Estonia: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Estonia

After three years of decline, the Estonian grinding and sharpening machine market increased by 56% to $X in 2022. Over the period under review, consumption continues to indicate a buoyant increase. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in the near future.

Production of Grinding And Sharpening Metal Finishing Machines in Estonia

In value terms, grinding and sharpening machine production declined to $X in 2022 estimated in export price. Over the period under review, production, however, saw a buoyant increase. The pace of growth was the most pronounced in 2013 with an increase of 175%. Grinding and sharpening machine production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Estonia

After three years of growth, shipments abroad of grinding and sharpening metal finishing machines decreased by -38.3% to X units in 2022. Overall, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2016 when exports increased by 354% against the previous year. Over the period under review, the exports attained the maximum at X units in 2021, and then declined rapidly in the following year.

In value terms, grinding and sharpening machine exports expanded remarkably to $X in 2022. Over the period under review, exports, however, recorded a significant increase. The growth pace was the most rapid in 2019 with an increase of 238% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Latvia (X units), Lithuania (X units) and Finland (X units) were the main destinations of grinding and sharpening machine exports from Estonia, with a combined 92% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Finland (with a CAGR of +88.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for grinding and sharpening machine exported from Estonia were Russia ($X), Lithuania ($X) and Latvia ($X), together accounting for 59% of total exports.

Lithuania, with a CAGR of +37.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average grinding and sharpening machine export price amounted to $X per unit, surging by 70% against the previous year. Overall, the export price, however, recorded a noticeable decrease. The growth pace was the most rapid in 2013 when the average export price increased by 377%. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Poland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+12.0%), while the prices for the other major destinations experienced a decline.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Estonia

For the third consecutive year, Estonia recorded growth in overseas purchases of grinding and sharpening metal finishing machines, which increased by 44% to X units in 2022. Overall, imports enjoyed significant growth. The pace of growth was the most pronounced in 2013 when imports increased by 190% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, grinding and sharpening machine imports fell significantly to $X in 2022. In general, imports posted a moderate increase. The most prominent rate of growth was recorded in 2016 with an increase of 89%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of grinding and sharpening machine to Estonia, with a 87% share of total imports. Moreover, grinding and sharpening machine imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), more than tenfold. The third position in this ranking was taken by Belgium (X units), with a 2.5% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +33.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+58.2% per year) and Belgium (+27.0% per year).

In value terms, the largest grinding and sharpening machine suppliers to Estonia were China ($X), Switzerland ($X) and Germany ($X), together accounting for 47% of total imports.

In terms of the main suppliers, Switzerland, with a CAGR of +79.7%, 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 more modest paces of growth.

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, falling by -45.1% against the previous year. Over the period under review, the import price faced a abrupt descent. The growth pace was the most rapid in 2015 an increase of 179% against the previous year. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+13.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform