Diamond abrasive wheels and stones market in Finland

Earlier Report Observations

In the late 2010s, the Finnish market for diamond abrasive wheels and stones was influenced by external demand from Asia and Africa, particularly China, which affected diamond supply and demand domestically. The market value fluctuated around 9 000 to 10 000 thousand USD, reaching 10 868 thousand USD in 2020.

From 2021 to 2023, market volume in physical terms surged from 1 202 tons to 7 509 tons, indicating a substantial expansion in consumption. This growth coincided with the digitalization of B2B marketing and the increasing use of artificial intelligence, which enhanced sales efficiency. At the same time, rising price sensitivity among industrial buyers helped drive volume growth while keeping value stable around 10 000 thousand USD.

By 2024, the market value declined to 8 549 thousand USD, a drop that occurred alongside the rising adoption of lab-grown synthetic diamonds, which offer a more affordable and ethical alternative for abrasive applications. Additionally, the planning of Europe's first diamond mine in Kaavi signaled potential future shifts in local diamond production, while tighter EU sustainability regulations began affecting supply chain transparency.

Production diamond abrasive wheels and stones in Finland

In value, 2017-2020, K $ US

Finland's diamond abrasive wheels and stones production volume increased after two years of decline. In 2019, output reached its lowest point at 1 095 thousand US dollars. The following year, in 2020, production was valued at 1 643 thousand US dollars, marking a sharp year-over-year increase of 30.7%.

Annual dynamics of production in Finland in value, 2017-2020, K $ US

In kind, 2017-2020, t

Annual dynamics of production in Finland in kind, 2017-2020, t

Exports diamond abrasive wheels and stones from Finland

Exports in kind, t

Market performance showed significant fluctuations during this period. From 2017 to 2019, exports varied by a factor of 4.1 between their highest and lowest points. In 2019, exports hit a minimum of 6.1 tonnes, declining by 73.6%. By 2020, Finland's exports of diamond abrasive wheels and stones had rebounded to 17.6 tonnes, representing a substantial 187.6% increase compared to the previous year.

Annual dynamics of product's exports from Finland in kind, 2017-2020, t

Between 2017 and 2020, three key markets—Russia, Sweden, and Estonia—collectively accounted for 60.4% of Finland's total exports of diamond abrasive wheels and stones by volume.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, K $ US

Finland's exports of diamond abrasive wheels and stones in value terms declined for the third consecutive year. Over the 2017-2020 period, exports decreased by 22.5%, with a compound annual growth rate of -8.2%. In 2020, exports stood at 1 381 thousand US dollars, reflecting an 18.1% year-over-year drop.

Annual dynamics of product's exports from Finland in value, 2017-2020, K $ US

From 2017 to 2020, Sweden, Russia, and Estonia dominated Finland's export structure in value terms. Sweden led with 40.8% of exports, followed by Russia at 14.9% and Estonia at 7.2%. Together, these three markets represented 63.0% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports diamond abrasive wheels and stones to Finland

Imports in kind, t

Import volumes experienced notable fluctuations during this period. In 2019, imports reached their lowest point at 16.3 tonnes, declining by 91.2%. The following year, in 2020, Finland imported approximately 223.9 tonnes of diamond abrasive wheels and stones, showing a dramatic 1,274.1% increase compared to 2019. From 2019 to 2020, imports changed by a factor of 13.7.

Annual dynamics of product's imports to Finland in kind, 2017-2020, t

Between 2017 and 2020, China, South Korea, and Germany were the primary sources for Finland's imports of diamond abrasive wheels and stones by volume. China accounted for 27.5% of imports, South Korea for 21.8%, and Germany for 15.1%. Collectively, these three countries represented 64.5% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, K $ US

Finland's imports of diamond abrasive wheels and stones in value terms increased for the third consecutive year. Over the 2017-2020 period, imports grew by 14.8%, with a compound annual growth rate of 4.7%. In 2020, imports totaled 10 605 thousand US dollars, indicating a moderate 10.0% rise compared to the previous year.

Annual dynamics of product's imports to Finland in value, 2017-2020, K $ US

From 2017 to 2020, South Korea, China, and India were the main suppliers of diamond abrasive wheels and stones to Finland in value terms. South Korea contributed 21.2% of imports, China 17.2%, and India 12.7%. Together, these three countries comprised 51.1% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020