Singapore: Stone Polishing Machine Market 2023

Stone Polishing Machine Market Size in Singapore

In 2021, the Singaporean stone polishing machine market decreased by -4.4% to $X, falling for the second consecutive year after three years of growth. Overall, consumption showed strong growth. Stone polishing machine consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Stone Polishing Machine Production in Singapore

In value terms, stone polishing machine production reduced to $X in 2021 estimated in export price. In general, the total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +72.9% against 2016 indices. The growth pace was the most rapid in 2018 when the production volume increased by 37% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then declined in the following year.

Stone Polishing Machine Exports

Exports from Singapore

In 2021, stone polishing machine exports from Singapore dropped rapidly to X units, reducing by -35.5% compared with the previous year. Overall, exports continue to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 3,355%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, stone polishing machine exports fell markedly to $X in 2021. In general, exports recorded a precipitous shrinkage. The growth pace was the most rapid in 2018 when exports increased by 3,689% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

China (X units) was the main destination for stone polishing machine exports from Singapore, accounting for a 48% share of total exports. Moreover, stone polishing machine exports to China exceeded the volume sent to the second major destination, Indonesia (X units), threefold. Malaysia (X units) ranked third in terms of total exports with a 16% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-25.4% per year) and Malaysia (-26.0% per year).

In value terms, the largest markets for stone polishing machine exported from Singapore were Japan ($X), China ($X) and the United States ($X), together comprising 79% of total exports.

In terms of the main countries of destination, China, with a CAGR of -15.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average stone polishing machine export price amounted to $X per unit, shrinking by -50% against the previous year. In general, the export price, however, recorded perceptible growth. The pace of growth appeared the most rapid in 2019 when the average export price increased by 41%. The export price peaked at $X per unit in 2020, and then fell significantly in the following year.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per unit), while the average price for exports to Malaysia ($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 (+12.1%), while the prices for the other major destinations experienced more modest paces of growth.

Stone Polishing Machine Imports

Imports into Singapore

In 2021, approx. X units of grinding or polishing machines for working stone, ceramics and concrete were imported into Singapore; picking up by 32% against 2020 figures. Over the period under review, imports posted moderate growth. The most prominent rate of growth was recorded in 2018 when imports increased by 207% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, stone polishing machine imports rose modestly to $X in 2021. Overall, imports saw strong growth. The pace of growth was the most pronounced in 2018 with an increase of 328% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X units) constituted the largest supplier of stone polishing machine to Singapore, accounting for a 65% share of total imports. Moreover, stone polishing machine imports from the United States exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. China (X units) ranked third in terms of total imports with an 8.9% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to +15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+11.8% per year) and China (-11.9% per year).

In value terms, Germany ($X) constituted the largest supplier of grinding or polishing machines for working stone, ceramics and concrete to Singapore, comprising 64% of total imports. The second position in the ranking was held by the United States ($X), with a 13% share of total imports. It was followed by Japan, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at +21.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+11.3% per year) and Japan (-7.0% per year).

Import Prices by Country

In 2021, the average stone polishing machine import price amounted to $X per unit, with a decrease of -20.9% against the previous year. In general, import price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 an increase of 90%. As a result, import price reached the peak level of $X per unit. From 2016 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+30.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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