India: Metal Honing Machine Market 2024

Metal Honing Machine Market Size in India

After four years of growth, the Indian metal honing machine market decreased by -0.2% to $X in 2021. Overall, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +91.4% against 2016 indices. Metal honing machine consumption peaked at $X in 2020, and then declined slightly in the following year.

Metal Honing Machine Production in India

In value terms, metal honing machine production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 9.9% against the previous year. Metal honing machine production peaked at $X in 2020, and then shrank modestly in the following year.

Metal Honing Machine Exports

Exports from India

After four years of decline, shipments abroad of honing or lapping machines for working metal increased by 14% to X units in 2021. In general, exports posted a modest expansion. The growth pace was the most rapid in 2015 when exports increased by 570% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, metal honing machine exports dropped notably to $X in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 264%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria (X units) was the main destination for metal honing machine exports from India, with a 46% share of total exports. Moreover, metal honing machine exports to Nigeria exceeded the volume sent to the second major destination, the United States (X units), threefold. Mexico (X units) ranked third in terms of total exports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Nigeria amounted to +57.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+19.8% per year) and Mexico (+40.4% per year).

In value terms, Mexico ($X) remains the key foreign market for honing or lapping machines for working metal exports from India, comprising 36% of total exports. The second position in the ranking was taken by the United States ($X), with a 12% share of total exports. It was followed by Nigeria, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Mexico amounted to +52.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+12.9% per year) and Nigeria (+29.7% per year).

Export Prices by Country

The average metal honing machine export price stood at $X per unit in 2021, reducing by -27.2% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 112% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2020, and then declined significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Nigeria ($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 Tunisia (+330.8%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Honing Machine Imports

Imports into India

In 2021, after two years of decline, there was significant growth in overseas purchases of honing or lapping machines for working metal, when their volume increased by 34% to X units. Over the period under review, imports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 165%. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, metal honing machine imports reduced to $X in 2021. Overall, imports, however, showed a perceptible reduction. The pace of growth appeared the most rapid in 2018 when imports increased by 179%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), Japan (X units) and Italy (X units) were the main suppliers of metal honing machine imports to India, together accounting for 69% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +22.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of honing or lapping machines for working metal to India, comprising 42% of total imports. The second position in the ranking was held by Germany ($X), with a 20% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.8% per year) and China (+13.3% per year).

Import Prices by Country

In 2021, the average metal honing machine import price amounted to $X per unit, reducing by -29.9% against the previous year. Over the period under review, the import price showed a deep downturn. The most prominent rate of growth was recorded in 2013 when the average import price increased by 42% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 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, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Taiwan (Chinese) ($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 (-4.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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