USD 35.90 billion
Report ID: SQMIG15A2151 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 59 | Figures: 75
Global Abrasives Market size was valued at USD 35.90 billion in 2021 and is poised to grow from USD 36.42 billion in 2022 to USD 50.58 billion by 2030, growing at a CAGR of 4.8% during the forecast period (2023-2030).
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.
Global Market Size
USD 35.90 billion
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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.
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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.
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Global Abrasives Market Drivers
Increasing demand for pre-engineered buildings and components
Global Abrasives Market Restraints
Volatility of raw material prices
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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
Global Abrasives Market Recent Developments
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.
|Market size value in 2021||USD 35.90 billion|
|Market size value in 2030||USD 36.42 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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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.
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