India: Stone Polishing Machine Market 2024

Stone Polishing Machine Market Size in India

After eight years of growth, the Indian stone polishing machine market decreased by -11.9% to $X in 2022. Over the period under review, consumption, however, posted a significant increase. As a result, consumption reached the peak level of $X, and then shrank in the following year.

Stone Polishing Machine Production in India

In value terms, stone polishing machine production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2017 when the production volume increased by 12%. Stone polishing machine production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Stone Polishing Machine Exports

Exports from India

In 2022, the amount of grinding or polishing machines for working stone, ceramics and concrete exported from India surged to X units, jumping by 96% against the previous year's figure. Overall, exports recorded significant growth. The growth pace was the most rapid in 2013 when exports increased by 514%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, stone polishing machine exports rose modestly to $X in 2022. Over the period under review, total exports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -27.0% against 2019 indices. The growth pace was the most rapid in 2019 when exports increased by 100%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Kenya (X units), Saint Lucia (X units) and China (X units) were the main destinations of stone polishing machine exports from India, together accounting for 71% 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 Kenya (with a CAGR of +55.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for stone polishing machine exported from India were Kenya ($X), China ($X) and Bangladesh ($X), together accounting for 42% of total exports.

Among the main countries of destination, Kenya, with a CAGR of +43.2%, saw the highest rates of growth with regard to the value of exports, 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 stone polishing machine export price amounted to $X per unit, falling by -47.4% against the previous year. Overall, the export price showed a deep downturn. The pace of growth was the most pronounced in 2017 when the average export price increased by 140%. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Bangladesh ($X per unit), while the average price for exports to Saint Lucia ($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 Sri Lanka (+0.5%), while the prices for the other major destinations experienced a decline.

Stone Polishing Machine Imports

Imports into India

After seven years of growth, overseas purchases of grinding or polishing machines for working stone, ceramics and concrete decreased by -11.6% to X units in 2022. Over the period under review, imports, however, posted a significant increase. The growth pace was the most rapid in 2021 with an increase of 269%. As a result, imports reached the peak of X units, and then dropped in the following year.

In value terms, stone polishing machine imports fell remarkably to $X in 2022. In general, imports, however, recorded a remarkable increase. The growth pace was the most rapid in 2021 with an increase of 194%. As a result, imports attained the peak of $X, and then shrank remarkably in the following year.

Imports by Country

In 2022, China (X units) was the main supplier of stone polishing machine to India, accounting for a 92% share of total imports. It was followed by Italy (X units), with a 2.3% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China stood at +47.2%.

In value terms, China ($X) constituted the largest supplier of grinding or polishing machines for working stone, ceramics and concrete to India, comprising 71% of total imports. The second position in the ranking was held by Italy ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +15.2%.

Import Prices by Country

In 2022, the average stone polishing machine import price amounted to $X per unit, falling by -5.7% against the previous year. Over the period under review, the import price recorded a precipitous slump. The most prominent rate of growth was recorded in 2019 an increase of 41%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Italy ($X per unit), while the price for China totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-21.7%).

Source: IndexBox Platform

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