New York, US, May 24, 2022 (GLOBE NEWSWIRE) -- Abrasives Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Abrasives Market Information by Source, Material, Type, and Region - Forecast till 2030”, the market is estimated to grow at a 4.9% CAGR to reach USD 59.4 Billion by 2030.
Market Synopsis
Abrasives are materials of certain density and hardness that lets other materials be processed with the removal of the material itself. For instance, a common operation that can take place using abrasives is the polishing of a surface. Abrasives are segmented based on their hardness, material, and grain size. Every one of these variables affects the end product.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 59.4 Billion |
| CAGR | 4.90%(2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Source, Material, Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Adoption from the Furniture and Interior Industry |
| Growing Adoption from the Automotive Industry Creates Opportunities for the Key Players |
Market Competitive Landscape:
The important vendors in the abrasives market include
- Asahi Diamond Industrial Co., Ltd
- Saint-Gobain Abrasives Inc.
- 3M
- Robert Bosch GmbH
- Cabot Microelectronics Corporation
- Fujimi Incorporated
- TYROLIT Group
- Jason Incorporated
- Noritake Co. Ltd
- DowDuPont Inc.
- Schaffner Manufacturing Company Inc.
- DEERFOS Co. Ltd
- Sia Abrasives Industries AG
- Carborundum Universal Limited
- KREBS & RIEDEL
Market USP Covered:
Market Drivers:
The surging metal fabrication sector due to the heightened demand for pre-engineered buildings and components along with the advances in the manufacturing sector remains one of the top factors propelling the market growth. The metal fabrication industry’s growth is also the result of the escalating demand from numerous end-use industries such as agriculture, medical, aerospace, and automotive. Additionally, the abrasives market is constantly evolving on account of the changing technologies and the shortage of skilled labor.
The notable growth of the electric vehicles industry is anticipated to be another significant factor enhancing the market share. In 2020, the worldwide EV sales touched around 3.1 million, with the U.S. emerging as one of the top markets for EVs. The IEA says that the electric car stock in the US shot up by 30.10 % from 2019 to 2020. The amplified demand for electric vehicles and their charging stations has been surging in the country, which can mean a higher demand for abrasives in the years ahead.
Market Restraints:
The abrasives market growth can be restrained by the volatile and fluctuating prices of raw materials. Large-scale development of abrasives requires huge amounts of raw materials, including aluminum oxide. The cost of bauxite and various source minerals change frequently, because of various factors, including unstable transport costs owing to varying fuel prices, which affect the production cost as well as the pricing of abrasives.
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COVID 19 Analysis
The abrasives market can continue advancing rapidly despite the COVID-19 outbreak, given the significant focus on innovations as well as research and development/R&D activities. Following the SARS-CoV-2 onset, there has been a substantial increase in the number of tie-ups between companies, with the common aim to mitigate the financial loss brought on by the pandemic. Although the lockdown has weakened supply chains to a large extent, the demand for advanced abrasives in numerous industries will remain high in the coming time.
The pandemic affected the activities of several end-user sectors in the abrasives market, including construction, metal manufacturing, and others. Numerous industrial activities had to be temporarily shut down due to the lockdown, resulting in a decline in the demand for abrasives. But the construction industry will have a positive impact on the abrasive market in the years to come. The incredible growth of the construction sector in emerging countries will be especially favorable for the abrasive market, despite the COVID-19 outbreak.
Market Segmentation
By Source
Various sources of abrasives are synthetic and natural. In 2018, the highest share was procured by the synthetic segment, which covered a whopping 98% of the abrasives market share. The value of the synthetic segment in 2019 was around USD 33.2 billion. The natural abrasives market share will be growing at a noteworthy pace in the years ahead owing to the soaring construction industry. Calcite, pumice, diamond, sandstone, and corundum are natural abrasives that are in high demand owing to their rigidity and hardness. The natural abrasives help smoothen welding seams to construct bridges and buildings.
By Material
Different materials analyzed in the MRFR study are boron carbide, silicon carbide, aluminum oxide, corundum, emery, and many more.
By Type
The major types of abrasives in the market are super, coated, bonded, and many others. The coated segment owns the dominant share in the abrasives market. Its growth in the coming years will be at a rate of 4.9 percent, marks MRFR.
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Regional Insights
North America will be ruling the worldwide market all through the review period, considering the significant demand for a variety of abrasives materials. The United States and Canada occupy the biggest share in the region, given the heightened demand for abrasives from a number of end-user sectors including furniture, housing, aerospace sectors, steel production, and automotive units. The market value is also bolstered by the dramatic growth in the use of abrasives in the aerospace sector.
Asia Pacific shall capture the fastest growth rate in the abrasives market between 2020 and 2027, thanks to the improving economic standards. Rapid industrial growth including machinery, metal fabrication and automotive in the region and the surging consumption of industrial products in emerging nations like India and China add to the market worth as well. soaring disposable income has resulted in an exponential demand for commercial and passenger vehicles. This substantial demand for automobiles will foster the growth potential of the abrasives market in the forthcoming years.
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