Singapore: Grinding Machine Market 2024

Grinding Machine Market Size in Singapore

The Singaporean grinding machine market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption saw a resilient expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Grinding Machine Production in Singapore

In value terms, grinding machine production declined dramatically to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a dramatic decline. The pace of growth appeared the most rapid in 2015 when the production volume increased by 141%. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Grinding Machine Exports

Exports from Singapore

In 2021, grinding machine exports from Singapore skyrocketed to X units, with an increase of 166% on the previous year's figure. In general, exports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 201% 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, grinding machine exports surged to $X in 2021. Overall, total exports indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X units), China (X units) and Malaysia (X units) were the main destinations of grinding machine exports from Singapore, with a combined 54% share of total exports. These countries were followed by Taiwan (Chinese), Thailand, Russia, South Korea, India, Hong Kong SAR, the Netherlands, the United States, Ukraine and Pakistan, which together accounted for a further 38%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +236.0%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) emerged as the key foreign market for machines having individual functions, for mixing, kneading, crushing or grinding exports from Singapore, comprising 34% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 15% share of total exports. It was followed by Indonesia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to China totaled +13.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+105.6% per year) and Indonesia (-9.5% per year).

Export Prices by Country

In 2021, the average grinding machine export price amounted to $X per unit, dropping by -43.9% against the previous year. Over the period under review, the export price recorded a drastic downturn. The most prominent rate of growth was recorded in 2017 when the average export price increased by 377%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Russia ($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 Russia (+2.7%), while the prices for the other major destinations experienced a decline.

Grinding Machine Imports

Imports into Singapore

In 2021, the amount of machines having individual functions, for mixing, kneading, crushing or grinding imported into Singapore surged to X units, picking up by 356% on the previous year's figure. Over the period under review, imports recorded a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, grinding machine imports surged to $X in 2021. In general, imports showed a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of grinding machine to Singapore, with a 43% share of total imports. Moreover, grinding machine imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. The United States (X units) ranked third in terms of total imports with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +56.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+19.0% per year) and the United States (+23.5% per year).

In value terms, Germany ($X) constituted the largest supplier of machines having individual functions, for mixing, kneading, crushing or grinding to Singapore, comprising 16% of total imports. The second position in the ranking was held by the United States ($X), with a 7.7% share of total imports. It was followed by China, with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value from Germany stood at +16.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+0.9% per year) and China (+6.6% per year).

Import Prices by Country

In 2021, the average grinding machine import price amounted to $X per unit, reducing by -27% against the previous year. Over the period under review, the import price recorded a deep slump. The most prominent rate of growth was recorded in 2020 when the average import price increased by 51%. Over the period under review, average import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for South Korea ($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 (-2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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