Hong Kong SAR, China: Market for Grinding, Sanding and Polishing Machines 2024

Market Size for Grinding, Sanding and Polishing Machines in Hong Kong SAR, China

In 2021, the Hong Kong market for grinding, sanding and polishing machines increased by 52% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Grinding, Sanding and Polishing Machines in Hong Kong SAR, China

In value terms, grinding, sanding and polishing machine production rose remarkably to $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 12%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Exports of Grinding, Sanding and Polishing Machines

Exports from Hong Kong SAR, China

In 2021, exports of grinding, sanding and polishing machines from Hong Kong SAR dropped markedly to X units, falling by -78.4% against 2020. Over the period under review, exports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2020 when exports increased by 1,623% against the previous year. As a result, the exports attained the peak of X units, and then fell significantly in the following year.

In value terms, grinding, sanding and polishing machine exports fell remarkably to $X in 2021. In general, exports showed a abrupt slump. The pace of growth appeared the most rapid in 2015 with an increase of 73%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X units) was the main destination for grinding, sanding and polishing machine exports from Hong Kong SAR, with a 87% share of total exports. Moreover, grinding, sanding and polishing machine exports to China exceeded the volume sent to the second major destination, the United States (X units), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +6.9%.

In value terms, China ($X) remains the key foreign market for grinding, sanding and polishing machines exports from Hong Kong SAR, comprising 88% of total exports. The second position in the ranking was held by the United States ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China totaled -19.2%.

Export Prices by Country

In 2021, the average export price for grinding, sanding and polishing machines amounted to $X per unit, dropping by -10.4% against the previous year. In general, the export price faced a precipitous contraction. The pace of growth was the most pronounced in 2017 an increase of 3,375%. The export price peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to the United States stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+18.4%).

Imports of Grinding, Sanding and Polishing Machines

Imports into Hong Kong SAR, China

For the third year in a row, Hong Kong SAR recorded decline in overseas purchases of grinding, sanding and polishing machines, which decreased by -20.3% to X units in 2021. In general, imports, however, continue to indicate a tangible expansion. The growth pace was the most rapid in 2014 when imports increased by 769%. Imports peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, grinding, sanding and polishing machine imports reduced markedly to $X in 2021. Overall, imports saw a abrupt slump. The pace of growth was the most pronounced in 2018 when imports increased by 103% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of grinding, sanding and polishing machine to Hong Kong SAR, with a 77% share of total imports. Moreover, grinding, sanding and polishing machine imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), sixfold. Japan (X units) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +34.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+6.8% per year) and Japan (-16.9% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of grinding, sanding and polishing machines to Hong Kong SAR, comprising 59% of total imports. The second position in the ranking was held by China ($X), with a 28% share of total imports. It was followed by Japan, with a 7.7% share.

From 2012 to 2021, the average annual growth rate of value from Taiwan (Chinese) totaled -9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-11.1% per year) and Japan (-35.0% per year).

Import Prices by Country

The average import price for grinding, sanding and polishing machines stood at $X per unit in 2021, shrinking by -70.8% against the previous year. Overall, the import price recorded a significant contraction. The pace of growth was the most pronounced in 2013 when the average import price increased by 196%. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by Germany (-13.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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