Abrasives Market

The global market for natural abrasives is anticipated to experience a steady growth in consumption over the next eight years, with a forecasted CAGR of +5.7%. By 2030, the market volume is expected to reach 200M tons, valued at $291.4B. Despite a slight decline in consumption in 2022, overall consumption has shown resilience and growth. China stands out as the largest consumer and producer of abrasives, with impressive growth rates over the years. The United States leads in imports, while Greece tops the list of exporters. The market is also characterized by fluctuations in prices, with noticeable differences across countries. Overall, the global market for natural abrasives is poised for continued growth and opportunities for key players in the industry.

Market Forecast

Driven by increasing demand for abrasives (natural) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +5.7% for the period from 2022 to 2030, which is projected to bring the market volume to 200M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.8% for the period from 2022 to 2030, which is projected to bring the market value to $291.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Abrasives (Natural)

In 2022, after two years of growth, there was decline in consumption of abrasives (natural), when its volume decreased by -4.6% to 129M tons. Overall, consumption, however, recorded a strong increase. Global consumption peaked at 135M tons in 2021, and then contracted slightly in the following year.

The global abrasives market revenue reduced to $159.6B in 2022, dropping by -6.5% 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, recorded a resilient expansion. Global consumption peaked at $170.7B in 2021, and then declined in the following year.

Consumption By Country

The country with the largest volume of abrasives consumption was China (25M tons), comprising approx. 19% of total volume. Moreover, abrasives consumption in China exceeded the figures recorded by the second-largest consumer, India (9.7M tons), threefold. Turkey (6.2M tons) ranked third in terms of total consumption with a 4.9% share.

In China, abrasives consumption expanded at an average annual rate of +20.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+19.2% per year) and Turkey (+20.8% per year).

In value terms, Brazil ($82.4B) led the market, alone. The second position in the ranking was held by Nigeria ($12.3B). It was followed by China.

In Brazil, the abrasives market increased at an average annual rate of +18.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nigeria (+20.2% per year) and China (+23.9% per year).

The countries with the highest levels of abrasives per capita consumption in 2022 were Turkey (73 kg per person), the UK (66 kg per person) and Italy (65 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Japan (with a CAGR of +20.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Abrasives (Natural)

In 2022, production of abrasives (natural) decreased by -4.5% to 130M tons for the first time since 2019, thus ending a two-year rising trend. Overall, production, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 69%. Global production peaked at 136M tons in 2021, and then contracted in the following year.

In value terms, abrasives production fell to $162.3B in 2022 estimated in export price. In general, production, however, posted a prominent expansion. The growth pace was the most rapid in 2018 when the production volume increased by 90% against the previous year. Over the period under review, global production reached the peak level at $174.7B in 2021, and then dropped in the following year.

Production By Country

China (25M tons) constituted the country with the largest volume of abrasives production, comprising approx. 19% of total volume. Moreover, abrasives production in China exceeded the figures recorded by the second-largest producer, India (9.8M tons), threefold. Turkey (6.6M tons) ranked third in terms of total production with a 5.1% share.

In China, abrasives production expanded at an average annual rate of +20.4% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+16.0% per year) and Turkey (+19.7% per year).

Imports

World Imports of Abrasives (Natural)

Global abrasives imports expanded significantly to 1.6M tons in 2022, picking up by 5.9% on the previous year's figure. The total import volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by 19%. Over the period under review, global imports attained the peak figure at 1.7M tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, abrasives imports expanded sharply to $390M in 2022. The total import value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 32% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports By Country

The United States represented the main importing country with an import of about 425K tons, which resulted at 26% of total imports. It was distantly followed by China (160K tons), the UK (146K tons) and Bangladesh (73K tons), together generating a 24% share of total imports. The following importers - the United Arab Emirates (72K tons), the Netherlands (64K tons), South Korea (41K tons), Canada (40K tons), Russia (39K tons), Denmark (28K tons) and Sweden (25K tons) - together made up 19% of total imports.

Imports into the United States increased at an average annual rate of +3.7% from 2012 to 2022. At the same time, the UK (+24.8%), Bangladesh (+16.4%), Russia (+9.4%), China (+8.0%), Sweden (+7.7%) and Denmark (+2.5%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing importer imported in the world, with a CAGR of +24.8% from 2012-2022. South Korea and the Netherlands experienced a relatively flat trend pattern. By contrast, Canada (-5.0%) and the United Arab Emirates (-7.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the UK, the United States, China and Bangladesh increased by +7.9, +5.1, +4.6 and +3.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($70M) constitutes the largest market for imported abrasives (natural) worldwide, comprising 18% of global imports. The second position in the ranking was held by the UK ($33M), with an 8.4% share of global imports. It was followed by the Netherlands, with an 8% share.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +2.3%. In the other countries, the average annual rates were as follows: the UK (+17.8% per year) and the Netherlands (+17.2% per year).

Import Prices By Country

The average abrasives import price stood at $243 per ton in 2022, increasing by 5.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The pace of growth was the most pronounced in 2021 an increase of 11%. Global import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($483 per ton), while Denmark ($128 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+17.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Abrasives (Natural)

In 2022, approx. 2.8M tons of abrasives (natural) were exported worldwide; picking up by 4.8% on 2021 figures. Over the period under review, total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% 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 +61.2% against 2017 indices. The pace of growth was the most pronounced in 2018 with an increase of 16% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, abrasives exports reached $382M in 2022. The total export value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 30%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

Greece represented the largest exporter of abrasives (natural) in the world, with the volume of exports accounting for 1.1M tons, which was approx. 37% of total exports in 2022. Turkey (407K tons) ranks second in terms of the total exports with a 14% share, followed by Australia (12%), South Africa (9.1%) and China (7%). The following exporters - Indonesia (115K tons), India (99K tons), Iceland (86K tons), Japan (70K tons) and the United States (43K tons) - together made up 15% of total exports.

From 2012 to 2022, average annual rates of growth with regard to abrasives exports from Greece stood at +9.3%. At the same time, South Africa (+62.5%), China (+12.8%), Turkey (+10.0%), Indonesia (+7.1%), Iceland (+5.4%), Japan (+4.4%), the United States (+2.8%) and Australia (+1.1%) displayed positive paces of growth. Moreover, South Africa emerged as the fastest-growing exporter exported in the world, with a CAGR of +62.5% from 2012-2022. By contrast, India (-15.8%) illustrated a downward trend over the same period. While the share of Greece (+15 p.p.), South Africa (+9 p.p.), Turkey (+6.5 p.p.) and China (+4 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Australia (-3.3 p.p.) and India (-24.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest abrasives supplying countries worldwide were Australia ($78M), China ($66M) and South Africa ($40M), with a combined 48% share of global exports.

South Africa, with a CAGR of +55.4%, saw the highest rates of growth with regard to the value of exports, in terms of 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 abrasives export price stood at $135 per ton in 2022, which is down by -1.9% against the previous year. Over the period under review, the export price saw a slight reduction. The pace of growth appeared the most rapid in 2021 when the average export price increased by 14%. The global export price peaked at $161 per ton in 2014; however, from 2015 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 the United States ($605 per ton), while Greece ($17 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform