Philippines: Market for Grinding, Sanding and Polishing Machines 2022

Market Size for Grinding, Sanding and Polishing Machines in the Philippines

The Philippine market for grinding, sanding and polishing machines skyrocketed to $X in 2021, increasing by 17% 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, continues to indicate a abrupt decline. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Exports of Grinding, Sanding and Polishing Machines

Exports from the Philippines

In 2021, the amount of grinding, sanding and polishing machines exported from the Philippines contracted markedly to X units, shrinking by -50% on the previous year's figure. In general, exports continue to indicate a deep slump. The growth pace was the most rapid in 2017 with an increase of 600% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, grinding, sanding and polishing machine exports reduced rapidly to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by 1,038% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for grinding, sanding and polishing machine exports from the Philippines, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Japan was relatively modest.

In value terms, Japan ($X) emerged as the key foreign market for grinding, sanding and polishing machine exports from the Philippines, comprising 63% of total exports. The second position in the ranking was taken by Thailand ($X), with a 21% share of total exports. It was followed by Taiwan (Chinese), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at +43.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-13.8% per year) and Taiwan (Chinese) (+47.5% per year).

Export Prices by Country

In 2021, the average export price for grinding, sanding and polishing machines amounted to $X per unit, jumping by 34% against the previous year. Overall, the export price posted a strong increase. The pace of growth was the most pronounced in 2016 an increase of 722% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Thailand ($X per unit), while the average price for exports to Palau ($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 Indonesia (+135.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding, Sanding and Polishing Machines

Imports into the Philippines

In 2021, grinding, sanding and polishing machine imports into the Philippines surged to X units, increasing by 26% against 2020 figures. Over the period under review, imports, however, recorded a abrupt decline. The growth pace was the most rapid in 2015 when imports increased by 140% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, grinding, sanding and polishing machine imports rose sharply to $X in 2021. In general, imports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2015 with an increase of 93% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest grinding, sanding and polishing machine supplier to the Philippines, with a 69% share of total imports. Moreover, grinding, sanding and polishing machine imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), fivefold. The third position in this ranking was held by Germany (X units), with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+70.5% per year) and Germany (+18.2% per year).

In value terms, China ($X), Thailand ($X) and the United States ($X) appeared to be the largest grinding, sanding and polishing machine suppliers to the Philippines, together comprising 63% of total imports.

In terms of the main suppliers, Thailand, with a CAGR of +72.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for grinding, sanding and polishing machines amounted to $X per unit, waning by -14.8% against the previous year. In general, the import price continues to indicate a perceptible downturn. The pace of growth was the most pronounced in 2020 an increase of 90%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+21.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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