Singapore: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Singapore

The Singaporean grinding and sharpening machine market dropped markedly to $X in 2022, with a decrease of -32.5% against the previous year. Overall, consumption recorded a slight descent. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Production of Grinding And Sharpening Metal Finishing Machines in Singapore

In value terms, grinding and sharpening machine production contracted to $X in 2022 estimated in export price. Overall, production showed a noticeable setback. The pace of growth was the most pronounced in 2019 with an increase of 108% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Singapore

In 2022, overseas shipments of grinding and sharpening metal finishing machines were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2016 when exports increased by 102%. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, grinding and sharpening machine exports declined to $X in 2022. Over the period under review, exports, however, saw a deep setback. The pace of growth appeared the most rapid in 2021 when exports increased by 51%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X units) was the main destination for grinding and sharpening machine exports from Singapore, with a 48% share of total exports. Moreover, grinding and sharpening machine exports to Malaysia exceeded the volume sent to the second major destination, Papua New Guinea (X units), threefold. The third position in this ranking was taken by Indonesia (X units), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia totaled -2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (+50.8% per year) and Indonesia (-9.1% per year).

In value terms, Malaysia ($X), the United States ($X) and Thailand ($X) were the largest markets for grinding and sharpening machine exported from Singapore worldwide, together accounting for 29% of total exports. India, Indonesia, Vietnam, South Korea and Papua New Guinea lagged somewhat behind, together accounting for a further 17%.

Vietnam, with a CAGR of +14.4%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

In 2022, the average grinding and sharpening machine export price amounted to $X per unit, waning by -33.4% against the previous year. In general, the export price showed a mild decrease. The pace of growth appeared the most rapid in 2021 an increase of 69%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Papua New Guinea ($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 India (-2.0%), while the prices for the other major destinations experienced a decline.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Singapore

In 2022, after two years of decline, there was significant growth in supplies from abroad of grinding and sharpening metal finishing machines, when their volume increased by 8.3% to X units. Overall, imports, however, recorded a deep slump. The growth pace was the most rapid in 2015 with an increase of 111%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, grinding and sharpening machine imports declined to $X in 2022. Over the period under review, imports, however, continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 36%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest grinding and sharpening machine supplier to Singapore, with a 51% share of total imports. Moreover, grinding and sharpening machine imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), sixfold. The third position in this ranking was taken by Malaysia (X units), with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-16.2% per year) and Malaysia (+19.7% per year).

In value terms, the United States ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to Singapore, comprising 50% of total imports. The second position in the ranking was taken by Germany ($X), with a 24% share of total imports. It was followed by Switzerland, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +34.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.8% per year) and Switzerland (-2.1% per year).

Import Prices by Country

In 2022, the average grinding and sharpening machine import price amounted to $X per unit, dropping by -13.2% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, grinding and sharpening machine import price increased by +63.0% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 38% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2014; however, from 2015 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 the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+39.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :