New Delhi, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The global super abrasives market is projected to reach valuation of US$ 11.0 billion by 2032 from US$ 7.0 billion in 2023, with an estimated CAGR of 6.5%, during the forecast period 2024–2032.
The super abrasives market presents a landscape ripe with opportunities driven by technological advancements and expanding applications across industries. The global market size, valued at approximately $6 billion in 2020, is expected to grow as industries like automotive, aerospace, electronics, and medical devices continue to evolve. Manufacturers are scaling up operations to meet global demand, with key players such as Saint-Gobain, 3M, and Element Six investing in new facilities and production technologies.
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Active consumers are predominantly in developed economies with advanced manufacturing sectors. However, emerging markets are increasingly contributing to demand as they industrialize and seek to improve manufacturing capabilities. For instance, India's manufacturing sector, valued at over $400 billion, shows potential for increased super abrasive usage. The import and export scenario of super abrasives is dynamic, with China being a major exporter, due to its extensive synthetic diamond production, exporting over $1 billion worth of synthetic diamonds. The United States and European countries are both importers and exporters, engaging in trade to balance supply with specific industry needs.
Opportunities exist for companies in the super abrasives market to innovate in material science, developing new super abrasive materials or enhancing existing ones to improve performance and reduce costs. The global investment in research and development, over $2 trillion, includes a focus on manufacturing technologies. There is potential for growth in markets that have yet to fully adopt super abrasive technologies. For example, the global construction industry, contributing over $10 trillion to the world economy, presents opportunities for super abrasives in infrastructure projects. The emphasis on sustainability and efficiency in manufacturing processes positions super abrasives as valuable assets, aligning with global industrial trends towards greener technologies.
Key Findings in Super Abrasives Market
| Market Forecast (2032) | US$ 11.0 Billion |
| CAGR | 6.5% |
| Largest Region (2023) | Asia Pacific (45.1%) |
| By Product | Diamond (68.4%) |
| By Application | Powertrain (30.1%) |
| By Industry | Electrical and Electronics Industry (26.1%) |
| Top Drivers |
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| Top Trends |
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| Top Challenges |
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CBN Emerges as the Fastest-Growing Contender in Super Abrasives Market
Cubic Boron Nitride (CBN) is witnessing robust growth in the super abrasives market, emerging as the fastest-growing segment due to its exceptional properties. As the second hardest material after diamond, CBN offers outstanding thermal stability and chemical resistance, particularly in high-temperature applications. Its ability to maintain hardness at temperatures up to 1,350°C makes it ideal for machining hardened steels and superalloys, where traditional abrasives fail. Global production and consumption of CBN are increasing, with significant contributions from countries such as Japan, the United States, Germany, and China. Leading manufacturers like Showa Denko K.K., Element Six, and Funik Ultrahard Material Co., Ltd. are at the forefront of producing high-quality CBN abrasives. The major end users of CBN are industries that demand high-precision and high-efficiency machining, including automotive (for engine components and gear machining), aerospace (for turbine blades and structural components), and tooling industries.
The surging demand for CBN in the super abrasives market is mainly led by the need for materials that can withstand extreme conditions in advanced manufacturing processes has made CBN an attractive option. CBN's longer tool life and ability to reduce machining time translate to cost savings and increased productivity for manufacturers. The growing adoption of hard-to-machine materials in various industries also necessitates the use of superior abrasives like CBN. As a result, the market is experiencing a significant uptick in the use of CBN, solidifying its position as a rapidly growing segment in the super abrasives industry.
Supercharging Bearing Production: The Rising Impact of Super Abrasives in Precision Engineering to Control Second largest Market Share
The bearing industry is experiencing a notable surge in the use of super abrasives, positioning it to capture the second-highest market share in the super abrasives market. This trend is driven by the escalating demand for high-precision bearings in various sectors, including automotive, aerospace, and industrial machinery. In 2023, the global bearing market reached a valuation of over $120 billion, with a production volume exceeding 50 billion units. Bearings are fundamental components that reduce friction between moving parts, and their performance is critically dependent on the precision of their manufacturing processes.
Super abrasives are extensively used in the grinding and finishing of bearing components, such as races and rollers, to achieve the ultra-fine surface finishes and tight dimensional tolerances required. For example, achieving a surface roughness of less than 0.1 micrometers is essential in high-speed applications, which is attainable through super abrasive machining. The adoption of ceramic and hybrid bearings, which can operate at higher speeds and temperatures, has increased the need for super abrasives suitable for hard-to-machine materials like silicon nitride. In 2023, the production of ceramic bearings exceeded 5 million units, highlighting the growing segment that relies heavily on super abrasive tools. Additionally, the rise in wind energy installations, with over 800 gigawatts of capacity added globally by 2023, has spurred the need for large-scale bearings used in turbines, which require impeccable surface integrity and durability. The industrial sector's push for energy efficiency and reduced downtime has also led manufacturers to invest in advanced grinding technologies utilizing super abrasives.
Exploring the Rapid Growth of Super Abrasives in the Booming Medical Devices Sector
Despite the current dominance of the electricals and electronics industry, the medical device sector is projected to grow at the fastest CAGR of 7.9% in the super abrasives market, driven by innovations in healthcare technology and increasing demand for precision instruments. In 2023, the global medical device market was valued at over $500 billion, with super abrasives playing a crucial role in the production of critical components such as surgical instruments and implants. The introduction of robotic-assisted surgical systems, which require highly precise components, has further accelerated the demand for super abrasives.
Super abrasives are indispensable in the medical device industry for applications that demand high precision and superior finish. For instance, dental drills, which number over 100 million units globally, utilize diamond abrasives for their exceptional hardness and precision in the super abrasives market. Additionally, the manufacturing of medical implants, such as hip and knee replacements, relies heavily on super abrasives to ensure smooth surfaces and precise dimensions, vital for patient safety and comfort. The growing trend towards minimally invasive surgeries, which require finely crafted tools, also fuels the demand for these materials.
The surge in demand for super abrasives in the medical devices sector is propelled by several factors. The aging global population, with over 1.2 billion people aged 60 and above, is driving the need for advanced medical care and devices. Furthermore, increased healthcare spending, which exceeded $8 trillion globally in 2023, supports the development and adoption of new medical technologies. The regulatory environment also plays a role, with stringent quality standards necessitating the use of high-precision manufacturing tools like super abrasives. Consequently, the medical device industry's consumption of super abrasives is expected to continue its robust growth trajectory, supported by technological advancements and demographic shifts.
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3M and Saint-Gobain SA Control Over 32% Share of Super Abrasives Market
The super abrasives market is highly competitive, driven by the increasing demand for precision tools in industries such as automotive, aerospace, electronics, and medical devices. Super abrasives, primarily diamond and cubic boron nitride (CBN), are essential for high-precision grinding and cutting applications due to their exceptional hardness and thermal conductivity. The market is experiencing robust growth, propelled by technological advancements and the need for efficient manufacturing processes that require superior abrasion solutions.
In this dynamic landscape, 3M and Saint-Gobain have emerged as the leading producers of super abrasives globally. Both companies have capitalized on their extensive research and development capabilities to innovate and expand their product offerings. 3M leverages its deep materials science expertise to develop advanced super abrasive solutions that cater to a wide array of industrial applications. Saint-Gobain, through its Norton brand, has established a strong market presence by offering high-quality super abrasive products that meet the rigorous demands of modern manufacturing.
Together, 3M and Saint-Gobain control approximately 32% of the global super abrasives market share. Their dominance is attributed to several key factors, including a broad portfolio of products, strategic acquisitions, and a global distribution network that enhances their market reach. Their leadership positions allow them to influence market trends and set industry standards, creating a competitive advantage over other players. Competitors are continually striving to increase their market share through innovation and strategic partnerships, but the strong brand recognition and commitment to excellence exhibited by 3M and Saint-Gobain solidify their standing at the forefront of the super abrasives industry.
Global Super Abrasives Market Key Players
- 3M
- Action SuperAbrasive
- Asahi Diamond Industrial Co. Ltd
- Carborundum Universal Ltd
- Diametal AG
- Element Six (UK) Limited
- Finzler, Schrock & Kimmel GmbH
- Henan Huanghe Whirlwind Co., Ltd.
- Husqvarna AB
- Hyperion Materials & Technologies
- ILJIN DIAMOND CO., LTD
- Noritake
- Saint-Gobain S.A.
- SHOWA DENKO K.K.
- Super Abrasives Inc.
- Zhengzhou ZZDM Superabrasives Co., Ltd.
- Other Proiminent Players
Market Segmentation:
By Product:
- Cubic boron nitride (CBN)
- Vitrified CBN
- Electroplated CBN
- Resin Bond CBN
- Metal CBN
- Diamond
- Vitrified Diamond
- Electroplated Diamond
- Resin Bond Diamond
- Metal Diamond
By Application:
- Powertrain
- Bearing
- Gear
- Tool Grinding
- Turbine
- Other Applications
By Industry:
- Construction
- Energy (O&G, Mining)
- Automotive
- Electricals & Electronics
- Medical Devices
- Aerospace
- Metal Fabrication
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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