New York , Jan. 30, 2024 (GLOBE NEWSWIRE) -- The global abrasives market size is predicted to grow at a CAGR of over 6% from 2023 to 2033. The market is projected to garner a revenue of USD 65 billion by the end of 2033, up from a revenue of USD 42 billion in the year 2022. The growing use of furniture and more use of interior raw materials are some of the major factors anticipated to drive the growth of the market during the forecast period. Abrasives are a key requirement in the production of furniture, as they are often required during the key stages of their manufacture. In 2019, the furniture and home furnishing stores in the United States generated a revenue of USD 110 billion tons approximately. Also, the percentage expenditure on household furniture and equipment grew from 3.3% in 2017 to 3.8% in 2020.
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Besides this, the rapid expansion of the automotive industry across the world and growing industrialization and urbanization are expected to fuel the growth of the abrasives market during the forecast period. As per the World Bank, more than 50% of the world’s population is living in urban areas and is estimated that this will rise by 1.5 to reach 6 billion populations by 2045. Abrasives are used in the repair processes of engine parts, and auto bodies, and the cleaning of pipes, welds, edges, and surfaces for oiling, fitting, polishing, and painting. The growth of manufacturing and industrial sectors, particularly in emerging economies, is a significant driver.
Abrasives Market: Key Takeaways
- Market in North America to propel highest growth
- The automotive segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Disposable Income across the Globe to Boost Market Growth
With the reduction of taxes and increase in wages, people get more disposable income. When disposable income is raised households have more money to save and spend on luxuries such as vehicles and electronics. Thus, the increasing disposable income is expected to boost significant revenue generation in the next few years. The disposable income of the U.S. as per the Bureau of Economic Analysis raised from -0.4% in June 2022 to 0.15 in Aug 2022. Communication is getting faster and growing in volume every day, as more and more people get connected to the internet every day. As a result, the use of abrasives has also escalated for shaping and/or finishing optical elements, including the end faces of optical fibers and connectors. Therefore, the presence of a high number of telecom enterprises is anticipated to fuel market size. The wireless telecommunications business count raised over 2% each year in the U.S. during 2017-2022. Electronics industry is one of the fastest growing industries across the world as more and more people depend heavily on various appliances to get their job done. As the manufacturing process of the wafer, chip processing, LED, and other optic electronic devices and other parts used in the electronics industry are dependent on abrasives, the surge in electronics production is projected to contribute positively to market growth.
Abrasives industry: Regional Overview
The global abrasives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Manufacturing Renaissance and Industrial Growth to Drive the Market Growth in North America Region
The abrasives market in North America region is estimated to garner the largest revenue by the end of 2033. The resurgence of manufacturing in North America, fueled by factors such as reshoring initiatives and technological advancements, has led to an increased demand for abrasives. Manufacturers rely on abrasives for processes like grinding, polishing, and finishing, driving market growth. Abrasives play a vital role in the automotive sector, used for applications ranging from metal fabrication to the finishing of auto parts. As the automotive industry in North America continues to thrive, the demand for abrasives is set to rise. The U.S. automotive industry is a key player, contributing around USD 545 billion to the country's GDP. Abrasives are integral to construction activities, aiding in tasks like cutting, grinding, and surface preparation. The ongoing infrastructure projects in North America, including road construction and commercial building projects, contribute significantly to the demand for abrasives. Precision is paramount in the aerospace industry, and abrasives, especially super abrasives like diamond and CBN, are crucial for machining and finishing high-performance materials.
Urbanization and Demand for Consumer Goods to Propel the Growth in the Asia Pacific Region
The Asia Pacific abrasives market is estimated to garner the highest CAGR by the end of 2033. Urbanization brings forth increased demand for consumer goods, including appliances, electronics, and vehicles. Abrasives play a vital role in the manufacturing and finishing of these goods, contributing to the growth of the market in Asia Pacific. The adoption of Industry 4.0 practices, involving digitalization and automation in manufacturing, influences the market. Advanced abrasives are integral to precision machining and finishing in smart factories, driving growth in the Asia Pacific region. In the production of semiconductors and electronic components, precision is paramount. Abrasives are indispensable for processes such as wafer dicing and polishing, making them a critical component of the electronics manufacturing hub in Asia Pacific. Asia Pacific dominates the global electronics manufacturing, contributing over 40% to the global electronics output, according to the World Bank. The construction industry in Asia Pacific is undergoing a boom with numerous infrastructure projects. Abrasives are essential in construction applications such as concrete cutting and surface preparation, aligning with the region's rapid infrastructure development.
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Abrasives Segmentation by Application
- Automotive
- Metal Working
- Machinery
- Electrical & Electronics
- Construction
Amongst these segments, the abrasives market automotive segment is anticipated to hold the largest share over the forecast period. The increasing adoption of electric vehicles is a pivotal growth driver. Governments worldwide are setting aggressive targets to reduce carbon emissions, prompting automakers to invest heavily in electric and hybrid technologies. According to the International Energy Agency (IEA), global electric car sales reached 3.1 million in 2020, representing a 41% increase despite the challenges posed by the COVID-19 pandemic. The automotive industry is witnessing a shift toward autonomous and connected vehicles. Advancements in sensors, artificial intelligence, and communication technologies are driving innovation, creating new growth avenues. The integration of ADAS, including features like adaptive cruise control and collision avoidance systems, enhances vehicle safety. Consumer demand for advanced safety features is a significant driver in the automotive segment.
Abrasives Segmentation by Type
- Bonded
- Coated
- Super
- Others
Amongst these segments, the abrasives market bonded segment is anticipated to hold a significant share over the forecast period. The resurgence of manufacturing globally, marked by technological advancements and increased production activities, fuels the demand for bonded abrasives. These abrasives play a critical role in processes such as metal fabrication, precision machining, and surface finishing. Bonded abrasives, including grinding wheels, are essential in the automotive sector for applications such as grinding and polishing auto parts. As the automotive industry continues to grow globally, so does the demand for bonded abrasives. The global automotive industry is a significant consumer of bonded abrasives, contributing around USD 545 billion to the U.S. GDP. Bonded abrasives are integral to construction activities, including cutting, grinding, and shaping materials like concrete and metal. The ongoing infrastructure projects worldwide contribute to the sustained demand for bonded abrasives. The aerospace and defense industries rely on precision machining and finishing processes, where bonded abrasives play a crucial role. The growth of these sectors globally contributes significantly to the expansion of the bonded abrasives segment.
Abrasives Segmentation by Source
- Natural
- Synthetic
Abrasives Segmentation by Material
- Aluminum Oxide
- Silicon Carbide
- Emery
- Corundum
- Boron Carbide
Few of the well-known market leaders in the global abrasives market that are profiled by Research Nester are 3M, Jason Industrial, KREBS & RIEDEL Schleifscheibenfabrik GmbH & Co. KG, DEERFOS Co. Ltd, DuPont Inc., sia Abrasives Industries AG, Carborundum Universal Limited, Noritake Co., Limited, Schaffner Holding AG, Tyrolit Schleifmittelwerke Swarovski KG, and other key market players.
Recent Development in the Abrasives Market
- In 2021, DuPont merged with International Flavors & Fragrances (IFF) to form a leading science-based company in the food, agriculture, and industrial sectors. This $26.6 billion merger combined DuPont's expertise in agriculture, nutrition, and materials science with IFF's knowledge in flavors, fragrances, and bio-ingredients, creating a diverse portfolio with significant growth potential.
- In 2023, DuPont launched the "Revita™" platform, a revolutionary plant-based protein technology offering sustainable alternatives to animal proteins in food applications. This innovation uses fermentation processes to transform agricultural residues into high-quality, functional protein ingredients, addressing the growing demand for sustainable and delicious plant-based options.
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