USD 36.42 Billion
Global Abrasives Market Size, Share, Growth Analysis, By Type(Bonded Abrasives and Coated Abrasives), By Material(Natural Abrasives and Synthetic Abrasives) - Industry Forecast 2024-2031
Report ID:
SQMIG15A2151 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
59 |
Figures:
75
Global Abrasives Market Insights
Global Abrasives Market size was valued at USD 36.42 Billion in 2022 and is poised to grow from USD 38.17 Billion in 2023 to USD 55.54 Billion by 2031, at a CAGR of 4.80% during the forecast period (2024-2031).
The global abrasives market is experiencing significant growth, primarily driven by the expansion of the metal fabrication industry. This growth can be attributed to the increasing demand for pre-engineered buildings and components, as well as advancements in the manufacturing sector. Various end-use industries, including medical, agriculture, automotive, and aerospace, are also contributing to the growth of the metal fabrication industry. However, the market faces challenges due to evolving technologies and a shortage of skilled labor. Although the manufacturing sector in the U.S. has not witnessed substantial growth due to changing economic priorities and impacts on tariffs and investments, there is a renewed focus on domestic production, which is expected to drive market growth. The rising demand for electric vehicles (EVs) and charging stations in the U.S. is anticipated to further boost the consumption of abrasives in the coming years. Additionally, developing economies in Asia, such as India, are experiencing growth in their manufacturing sectors, leading to increased demand for super abrasives. The Indian government's announcement of production-linked incentives for electronic goods makers has attracted investments in mobile phone manufacturing and electronic component units, contributing to industrial growth and subsequently boosting the market. However, the market growth may be restrained by volatile raw material prices, particularly for substances like aluminum oxide, which is essential for mass production of abrasives. Fluctuations in the prices of bauxite and other source minerals, influenced by factors like transport costs and fuel prices, can impact production costs and pricing of abrasives.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Bonded Abrasives
Fastest Growth
Bonded Abrasives
Growth Rate
4.80% CAGR
Global Abrasives Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Abrasives Market Size By Type 2021-2030 ($ Bn)
Global Abrasives Market Size By Type 2021-2030 (%)
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Global Abrasives Market Segmental Analysis
The Global Abrasives market is segmented by type, material, and region. Based on type, the market can be segmented into bonded abrasives, and coated abrasives. Based on material, the market is segmented into natural abrasives, and synthetic abrasives. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Abrasives Market Analysis by Type
By type, the market can be segmented into bonded abrasives and coated abrasives. Bonded abrasives dominated the global abrasives market due to their widespread usage in various industries. Bonded abrasives consist of grinding wheels, cutting discs, and mounted points that are manufactured by bonding abrasive grains with a binder material. These abrasives offer excellent cutting and grinding performance, high durability, and are widely used in applications such as metal fabrication, automotive, and machinery manufacturing. The dominance of bonded abrasives is attributed to their ability to provide precise and controlled material removal, making them essential tools in many industries.
Coated abrasives represent one of the fastest-growing segments in the global abrasives market. Coated abrasives consist of abrasive grains that are bonded to a flexible backing material such as cloth, paper, or polyester. They are commonly available as abrasive belts, sandpaper, and abrasive sheets. The growing demand for coated abrasives is driven by their versatility and wide range of applications. They are extensively used in woodworking, metalworking, automotive refinishing, and construction industries. Coated abrasives offer advantages such as ease of use, flexibility, and high material removal rates, making them popular among end-users.
Global Abrasives Market Analysis by Material
By material, the market can be segmented into natural abrasives and synthetic abrasives. Natural abrasives have traditionally been dominant in the abrasives market due to their availability and historical usage. Natural abrasives include materials such as garnet, emery, pumice, and quartz. These abrasives are extracted from natural sources and offer specific characteristics suitable for various applications. Natural abrasives are known for their hardness, durability, and resistance to heat. They find extensive use in industries like metalworking, construction, and automotive, where they are employed for tasks such as cutting, grinding, and polishing. Despite the growing popularity of synthetic abrasives, natural abrasives continue to dominate certain niche applications and sectors.
Synthetic abrasives represent the fastest-growing segment in the global abrasives market. Synthetic abrasives are artificially manufactured materials designed to mimic the properties of natural abrasives or offer enhanced characteristics. Common types of synthetic abrasives include synthetic diamond, aluminum oxide, silicon carbide, and ceramic abrasives. Synthetic abrasives offer consistent performance, higher hardness levels, and improved precision compared to natural abrasives. They find extensive applications in industries such as automotive, electronics, aerospace, and metal fabrication. The demand for synthetic abrasives is driven by their superior performance, increased productivity, and the need for higher precision in manufacturing processes.
Global Abrasives Market Size By Type, 2021 (%), 2023 (%)
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Global Abrasives Market Regional Insights
North America is one of the largest consumers of abrasives globally, driven primarily by the growing demand for abrasives in the automotive and construction industries. The United States is the most significant market for abrasives in the region, accounting for a significant share of the market. The country's focus on domestic production and the growing demand for electric vehicles and charging stations is expected to further boost the consumption of abrasives in the coming years. The region's mature market and increasing demand for high-performance abrasive products, such as super abrasives, are also driving market growth.
In contrast, the APAC region is expected to witness the fastest growth in the global abrasives market due to the growing manufacturing sector in countries like India and China. The region is a significant consumer of abrasives, particularly in the automotive, construction, and electronics industries. The increasing adoption of automation and the shift towards Industry 4.0 in the manufacturing sector is expected to drive the demand for super abrasives in the region.
Global Abrasives Market By Geography, 2021-2030, 2024-2031
- Largest
- Fastest
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Global Abrasives Market Dynamics
Global Abrasives Market Drivers
Increasing demand for pre-engineered buildings and components
- One significant driver for the global abrasives market is the increasing demand for pre-engineered buildings and components, along with advancements in the manufacturing sector. This growth is particularly evident in the metal fabrication industry, which is experiencing a surge in demand from various end-use sectors such as medical, agriculture, automotive, and aerospace. The evolving technologies and the shortage of skilled labor further contribute to the market's expansion.
Global Abrasives Market Restraints
Volatility of raw material prices
- A notable restraint for the global abrasives market is the volatility of raw material prices, particularly for essential substances like aluminum oxide. The production of abrasives requires significant quantities of raw materials, and fluctuations in prices of bauxite and other source minerals can impact production costs and pricing of abrasives. Factors such as varying transport costs influenced by fuel prices contribute to the volatility of raw material prices, posing a challenge to the growth and profitability of the market.
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Global Abrasives Market Competitive Landscape
The global abrasives market is characterized by intense rivalry among several market players. Companies operating in the market focus on product innovation, technological advancements, and strategic partnerships to gain a competitive edge. Additionally, the market is witnessing increasing investments in research and development activities to introduce superior and high-performance abrasive products. Moreover, companies are expanding their geographical presence and distribution networks to cater to a wider customer base. The competitive landscape is driven by the pursuit of capturing market share and meeting the evolving needs of end-use industries.
Top Player’s Company Profiles in Global Abrasives Market
- 3M Company (US)
- Saint-Gobain (France)
- Robert Bosch GmbH (Germany)
- Fujimi Incorporated (Japan)
- Henkel AG & Co. KGaA (Germany)
- Carborundum Universal Limited (India)
- Tyrolit Group (Austria)
- Asahi Diamond Industrial Co., Ltd. (Japan)
- Klingspor AG (Germany)
- Noritake Co., Limited (Japan)
- Hermes Schleifmittel GmbH (Germany)
- Mirka Ltd. (Finland)
- Deerfos Co., Ltd. (South Korea)
- Nihon Kenshi Co., Ltd. (Japan)
- Abrasive Technology, Inc. (US)
- KLINGSPOR Abrasives, Inc. (US)
- SIA Abrasives Industries AG (Switzerland)
- Meister Abrasives AG (Switzerland)
- Cratex Manufacturing Co., Inc. (US)
- PFERD INC. (US)
Global Abrasives Market Recent Developments
- In April 2023, Norton Abrasives launched a new line of flap discs, the Norton BlazeX F980, designed for high-pressure applications on stainless steel and other metals.
- In March 2023, CUMI announced a $30 million investment to set up a new manufacturing facility in India.
- In January 2023, Saint-Gobain Abrasives announced a partnership with a robotics company to develop automated grinding and polishing systems.
- In August 2022, 3M acquired Alpha Abrasives, a Canadian manufacturer of abrasive products.
- In June 2022, Mirka, a Finnish abrasives manufacturer, announced a €30 million investment to expand its production capacity.
Global Abrasives Key Market Trends
- One key market trend in the abrasives industry is the increasing adoption of sustainable and eco-friendly abrasive products. With a growing emphasis on environmental consciousness and regulatory requirements, manufacturers are developing abrasives that minimize environmental impact. This trend includes the use of recycled or renewable raw materials, reducing energy consumption during production, and implementing eco-friendly manufacturing processes. The demand for sustainable abrasives is driven by end-use industries seeking to align with sustainability goals and consumers' preferences for environmentally friendly products, leading to a shift towards greener options in the market.
Global Abrasives Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global abrasives market analysis, the market is experiencing significant growth, driven by factors such as the expansion of the metal fabrication industry, rising demand from various end-use sectors, and technological advancements. North America holds a dominant position in the market, with the United States playing a key role, driven by the increasing demand for pre-engineered buildings, components, and electric vehicles. In contrast, the Asia-Pacific region, particularly India and China, is witnessing the fastest growth due to a thriving manufacturing sector and government initiatives to attract investments in electronics manufacturing. However, the market faces challenges related to volatile raw material prices, especially for substances like aluminum oxide. Additionally, a notable trend in the market is the growing adoption of sustainable and eco-friendly abrasive products.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 36.42 Billion |
| Market size value in 2031 | USD 55.54 Billion |
| Growth Rate | 4.80% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Abrasives Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Abrasives Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Abrasives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Abrasives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Abrasives Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Abrasives Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Abrasives Market Report Snapshots
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