%), while the other leaders experienced more modest paces of growth.

Boring Machinery Imports

Imports in Asia

In 2022, purchases abroad of boring or sinking machinery decreased by -45.1% to X units, falling for the second consecutive year after two years of growth. Overall, imports continue to indicate a deep downturn. The growth pace was the most rapid in 2020 with an increase of 120% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, boring machinery imports shrank significantly to $X in 2022. In general, imports saw a noticeable slump. The most prominent rate of growth was recorded in 2019 with an increase of 100% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Kuwait (X units), followed by Iraq (X units), Indonesia (X units), Japan (X units), India (X units), Singapore (X units), the United Arab Emirates (X units), South Korea (X units) and Thailand (X units) represented the main importers of boring or sinking machinery, together comprising 64% of total imports. Pakistan (X units), Turkey (X units), Hong Kong SAR (X units) and Malaysia (X units) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +37.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), India ($X) and Singapore ($X) constituted the countries with the highest levels of imports in 2022, with a combined 16% share of total imports. Kuwait, Iraq, Japan, South Korea, Malaysia, Pakistan, Hong Kong SAR, Turkey, Indonesia and Thailand lagged somewhat behind, together accounting for a further 20%.

Kuwait, with a CAGR of +26.8%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per unit, rising by 2.4% against the previous year. Overall, the import price posted a measured increase. The most prominent rate of growth was recorded in 2021 an increase of 221%. The level of import peaked at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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