Lithuania: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Lithuania

The Lithuanian grinding and sharpening machine market contracted markedly to $X in 2022, falling by -18.6% against the previous year. Overall, consumption, however, recorded a noticeable increase. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Grinding And Sharpening Metal Finishing Machines in Lithuania

In value terms, grinding and sharpening machine production fell to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2013 when the production volume increased by 111%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Lithuania

In 2022, shipments abroad of grinding and sharpening metal finishing machines decreased by -6.5% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2017 when exports increased by 125%. Over the period under review, the exports attained the maximum at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, grinding and sharpening machine exports dropped significantly to $X in 2022. In general, exports saw a deep reduction. The most prominent rate of growth was recorded in 2014 with an increase of 71%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Latvia (X units) was the main destination for grinding and sharpening machine exports from Lithuania, accounting for a 45% share of total exports. Moreover, grinding and sharpening machine exports to Latvia exceeded the volume sent to the second major destination, Uzbekistan (X units), twofold. The third position in this ranking was held by Estonia (X units), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Latvia stood at +26.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+31.0% per year) and Estonia (+42.7% per year).

In value terms, Russia ($X) remains the key foreign market for grinding and sharpening metal finishing machines exports from Lithuania, comprising 37% of total exports. The second position in the ranking was held by Kazakhstan ($X), with a 15% share of total exports. It was followed by Uzbekistan, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Russia totaled -6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (+43.0% per year) and Uzbekistan (+2.3% per year).

Export Prices by Country

The average grinding and sharpening machine export price stood at $X per unit in 2022, declining by -55.2% against the previous year. Overall, the export price continues to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2016 when the average export price increased by 309%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kazakhstan ($X per unit), while the average price for exports to Latvia ($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 Kazakhstan (+7.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Lithuania

In 2022, the amount of grinding and sharpening metal finishing machines imported into Lithuania contracted to X units, which is down by -11.8% on the previous year's figure. Overall, imports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2018 when imports increased by 145% against the previous year. Over the period under review, imports hit record highs at X units in 2021, and then fell in the following year.

In value terms, grinding and sharpening machine imports contracted markedly to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 105%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Germany (X units) and Poland (X units) were the main suppliers of grinding and sharpening machine imports to Lithuania, with a combined 81% share of total imports. Estonia, Belgium, Italy and India lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +73.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to Lithuania, comprising 37% of total imports. The second position in the ranking was taken by Germany ($X), with a 17% share of total imports. It was followed by China, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy stood at +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-7.2% per year) and China (+10.6% per year).

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, dropping by -29.4% against the previous year. In general, the import price showed a perceptible slump. The pace of growth was the most pronounced in 2013 when the average import price increased by 184%. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Belgium ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform