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Abrasives Market

Abrasives Market

by Type (Bonded Abrasives, Coated Abrasives, Super Abrasives), by Material (Natural, Synthetic), by End Use Industry (Automotive, Metal Fabrication, Machinery, Electronics, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Report Code: A01825
Pages: 336
Tables: 216
Charts: 64
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Abrasives Market Research, 2032

The global abrasives market was valued at $42.6 billion in 2022, and is projected to reach $67.0 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.

The growth of industries, such as automotive, aerospace, construction, electronics, and metalworking, directly impacts the demand for abrasives. Increased manufacturing activities and infrastructure development contribute to the rise in demand for abrasives used in processes such as cutting, grinding, polishing, and surface finishing.

Report Key Highlighters

  • The report provides competitive dynamics by evaluating business segments, product portfolios, target market revenue, geographical presence and key strategic developments by prominent manufacturers.
  • The abrasives market is fragmented in nature among prominent companies such as 3M Company, Bullard Abrasives, Inc., Carborundum Universal Limited, Deerfos, Hindustan Abrasives, Osborn Lippert India Private Limited., Robert Bosch Power Tools GmbH, Saint-Gobain, and SAK ABRASIVES LIMITED.
  • The study contains qualitative information such as the market dynamics (drivers, restraints, challenges, and opportunities), key regulation analysis, pricing analysis, and Porter’s Five Force Analysis across North America, Europe, Asia-Pacific, LAMEA regions. Moreover, the report covers sub-segments that is studied across all the regions.
  • Latest trends in global abrasives market such as undergoing R&D activities, regulatory guidelines, and government initiatives are analyzed across 16 countries in 4 different regions.
  • More than 3,500 abrasives-related product literatures, industry releases, annual reports, and other such documents of key industry participants along with authentic industry journals and government websites have been reviewed for generating high-value industry insights for global abrasives market.

Abrasives Market

Abrasives materials are used for grinding, polishing, cutting, or shaping other materials through a process called abrasion. They are typically hard, strong, and have a high resistance to wear. Abrasives are available in various forms, such as grains, powders, compounds, and coated or bonded materials, depending on their specific applications.

Rise in population base has led to rapid urbanization in both, developed and developing economies such as the U.S., China, India, and others. This has increased government spending in the building & construction sector to develop various upcoming infrastructure projects. For instance, according to a report published by National Investment Promotion and Facilitation Agency, the infrastructure activities accounted for 13% share of the total foreign direct investment (FDI) inflows in 2021.

Abrasives are used in applications such as surface preparation, grinding, and cutting of concrete, metal, and other materials. As construction and infrastructure projects proliferate, the demand for abrasives increases. Emerging economies often witness substantial infrastructure development, including the construction of roads, bridges, buildings, and urbanization projects. In addition, renovation and maintenance activities in the construction sector require abrasives for surface preparation, ensuring a high-quality finish. These factors collectively contribute to the growth of the abrasives market.

Moreover, factors such as increase in disposable income, technological upgrades, and rise in original equipment manufacturers (OEMs) have led the automotive sector to witness a significant growth. For instance, according to a report published by India Brands Equity Foundation, the domestic automobile production increased by a compound annual growth rate (CAGR) of 2.36% from 2016-20 with 26.36 million vehicles manufactured in India in 2020.

Abrasives find extensive use in grinding, sanding, and polishing applications during vehicle production, as well as in automotive repair and maintenance. The automotive sector's growth and evolution significantly impact the abrasives market. Technological advancements, such as the development of electric vehicles (EVs) and the increasing use of lightweight materials such as aluminum and carbon fiber composites, influence the demand for abrasives. EVs, for instance, require specialized abrasive tools for the manufacturing and assembly of their unique components. Moreover, the automotive industry's focus on aesthetics and high-quality surface finishes further drives the demand for abrasives.

However, one of the significant restraints in the abrasives market is the fluctuating prices of raw materials. Abrasives are manufactured from various raw materials such as minerals (e.g., aluminum oxide and silicon carbide), superabrasives (e.g., synthetic diamonds and CBN), and natural abrasives (e.g., garnet and emery). The availability and cost of these raw materials can be influenced by factors such as mining regulations, geopolitical instability, and supply-demand dynamics. Fluctuations in raw material prices are bound to impact the manufacturing costs of abrasives and subsequently affect product pricing and profitability.

On the contrary, industries across various sectors are placing a growing emphasis on superior surface quality in their products. Surface finish, smoothness, and precision play vital roles in determining product performance, aesthetics, and functionality. Abrasives are instrumental in achieving the desired surface characteristics. Industries such as automotive, aerospace, consumer goods, and medical devices require high-quality finishes for their products. For instance, the automotive industry demands flawless finishes on painted surfaces to enhance the visual appeal of vehicles, while the aerospace sector relies on precise surface finishes to ensure aerodynamic efficiency. Rise in focus on surface quality drives the demand for abrasives that are able to deliver consistent and exceptional finishes.

The abrasives market is segmented on the basis of type, material, end-use industry, and region. On the basis of type, the market is categorized into bonded abrasives, coated abrasives, and super abrasives. On the basis of material, it is divided into natural abrasives and synthetic abrasives. On the basis of end-use industry, it is classified into automotive, metal fabrication, machinery, electronics, construction, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Abrasives Market

In 2022, the bonded abrasives segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.9% during the forecast period. The overall growth and expansion of industries such as automotive, aerospace, construction, metal fabrication, and machinery increase the demand for bonded abrasives. These industries rely on bonded abrasives for various applications, including grinding, cutting, and polishing, to meet their manufacturing needs. Moreover, bonded abrasives offer efficient material removal and are designed for high productivity. They enable manufacturers to achieve accurate shape, precise grind, and improved surface finishes, thereby enhancing manufacturing efficiency. As industries strive for increased productivity and quality, the demand for bonded abrasives grows.

Abrasives Market

By material, the synthetic segment dominated the global market in 2022, and is anticipated to grow at a CAGR of 4.7% during forecast period. The expansion of industrialization and manufacturing activities globally is a significant driver of the synthetic abrasives segment. Industries such as automotive, aerospace, electronics, metalworking, and construction rely heavily on synthetic abrasives for grinding, cutting, polishing, and surface preparation. The increase in demand for precision components, advanced materials, and high-quality finishes in these industries fuels the need for synthetic abrasives; thus, boosting the market growth.

Abrasives Market

By end use industry, the automotive segment dominated the global market in 2022, and is anticipated to grow at a CAGR of 4.8% during forecast period. The global population continues to grow, leading to increase in demand for transportation. Urbanization is also on the rise, with more people moving to cities and requiring reliable means of transportation. These trends drive the demand for automobiles, contributing to the growth of the automotive sector. Abrasives play a role in maintaining brake components. Brake rotors and discs are capable of developing uneven surfaces, corrosion, or glazing over time. Abrasive pads, grinding stones, or abrasive wheels are used to resurface brake rotors, remove glazing, and ensure optimal braking performance. This factor is expected to act as one of the key drivers responsible for the growth of the abrasives market in the growing automotive sector.

Abrasives Market

The Asia-Pacific abrasives market size is projected to grow at the highest CAGR of 5.1% during the forecast period and accounted for 42.1% of abrasives market share in 2022. The Asia-Pacific abrasives market is the largest and fastest-growing market globally. The region's robust industrial growth, rapid urbanization, and increase in manufacturing activities drive the demand for abrasives. Emerging economies like China and India play a crucial role in the growth of the market. Moreover, the demand for abrasives in Asia-Pacific is driven by various industries. The automotive sector, including both, OEM manufacturing and automotive aftermarket, is a significant consumer of abrasives for metal grinding, finishing, and polishing applications. Other industries such as electronics, construction, machinery, and metal fabrication contribute to the rise in demand for abrasives.

The global abrasives market profiles leading players that include 3M Company, Bullard Abrasives, Inc., Carborundum Universal Limited, Deerfos, Hindustan Abrasives, Osborn Lippert India Private Limited., Robert Bosch Power Tools GmbH, Saint-Gobain, SAK ABRASIVES LIMITED, and Sterling Abrasives Limited.

The global abrasives market report provides in-depth competitive analysis as well as profiles of these major players.

The report profiles 10 key companies. Moreover, the company profiles include various data-points such as company overview, company executives, recent financials of the company, major growth strategies espoused by company, new initiatives and advancements by company to sustain and mend their position in the abrasives Market, and others.

IMPACT OF COVID-19 ON THE GLOBAL ABRASIVES MARKET

  • The novel coronavirus was an incomparable global pandemic that spread over 180 countries and caused huge losses of lives and the economy around the globe. The COVID-19 pandemic led to disruptions in global supply chains, including the production and distribution of abrasives. Restrictions on international trade, factory closures, and transportation limitations affected the availability of raw materials and finished products, leading to delays and supply shortages.
  • However, there is increase in emphasis on sustainable and eco-friendly practices across industries. This trend drives the demand for environmentally friendly abrasives, such as water-based and biodegradable products. Manufacturers in the abrasives market are responding to this demand by developing sustainable solutions, which are expected to contribute to the market growth.
  • Furthermore, the abrasives market continues to benefit from technological advancements. Innovations in abrasive materials, such as super abrasives, which include diamond and cubic boron nitride (CBN), are expanding the scope of applications and driving the market growth. In addition, advancements in manufacturing processes, such as additive manufacturing (3D printing), require specialized abrasives, creating new opportunities for the market.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the abrasives market analysis from 2022 to 2032 to identify the prevailing abrasives market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the abrasives market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global abrasives market trends, key players, market segments, application areas, and market growth strategies.

Abrasives Market Report Highlights

Aspects Details
Market Size By 2032 USD 67 billion
Growth Rate CAGR of 4.7%
Forecast period 2022 - 2032
Report Pages 336
By Type
  • Bonded Abrasives
  • Coated Abrasives
  • Super Abrasives
By Material
  • Natural
  • Synthetic
By End Use Industry
  • Automotive
  • Metal Fabrication
  • Machinery
  • Electronics
  • Construction
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players Osborn Lippert India Private Limited., 3M Company, Robert Bosch Power Tools GmbH, Saint-Gobain, Hindustan Abrasives, Carborundum Universal Limited, Sterling Abrasives Limited, deerfos, Bullard Abrasives, Inc., SAK ABRASIVES LIMITED

Analyst Review

According to CXOs of leading companies, the global abrasives market is expected to exhibit high growth potential during the forecast period. The growth of industries, such as automotive, aerospace, construction, electronics, and metalworking, directly impacts the demand for abrasives. Increased manufacturing activities and infrastructure development contribute to the rise in demand for abrasives used in processes such as cutting, grinding, polishing, and surface finishing. Moreover, the growth in infrastructure development, including residential, commercial, and public projects, drives the demand for abrasives used in construction applications, which include cutting and shaping concrete, stone, tiles, and other building materials, as well as surface preparation and finishing processes.

 

In addition, the automotive sector is a significant driver for the growth of the abrasives market. Abrasives are used extensively in automotive manufacturing processes, such as metal grinding, polishing, and surface preparation. The demand for abrasives in the automotive industry is influenced by factors such as consumer demand for vehicles, technological advancements in the sector, and global automotive production trends. CXOs further added that sustained economic growth and development of the industrial sector have increased the popularity of abrasives.

 

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An abrasive is a material, which is used to finish or shape a workpiece through rubbing the rough surface, which creates friction leading to removal of unwanted covering. Abrasives are extensively used in a wide range of domestic, industrial, and technological applications. This immense use of abrasives gives rise to variable shape, chemical, and physical composition of abrasives. Most common uses for abrasives include polishing, grinding, honing, buffing, drilling, cutting, lapping, sharpening and sanding.

High demand for automotive and construction industries boosts the growth of the market. Moreover, increase in demand for the developing countries, such as China and India due to rapid urbanization and rise in consumer expenditure capabilities drives the global market growth.

The European abrasives market offers numerous opportunities for the manufacturers, owing to increasing demand for abrasives especially in Germany, France, and UK. Moreover, growth in the number of manufacturers and rise in demand for cost-effective and efficient abrasive materials in the developing countries, such as Poland and the Netherlands, drive the European market. Asia-Pacific is estimated to account for the highest market share in the near future, followed by Europe.

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Published Date :
Jun 2023
Author(s) : Raushan K , Yerukola P
FREQUENTLY ASKED QUESTIONS?

A. Escalating demand from building and construction sector, Robust demand from automotive sector, Rapid establishments of manufacturing and industrial sites, and Rise in demand from metal fabrication and machinery industries are the upcoming trends of abrasives market.

A. Automotive, metal fabrication, machinery, electronics, construction, and others are the leading application of abrasives market.

A. Asia-Pacific is the largest regional market for abrasives market.

A. The abrasives market was valued for $42.6 billion in 2022 and is estimated to reach $67.0 billion by 2032, exhibiting a CAGR of 4.7% from 2023 to 2032.

A. 3M Company, Bullard Abrasives, Inc., Carborundum Universal Limited, Deerfos, Hindustan Abrasives, Osborn Lippert India Private Limited., Robert Bosch Power Tools GmbH, Saint-Gobain, SAK ABRASIVES LIMITED, and Sterling Abrasives Limited are the top companies to hold the market share in abrasives market.

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