Singapore: Metal Honing Machine Market 2024

Metal Honing Machine Market Size in Singapore

In 2021, the Singaporean metal honing machine market was finally on the rise to reach $X for the first time since 2016, thus ending a four-year declining trend. Over the period under review, consumption recorded a resilient increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Metal Honing Machine Production in Singapore

In value terms, metal honing machine production reached $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 4.3% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Metal Honing Machine Exports

Exports from Singapore

In 2021, after three years of growth, there was significant decline in shipments abroad of honing or lapping machines for working metal, when their volume decreased by -95.2% to X units. Over the period under review, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2019 when exports increased by 434%. The exports peaked at X units in 2020, and then fell dramatically in the following year.

In value terms, metal honing machine exports shrank dramatically to $X in 2021. Overall, exports recorded a sharp setback. The pace of growth appeared the most rapid in 2019 with an increase of 543%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand (X units) was the main destination for metal honing machine exports from Singapore, with a 73% share of total exports. Moreover, metal honing machine exports to Thailand exceeded the volume sent to the second major destination, Malaysia (X units), sixfold. The third position in this ranking was held by Indonesia (X units), with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Thailand stood at +10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-32.3% per year) and Indonesia (-4.9% per year).

In value terms, Thailand ($X) emerged as the key foreign market for honing or lapping machines for working metal exports from Singapore, comprising 66% of total exports. The second position in the ranking was held by Malaysia ($X), with a 20% share of total exports. It was followed by Indonesia, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand amounted to -7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-33.1% per year) and Indonesia (-14.9% per year).

Export Prices by Country

In 2021, the average metal honing machine export price amounted to $X per unit, jumping by 329% against the previous year. In general, the export price, however, saw a abrupt descent. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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 Malaysia ($X per unit), while the average price for exports to the Philippines ($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 Malaysia (-1.2%), while the prices for the other major destinations experienced a decline.

Metal Honing Machine Imports

Imports into Singapore

Metal honing machine imports into Singapore soared to X units in 2021, jumping by 303% compared with 2020 figures. Over the period under review, imports showed a prominent expansion. The growth pace was the most rapid in 2014 when imports increased by 368%. As a result, imports reached the peak of X units. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, metal honing machine imports surged to $X in 2021. Overall, imports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2016 when imports increased by 147% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Italy (X units), the United States (X units) and China (X units) were the main suppliers of metal honing machine imports to Singapore, with a combined 72% share of total imports. These countries were followed by the UK, Malaysia, Japan, Taiwan (Chinese), Canada, the United Arab Emirates and Hong Kong SAR, which together accounted for a further 22%.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +93.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest metal honing machine suppliers to Singapore were China ($X), the United States ($X) and Taiwan (Chinese) ($X), together comprising 63% of total imports. Italy, Japan, Malaysia, the UK, the United Arab Emirates, Hong Kong SAR and Canada lagged somewhat behind, together accounting for a further 24%.

The United Arab Emirates, with a CAGR of +27.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average metal honing machine import price stood at $X per unit in 2021, waning by -69.5% against the previous year. Over the period under review, the import price recorded a deep downturn. The growth pace was the most rapid in 2015 an increase of 589%. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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 Taiwan (Chinese) ($X per unit), while the price for Canada ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+84.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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