Latin America and the Caribbean: Abrasives Market 2024

Abrasives Market Size in Latin America and the Caribbean

In 2021, the Latin American abrasives market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -20.7% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Abrasives Production in Latin America and the Caribbean

In value terms, abrasives production soared to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -23.8% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 54% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Abrasives Exports

Exports in Latin America and the Caribbean

Abrasives exports surged to X tons in 2021, with an increase of 109% compared with the previous year's figure. Over the period under review, exports enjoyed a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, abrasives exports soared to $X in 2021. In general, exports showed a relatively flat trend pattern. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico dominates exports structure, accounting for X tons, which was approx. 89% of total exports in 2021. It was distantly followed by Argentina (X tons), mixing up a 7.3% share of total exports. Nicaragua (X tons) held a relatively small share of total exports.

Exports from Mexico increased at an average annual rate of +10.0% from 2012 to 2021. At the same time, Nicaragua (+32.1%) and Argentina (+2.5%) displayed positive paces of growth. Moreover, Nicaragua emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +32.1% from 2012-2021. While the share of Mexico (+23 p.p.) and Nicaragua (+2.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Argentina (-2.9 p.p.) displayed negative dynamics.

In value terms, Mexico ($X) remains the largest abrasives supplier in Latin America and the Caribbean, comprising 72% of total exports. The second position in the ranking was held by Argentina ($X), with a 5% share of total exports.

In Mexico, abrasives exports expanded at an average annual rate of +6.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (+0.9% per year) and Nicaragua (+18.7% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, dropping by -14.5% against the previous year. In general, the export price continues to indicate a abrupt slump. The growth pace was the most rapid in 2014 when the export price increased by 20%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Mexico ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (-1.5%), while the other leaders experienced a decline in the export price figures.

Abrasives Imports

Imports in Latin America and the Caribbean

In 2021, after two years of decline, there was significant growth in supplies from abroad of abrasives (natural), when their volume increased by 56% to X tons. Total imports indicated noticeable growth from 2012 to 2021: its volume increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, abrasives imports skyrocketed to $X in 2021. Total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil was the major importer of abrasives (natural) in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near 41% of total imports in 2021. Mexico (X tons) ranks second in terms of the total imports with a 21% share, followed by Guatemala (11%) and Chile (6.8%). Argentina (X tons), Trinidad and Tobago (X tons) and Suriname (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Guatemala (with a CAGR of +67.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Brazil ($X) and Guatemala ($X) were the countries with the highest levels of imports in 2021, together accounting for 74% of total imports.

Among the main importing countries, Guatemala, with a CAGR of +41.0%, recorded the highest growth rate of 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 import price in Latin America and the Caribbean amounted to $X per ton, almost unchanged from the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2019 an increase of 11% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2020, and then declined modestly in the following year.

Prices varied noticeably country of destination: the country with the highest price was Mexico ($X per ton), while Suriname ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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