Hong Kong SAR, China: Grinding Machine Market 2024

Grinding Machine Market Size in Hong Kong SAR, China

In 2021, after two years of growth, there was significant decline in the Hong Kong grinding machine market, when its value decreased by -26.7% to $X. Overall, consumption, however, enjoyed a perceptible expansion. Grinding machine consumption peaked at $X in 2020, and then contracted rapidly in the following year.

Grinding Machine Production in Hong Kong SAR, China

In value terms, grinding machine production dropped to $X in 2021 estimated in export price. In general, production, however, saw resilient growth. The pace of growth was the most pronounced in 2015 when the production volume increased by 172% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Grinding Machine Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of machines having individual functions, for mixing, kneading, crushing or grinding increased by 77% to X units for the first time since 2018, thus ending a two-year declining trend. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 263%. As a result, the exports reached the peak of X units. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, grinding machine exports skyrocketed to $X in 2021. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by 101%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units), China (X units) and Germany (X units) were the main destinations of grinding machine exports from Hong Kong SAR, together comprising 94% of total exports.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +65.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for machines having individual functions, for mixing, kneading, crushing or grinding exports from Hong Kong SAR, comprising 94% of total exports. The second position in the ranking was held by Germany ($X), with a 2.8% share of total exports. It was followed by the United States, with a 1.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+50.6% per year) and the United States (+16.4% per year).

Export Prices by Country

In 2021, the average grinding machine export price amounted to $X per unit, reducing by -30.9% against the previous year. Overall, the export price showed a abrupt curtailment. The pace of growth was the most pronounced in 2020 an increase of 21%. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was China ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (-8.7%), while the prices for the other major destinations experienced a decline.

Grinding Machine Imports

Imports into Hong Kong SAR, China

After four years of growth, overseas purchases of machines having individual functions, for mixing, kneading, crushing or grinding decreased by -24.4% to X units in 2021. Over the period under review, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 168%. Imports peaked at X units in 2020, and then declined markedly in the following year.

In value terms, grinding machine imports dropped to $X in 2021. In general, imports, however, posted strong growth. The most prominent rate of growth was recorded in 2013 when imports increased by 85%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

China (X units), Germany (X units) and the United States (X units) were the main suppliers of grinding machine imports to Hong Kong SAR, with a combined 86% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +46.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest grinding machine suppliers to Hong Kong SAR were Germany ($X), Japan ($X) and the United States ($X), together comprising 70% of total imports.

Germany, with a CAGR of +44.3%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average grinding machine import price amounted to $X per unit, picking up by 24% against the previous year. In general, the import price, however, recorded a abrupt downturn. The growth pace was the most rapid in 2016 an increase of 65%. As a result, import price reached the peak level of $X per unit. From 2017 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+3.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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