Vietnam: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Vietnam

The Vietnamese grinding and sharpening machine market shrank to $X in 2022, which is down by -8.5% 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, however, saw a temperate expansion. Grinding and sharpening machine consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Vietnam

In 2022, approx. X units of grinding and sharpening metal finishing machines were exported from Vietnam; growing by 3.9% compared with the year before. Over the period under review, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 56%. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, grinding and sharpening machine exports reduced to $X in 2022. Overall, exports continue to indicate a moderate expansion. The pace of growth was the most pronounced in 2015 with an increase of 117% against the previous year. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

Japan (X units), the United States (X units) and Taiwan (Chinese) (X units) were the main destinations of grinding and sharpening machine exports from Vietnam, together accounting for 55% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +20.6%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X) remains the key foreign market for grinding and sharpening metal finishing machines exports from Vietnam, comprising 40% of total exports. The second position in the ranking was taken by the United States ($X), with a 19% share of total exports. It was followed by Myanmar, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea amounted to +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+47.5% per year) and Myanmar (+45.5% per year).

Export Prices by Country

The average grinding and sharpening machine export price stood at $X per unit in 2022, declining by -16.4% against the previous year. Over the period under review, the export price, however, saw resilient growth. The pace of growth appeared the most rapid in 2013 when the average export price increased by 102% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Australia ($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 South Korea (+45.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Vietnam

Grinding and sharpening machine imports into Vietnam dropped remarkably to X units in 2022, with a decrease of -16.8% compared with the previous year's figure. Overall, imports, however, posted strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 91% against the previous year. Imports peaked at X units in 2021, and then dropped dramatically in the following year.

In value terms, grinding and sharpening machine imports amounted to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 94%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of grinding and sharpening machine to Vietnam, with a 68% share of total imports. Moreover, grinding and sharpening machine imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), sixfold. The third position in this ranking was held by Japan (X units), with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +31.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+10.0% per year) and Japan (-9.4% per year).

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) were the largest grinding and sharpening machine suppliers to Vietnam, with a combined 57% share of total imports. South Korea, Italy and India lagged somewhat behind, together comprising a further 19%.

South Korea, with a CAGR of +24.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, jumping by 21% against the previous year. Over the period under review, the import price, however, recorded a abrupt curtailment. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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