Vietnam: Stone Polishing Machine Market 2024

Stone Polishing Machine Market Size in Vietnam

The Vietnamese stone polishing machine market surged to $X in 2022, picking up by 52% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a resilient expansion. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Stone Polishing Machine Exports

Exports from Vietnam

In 2022, after two years of decline, there was significant growth in overseas shipments of grinding or polishing machines for working stone, ceramics and concrete, when their volume increased by 31% to X units. Over the period under review, exports, however, saw a perceptible downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 447% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, stone polishing machine exports soared to $X in 2022. In general, exports, however, saw a perceptible setback. The growth pace was the most rapid in 2016 when exports increased by 460%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Cambodia (X units), Lao People's Democratic Republic (X units) and the United States (X units) were the main destinations of stone polishing machine exports from Vietnam, with a combined 69% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of +38.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cambodia ($X), Lao People's Democratic Republic ($X) and the United States ($X) were the largest markets for stone polishing machine exported from Vietnam worldwide, together accounting for 69% of total exports.

Lao People's Democratic Republic, with a CAGR of +53.0%, saw 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

In 2022, the average stone polishing machine export price amounted to $X per unit, increasing by 2.6% against the previous year. Overall, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, stone polishing machine export price increased by +76.8% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 72% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cambodia ($X per unit), while the average price for exports to the United States ($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 Lao People's Democratic Republic (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Stone Polishing Machine Imports

Imports into Vietnam

In 2022, the amount of grinding or polishing machines for working stone, ceramics and concrete imported into Vietnam surged to X units, picking up by 90% on the year before. Overall, imports continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2020 with an increase of 98% against the previous year. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, stone polishing machine imports rose markedly to $X in 2022. Over the period under review, imports posted a strong expansion. The pace of growth was the most pronounced in 2015 when imports increased by 146% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest stone polishing machine supplier to Vietnam, accounting for a 86% share of total imports. Moreover, stone polishing machine imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. The third position in this ranking was taken by South Korea (X units), with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +33.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+22.9% per year) and South Korea (+17.1% per year).

In value terms, China ($X) constituted the largest supplier of grinding or polishing machines for working stone, ceramics and concrete to Vietnam, comprising 77% of total imports. The second position in the ranking was held by Italy ($X), with an 11% share of total imports. It was followed by South Korea, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +26.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+28.5% per year) and South Korea (+22.5% per year).

Import Prices by Country

In 2022, the average stone polishing machine import price amounted to $X per unit, dropping by -40.7% against the previous year. In general, the import price continues to indicate a mild slump. The most prominent rate of growth was recorded in 2021 an increase of 108%. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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