Product ID: SQMIG15A2151
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.
Global Abrasives Market Report Snapshots
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