Asia-Pacific: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Asia-Pacific

The Asia-Pacific grinding and sharpening machine market reached $X in 2022, increasing by 3.8% against the previous year. Overall, consumption recorded a resilient increase. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Grinding And Sharpening Metal Finishing Machines in Asia-Pacific

In value terms, grinding and sharpening machine production totaled $X in 2022 estimated in export price. In general, production recorded strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 41%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports in Asia-Pacific

In 2022, overseas shipments of grinding and sharpening metal finishing machines decreased by -19.5% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 44% against the previous year. As a result, the exports attained the peak of X units, and then shrank significantly in the following year.

In value terms, grinding and sharpening machine exports dropped to $X in 2022. Overall, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 50% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China dominates exports structure, recording X units, which was near 84% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X units), constituting a 5.8% share of total exports. India (X units), Japan (X units) and Singapore (X units) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of exports of grinding and sharpening metal finishing machines. At the same time, India (+13.4%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +13.4% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-4.7%) and Singapore (-5.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India increased by +3.1 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Taiwan (Chinese) ($X) and Japan ($X) were the countries with the highest levels of exports in 2022, together accounting for 55% of total exports. India and Singapore lagged somewhat behind, together comprising a further 6%.

India, with a CAGR of +12.5%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Asia-Pacific stood at $X per unit in 2022, growing by 24% against the previous year. Over the period under review, the export price, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 an increase of 33%. Over the period under review, the export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.2%), while the other leaders experienced a decline in the export price figures.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports in Asia-Pacific

In 2022, grinding and sharpening machine imports in Asia-Pacific stood at X units, picking up by 9.7% against the previous year. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 36%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, grinding and sharpening machine imports expanded slightly to $X in 2022. In general, imports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 21%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

India was the largest importer of grinding and sharpening metal finishing machines in Asia-Pacific, with the volume of imports accounting for X units, which was near 45% of total imports in 2022. Australia (X units) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Japan (5.8%) and Indonesia (5.4%). South Korea (X units), Singapore (X units), Thailand (X units), the Philippines (X units), Malaysia (X units), New Zealand (X units), Vietnam (X units) and Myanmar (X units) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to grinding and sharpening machine imports into India stood at +3.3%. At the same time, the Philippines (+9.8%), Australia (+7.5%), New Zealand (+7.1%), Vietnam (+6.5%) and South Korea (+3.4%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +9.8% from 2012-2022. Indonesia, Myanmar and Malaysia experienced a relatively flat trend pattern. By contrast, Japan (-4.4%), Singapore (-5.7%) and Thailand (-10.9%) illustrated a downward trend over the same period. India (+9.7 p.p.) and Australia (+6.2 p.p.) significantly strengthened its position in terms of the total imports, while Singapore, Japan and Thailand saw its share reduced by -3.6%, -4% and -9.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X), India ($X) and Indonesia ($X) constituted the countries with the highest levels of imports in 2022, with a combined 40% share of total imports. Vietnam, Japan, Thailand, Singapore, Australia, Malaysia, the Philippines, New Zealand and Myanmar lagged somewhat behind, together accounting for a further 21%.

Among the main importing countries, New Zealand, with a CAGR of +9.4%, recorded 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

The import price in Asia-Pacific stood at $X per unit in 2022, declining by -6.6% against the previous year. Overall, the import price faced a deep slump. The growth pace was the most rapid in 2018 when the import price increased by 43% against the previous year. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat 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 South Korea ($X per unit), while Myanmar ($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 mixed trends in the import price figures.

Source: IndexBox Platform

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