Abrasives Market Overview:
Global Abrasives Market was valued at $34,615 million in 2016, and is expected to reach $53,634 million by 2023, registering a CAGR of 6.5% from 2017 to 2023. Abrasives are hard materials, which are used in a wide range of industrial, domestic, and technological applications to shape or finish a workpiece. Abrasives are classified into natural abrasives including corundum, garnet, emery, and pumice and synthetic abrasives including silicon carbide, synthetic diamond, and alumina among others. Moreover, abrasives can be either bonded or coated. Bonded abrasives are attached to a matrix, which is also known as a binder. They are made of often rubber, clay, resin or glass, whereas coated abrasives are fixed to a backing material such as paper, cloth, resin, polyester or metal.
The global abrasives market is segmented based on type, material, end-user industry, and geography. The type segment is categorized into bonded, coated, and super. Based on material, the market is bifurcated into natural and synthetic. On the basis of end-user industry, it is classified into automotive, metal fabrication, machinery, electronics, construction, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Global Abrasives Market Segmentation
Top Investment Pockets, by End-user Industry
The automotive segment offers maximum market potential in the abrasives market, due to rise in per capita disposable incomes and increase in demand for passenger and commercial vehicles especially in the developing countries of Russia, China, India, and Indonesia, and others. In addition, strict regulatory environment and shift in consumer demand are some other major aspects fueling the growth of the global abrasives market. Finishing of vehicles is accomplished by the use of abrasives for deburring, sizing engine parts, repair and maintenance of the body, cleaning, accessories and interiors of the automobile. These are used to clean the interior surface of pipes, smoothen out welds, and to polish rough and uneven edges and surfaces. The automotive segment is expected to register a CAGR of 6.7% during the forecast period. However, strict government norms on the usage of silica abrasives and fluctuation in raw material prices are some key factors anticipated to hamper the market growth in the near future. Furthermore, investments in R&D activities to produce innovative and less hazardous abrasives are expected to provide opportunities for growth in the future.
Global Abrasives Market: Top Investment Pockets, by End-user Industry
The bonded segment accounted for the largest share in the global market in 2016, and is anticipated to maintain its dominance throughout the forecast period, growing at a CAGR of 6.4%.
Abrasives Market Share, By Type, 2016 (%)
Asia-Pacific accounted for more than 40% share of the total revenue in 2016, followed by Europe and North America. The developing countries in Asia-Pacific are anticipated to register steady growth rate, owing to the surge in the overall economy. Moreover, rise in investments by key manufacturers is another key aspect that fuels the market growth.
Korea Abrasives Market Value, 2016-2023 ($Million)
Key market players have invested in R&D activities to develop advanced products to cater to the requirements of the market. The players operating in the industry include Robert Bosch GmbH, 3M Company, Cosentino S.A., Saint-Gobain Abrasives, Inc., Henkel AG & Co. KGAA, Asahi Diamond Industrial Co., Ltd., Dupont., Fujimi Incorporated, and Carborundum Universal Limited.
The other players in the value chain (profiles not included in the report) include Kier Group, Deerfos Co., Ltd., Tyrolit Group, LafargeHolcim, Stanley Black & Decker Incorporated, Almatis GmbH, Sia Abrasives, Cabot Microelectronics Corporation, The Dow Chemical Company, Winterthur, FMSA Holdings Incorporated, Jason Incorporated, Fujimi Incorporated, Treibacher, Global Material Technologies Incorporated, and others.
- The report provides extensive qualitative & quantitative analyses of the current trends and future estimations of the global abrasives market from 2016 to 2023 to determine the prevailing opportunities.
- It offers comprehensive analysis of key regions, such as North America, Europe, Asia-Pacific, and LAMEA, to understand the regional trends.
- In-depth analysis of factors that drive and restrict the growth of the market is provided.
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- It offers key insights on strategic analysis of various companies and the value chain analysis of abrasives.
Abrasives Market Key Segments:
- Bonded Abrasives
- Coated Abrasives
- Super Abrasives
By End-user Industry
- Metal Fabrication
- Others (Medical Devices, Cleaning, and Maintenance)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA