Vietnam: Market for Grinding, Sanding and Polishing Machines 2024

Market Size for Grinding, Sanding and Polishing Machines in Vietnam

The Vietnamese market for grinding, sanding and polishing machines expanded rapidly to $X in 2021, surging by 13% 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). Over the period under review, consumption recorded a significant expansion. Over the period under review, the market reached the peak level in 2021 and is likely to see gradual growth in years to come.

Exports of Grinding, Sanding and Polishing Machines

Exports from Vietnam

In 2021, overseas shipments of grinding, sanding and polishing machines increased by 155% to X units, rising for the third consecutive year after two years of decline. Over the period under review, exports saw a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 2,886%. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, grinding, sanding and polishing machine exports soared to $X in 2021. In general, exports posted a temperate increase. The most prominent rate of growth was recorded in 2016 when exports increased by 1,457%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Brunei Darussalam (X units) was the main destination for grinding, sanding and polishing machine exports from Vietnam, accounting for a 6.1% share of total exports. Moreover, grinding, sanding and polishing machine exports to Brunei Darussalam exceeded the volume sent to the second major destination, Malaysia (X units), fourfold. Singapore (X units) ranked third in terms of total exports with a 1.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Brunei Darussalam amounted to +49.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+13.0% per year) and Singapore (+19.6% per year).

In value terms, the Philippines ($X) remains the key foreign market for grinding, sanding and polishing machines exports from Vietnam, comprising 2.5% of total exports. The second position in the ranking was taken by Brunei Darussalam ($X), with a 0.4% share of total exports. It was followed by Malaysia, with a 0.4% share.

From 2012 to 2021, the average annual growth rate of value to the Philippines amounted to +28.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (+14.9% per year) and Malaysia (-19.1% per year).

Export Prices by Country

In 2021, the average export price for grinding, sanding and polishing machines amounted to $X per unit, dropping by -42.6% against the previous year. Overall, the export price recorded a abrupt descent. The most prominent rate of growth was recorded in 2017 an increase of 109% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Cambodia ($X per unit), while the average price for exports to Singapore ($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 the Philippines (+126.9%), while the prices for the other major destinations experienced a decline.

Imports of Grinding, Sanding and Polishing Machines

Imports into Vietnam

In 2021, overseas purchases of grinding, sanding and polishing machines increased by 28% to X units, rising for the third consecutive year after three years of decline. Over the period under review, imports enjoyed a significant increase. The growth pace was the most rapid in 2014 with an increase of 144%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, grinding, sanding and polishing machine imports fell to $X in 2021. Overall, imports enjoyed significant growth. The pace of growth was the most pronounced in 2014 when imports increased by 169%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Australia (X units) constituted the largest supplier of grinding, sanding and polishing machine to Vietnam, with a 84% share of total imports. Moreover, grinding, sanding and polishing machine imports from Australia exceeded the figures recorded by the second-largest supplier, China (X units), sixfold.

From 2012 to 2021, the average annual growth rate of volume from Australia stood at +46.6%.

In value terms, China ($X) constituted the largest supplier of grinding, sanding and polishing machines to Vietnam, comprising 67% of total imports. The second position in the ranking was held by Australia ($X), with a 0.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +34.1%.

Import Prices by Country

The average import price for grinding, sanding and polishing machines stood at $X per unit in 2021, dropping by -31% against the previous year. Overall, the import price continues to indicate a deep contraction. The growth pace was the most rapid in 2018 when the average import price increased by 84% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per unit), while the price for Australia amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+30.3%).

Source: IndexBox Platform

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