India: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in India

The Indian grinding and sharpening machine market rose notably to $X in 2022, with an increase of 11% against the previous year. In general, consumption enjoyed a resilient increase. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Grinding And Sharpening Metal Finishing Machines in India

In value terms, grinding and sharpening machine production shrank to $X in 2022 estimated in export price. Overall, production, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2014 when the production volume increased by 33% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from India

Grinding and sharpening machine exports from India soared to X units in 2022, with an increase of 26% against 2021. Overall, exports showed a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 91%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, grinding and sharpening machine exports fell modestly to $X in 2022. In general, exports continue to indicate strong growth. The most prominent rate of growth was recorded in 2017 when exports increased by 84% against the previous year. The exports peaked at $X in 2021, and then dropped in the following year.

Exports by Country

The United States (X units) was the main destination for grinding and sharpening machine exports from India, accounting for a 38% share of total exports. Moreover, grinding and sharpening machine exports to the United States exceeded the volume sent to the second major destination, Bangladesh (X units), threefold. Turkey (X units) ranked third in terms of total exports with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +24.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+15.1% per year) and Turkey (+50.5% per year).

In value terms, the United States ($X) remains the key foreign market for grinding and sharpening metal finishing machines exports from India, comprising 18% of total exports. The second position in the ranking was taken by Australia ($X), with a 3.1% share of total exports. It was followed by Bangladesh, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +24.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+25.4% per year) and Bangladesh (+1.7% per year).

Export Prices by Country

In 2022, the average grinding and sharpening machine export price amounted to $X per unit, declining by -24.3% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 115%. As a result, the export price reached the peak level of $X per unit. From 2018 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 the United Arab Emirates ($X per unit), while the average price for exports to Zimbabwe ($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 Slovenia (+159.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into India

Grinding and sharpening machine imports into India declined modestly to X units in 2022, stabilizing at 2021. Overall, imports, however, recorded temperate growth. The most prominent rate of growth was recorded in 2021 when imports increased by 112%. As a result, imports reached the peak of X units, and then shrank in the following year.

In value terms, grinding and sharpening machine imports soared to $X in 2022. Over the period under review, imports showed a pronounced downturn. The pace of growth was the most pronounced in 2016 with an increase of 34% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Taiwan (Chinese) (X units) and Italy (X units) were the main suppliers of grinding and sharpening machine imports to India, together accounting for 72% of total imports. The United States, Germany, Thailand, Japan, the UK and the Netherlands lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +36.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to India, comprising 34% of total imports. The second position in the ranking was held by China ($X), with a 10% share of total imports. It was followed by the United States, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.6% per year) and the United States (-2.8% per year).

Import Prices by Country

In 2022, the average grinding and sharpening machine import price amounted to $X per unit, increasing by 19% against the previous year. In general, the import price, however, showed a abrupt decrease. The pace of growth appeared the most rapid in 2018 an increase of 79%. Over the period under review, average import prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, 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 Japan ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+9.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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