Eastern Asia: Market for Grinding, Sanding and Polishing Machines 2024

Market Size for Grinding, Sanding and Polishing Machines in Eastern Asia

In 2021, the East Asian market for grinding, sanding and polishing machines decreased by -70.4% to $X, falling for the fourth year in a row after two years of growth. In general, consumption continues to indicate a deep setback. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Production of Grinding, Sanding and Polishing Machines in Eastern Asia

In value terms, grinding, sanding and polishing machine production expanded significantly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Exports of Grinding, Sanding and Polishing Machines

Exports in Eastern Asia

In 2021, overseas shipments of grinding, sanding and polishing machines increased by 57% to X units, rising for the fourth consecutive year after two years of decline. In general, exports saw significant growth. The pace of growth was the most pronounced in 2014 when exports increased by 57%. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, grinding, sanding and polishing machine exports surged to $X in 2021. Total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +74.0% against 2016 indices. The pace of growth was the most pronounced in 2019 when exports increased by 28%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in years to come.

Exports by Country

China was the key exporting country with an export of about X units, which reached 82% of total exports. It was distantly followed by Taiwan (Chinese) (X units), generating a 17% share of total exports.

China was also the fastest-growing in terms of the grinding, sanding and polishing machines exports, with a CAGR of +28.1% from 2012 to 2021. At the same time, Taiwan (Chinese) (+9.1%) displayed positive paces of growth. While the share of China (+32 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-26.5 p.p.) displayed negative dynamics.

In value terms, China ($X) and Taiwan (Chinese) ($X) constituted the countries with the highest levels of exports in 2021.

Among the main exporting countries, China, with a CAGR of +22.9%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, declining by -19.2% against the previous year. In general, the export price continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2017 when the export price increased by 22% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per unit), while China totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-4.0%).

Imports of Grinding, Sanding and Polishing Machines

Imports in Eastern Asia

In 2021, grinding, sanding and polishing machine imports in Eastern Asia skyrocketed to X units, growing by 25% against the previous year. Over the period under review, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 71% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, grinding, sanding and polishing machine imports soared to $X in 2021. Overall, imports, however, recorded a noticeable setback. The pace of growth appeared the most rapid in 2017 with an increase of 49% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X units) and South Korea (X units) represented the largest importers of grinding, sanding and polishing machines in Eastern Asia, together reaching near 73% of total imports. China (X units) held the next position in the ranking, followed by Taiwan (Chinese) (X units). All these countries together held near 24% share of total imports. Hong Kong SAR (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of +26.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported grinding, sanding and polishing machines in Eastern Asia, comprising 85% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 6.1% share of total imports. It was followed by South Korea, with a 4.7% share.

From 2012 to 2021, the average annual growth rate of value in China stood at -1.5%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+5.1% per year) and South Korea (-6.8% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per unit, surging by 6.1% against the previous year. Over the period under review, the import price, however, faced a deep contraction. The growth pace was the most rapid in 2017 an increase of 51%. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per unit), while Japan ($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 (-7.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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