Metal Honing Machine Market

The article explores the global market trends for honing or lapping machines for metal working from 2012 to 2022, with a focus on consumption, production, imports, and exports. It highlights a slight decline in consumption in 2022 after a period of steady growth, as well as fluctuations in production and trade. The United States, Canada, and Germany emerged as key players in both consumption and production. The analysis of import and export trends reveals fluctuations in volumes and prices, with Malaysia and Japan showing significant growth in exports. Overall, the article provides a comprehensive overview of the market dynamics and forecasts positive growth in the coming years.

Market Forecast

Driven by increasing demand for honing or lapping machines for working metal worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 210K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $1.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Honing Or Lapping Machines For Working Metal

In 2022, consumption of honing or lapping machines for working metal decreased by -5.7% to 191K units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak volume of 271K units. From 2014 to 2022, the growth of the global consumption failed to regain momentum.

The global metal honing machine market value fell to $917M in 2022, which is down by -10.8% 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). The market value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $1B, and then declined in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (65K units), Canada (36K units) and India (19K units), with a combined 62% share of global consumption. Taiwan (Chinese), the Netherlands, Singapore, Italy, Malaysia, Germany, the United Arab Emirates and Bolivia lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Germany (with a CAGR of +29.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($146M), Taiwan (Chinese) ($106M) and the United States ($90M) were the countries with the highest levels of market value in 2022, with a combined 37% share of the global market.

Germany, with a CAGR of +26.9%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of metal honing machine per capita consumption in 2022 were Singapore (1,194 units per million persons), Canada (919 units per million persons) and the Netherlands (450 units per million persons).

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +29.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Honing Or Lapping Machines For Working Metal

In 2022, global metal honing machine production was estimated at 221K units, rising by 4.8% on the previous year. The total output volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 5.9%. Over the period under review, global production attained the maximum volume in 2022 and is expected to retain growth in years to come.

In value terms, metal honing machine production reduced modestly to $1B in 2022 estimated in export price. Overall, production, however, recorded a slight curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 3.9% against the previous year. Over the period under review, global production reached the maximum level at $1.1B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of metal honing machine production was the United States (95K units), comprising approx. 43% of total volume. Moreover, metal honing machine production in the United States exceeded the figures recorded by the second-largest producer, Malaysia (22K units), fourfold. The third position in this ranking was held by India (20K units), with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United States was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Malaysia (+11.4% per year) and India (+0.9% per year).

Imports

World Imports of Honing Or Lapping Machines For Working Metal

In 2022, purchases abroad of honing or lapping machines for working metal increased by 11% to 71K units, rising for the second consecutive year after four years of decline. In general, imports, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2013 with an increase of 100% against the previous year. As a result, imports attained the peak of 177K units. From 2014 to 2022, the growth of global imports failed to regain momentum.

In value terms, metal honing machine imports declined to $264M in 2022. Over the period under review, imports, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 37% against the previous year. Over the period under review, global imports reached the maximum at $590M in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, Canada (36K units) was the key importer of honing or lapping machines for working metal, creating 50% of total imports. It was distantly followed by the UK (9K units) and the United Arab Emirates (3.3K units), together generating a 17% share of total imports. Russia (2.2K units), Thailand (1.9K units) and the Philippines (1.5K units) held a relatively small share of total imports.

Imports into Canada decreased at an average annual rate of -3.5% from 2012 to 2022. At the same time, the Philippines (+32.7%), Russia (+23.4%), the UK (+19.8%) and the United Arab Emirates (+17.3%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in the world, with a CAGR of +32.7% from 2012-2022. By contrast, Thailand (-4.1%) illustrated a downward trend over the same period. While the share of the UK (+11 p.p.), the United Arab Emirates (+3.8 p.p.), Russia (+2.8 p.p.) and the Philippines (+2.1 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Canada (-7.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($13M), Canada ($8.1M) and the UK ($6.1M) were the countries with the highest levels of imports in 2022, with a combined 10% share of global imports. The Philippines, Russia and the United Arab Emirates lagged somewhat behind, together comprising a further 4.2%.

The Philippines, with a CAGR of +15.3%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average metal honing machine import price amounted to $3,711 per unit, waning by -17.7% against the previous year. Overall, the import price saw a deep slump. The pace of growth was the most pronounced in 2018 an increase of 59% against the previous year. Over the period under review, average import prices attained the maximum at $6,789 per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($6,785 per unit), while Canada ($227 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+17.4%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Honing Or Lapping Machines For Working Metal

In 2022, overseas shipments of honing or lapping machines for working metal increased by 40% to 101K units, rising for the second consecutive year after four years of decline. Overall, total exports indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +47.3% against 2020 indices. The pace of growth appeared the most rapid in 2014 when exports increased by 50%. As a result, the exports reached the peak of 128K units. From 2015 to 2022, the growth of the global exports failed to regain momentum.

In value terms, metal honing machine exports expanded modestly to $313M in 2022. Over the period under review, exports, however, recorded a deep downturn. The growth pace was the most rapid in 2018 with an increase of 17% against the previous year. Over the period under review, the global exports hit record highs at $568M in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

The United States (31K units) and the UK (25K units) represented the largest exporters of honing or lapping machines for working metal in 2022, recording approx. 31% and 25% of total exports, respectively. Malaysia (16K units) took a 16% share (based on physical terms) of total exports, which put it in second place, followed by China (7.4%). The following exporters - Italy (4.1K units), Germany (2.3K units), the Netherlands (2.2K units), India (2.1K units), Israel (1.9K units), Taiwan (Chinese) (1.7K units) and Japan (1.6K units) - together made up 16% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Malaysia (with a CAGR of +76.4%), while the other global leaders experienced more modest paces of growth.

In value terms, Germany ($54M), Japan ($43M) and the United States ($41M) were the countries with the highest levels of exports in 2022, together comprising 44% of global exports. Italy, China, Taiwan (Chinese), the UK, Malaysia, the Netherlands, India and Israel lagged somewhat behind, together comprising a further 35%.

Malaysia, with a CAGR of +20.7%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average metal honing machine export price stood at $3,102 per unit in 2022, which is down by -25.9% against the previous year. In general, the export price saw a deep slump. The pace of growth appeared the most rapid in 2017 an increase of 36% against the previous year. The global export price peaked at $6,426 per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($27,409 per unit), while the UK ($402 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+9.0%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform