Philippines: Market for Grinding, Sanding and Polishing Machines 2024

Market Size for Grinding, Sanding and Polishing Machines in the Philippines

The Philippine market for grinding, sanding and polishing machines was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption showed a deep setback. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Exports of Grinding, Sanding and Polishing Machines

Exports from the Philippines

In 2021, the amount of grinding, sanding and polishing machines exported from the Philippines skyrocketed to X units, picking up by 30% compared with 2020 figures. Over the period under review, exports, however, saw a abrupt contraction. The pace of growth appeared the most rapid in 2017 with an increase of 1,700%. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, grinding, sanding and polishing machine exports stood at $X in 2021. In general, exports showed a noticeable increase. The pace of growth appeared the most rapid in 2020 when exports increased by 531%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Palau (X units) was the main destination for grinding, sanding and polishing machine exports from the Philippines, accounting for a 69% share of total exports. Moreover, grinding, sanding and polishing machine exports to Palau exceeded the volume sent to the second major destination, Taiwan (Chinese) (X units), fivefold.

From 2012 to 2021, the average annual growth rate of volume to Palau totaled +27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-39.6% per year) and Thailand (-27.5% per year).

In value terms, Palau ($X), Japan ($X) and Thailand ($X) constituted the largest markets for grinding, sanding and polishing machine exported from the Philippines worldwide, together accounting for 95% of total exports.

Palau, with a CAGR of +63.2%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for grinding, sanding and polishing machines stood at $X per unit in 2021, dropping by -25.7% against the previous year. In general, the export price, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2016 an increase of 587% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Taiwan (Chinese) ($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 Japan (+29.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding, Sanding and Polishing Machines

Imports into the Philippines

In 2021, the amount of grinding, sanding and polishing machines imported into the Philippines shrank to X units, declining by -14.4% compared with the previous year's figure. Overall, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 448% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, grinding, sanding and polishing machine imports soared to $X in 2021. Over the period under review, imports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2014 when imports increased by 478%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Malaysia (X units) and Spain (X units) were the main suppliers of grinding, sanding and polishing machine imports to the Philippines, with a combined 62% share of total imports. These countries were followed by Germany, the United States, Taiwan (Chinese), Japan and Singapore, which together accounted for a further 27%.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +38.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest grinding, sanding and polishing machine suppliers to the Philippines were China ($X), the United States ($X) and Germany ($X), with a combined 22% share of total imports.

The United States, with a CAGR of +24.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for grinding, sanding and polishing machines stood at $X per unit in 2021, jumping by 58% against the previous year. In general, import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, grinding, sanding and polishing machine import price increased by +83.5% against 2018 indices. The pace of growth appeared the most rapid in 2016 when the average import price increased by 70% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+19.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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