The report predicts the global Abrasive Market to grow with a CAGR of 6.1% over the forecast period from 2022-2031.
Global abrasive market forecast will be $64,873.4 million by 2031, at a CAGR of 6.1% and is increasing from $40,396.5 million in 2022, according to abrasive market analysis by Research Dive.
Abrasives are materials that can be used for polishing, grinding and the smoothening surface of the materials. Some of the abrasives are hard enough for cutting of the other hard materials. The essential features of abrasive materials are its brittleness and hardness. Diamond is a natural available abrasive material.
Abrasive market trends: Global abrasive market is anticipated to reach $64,873.4 million, at a growth rate of 6.1% during the projected time period and it was valued at $40,396.5 million in 2022. The growth is attributed to a rise in the usage of abrasive and their derivative in the machinery and automotive industries.
The global abrasive market is driven primarily by aspects such as the rise in the usage of abrasive materials in various end use industries like mechanical operations, metal fabrication and machine maintenance & repair operations, the growing such end use industries with new advances and developments are anticipated to direct impact the market over the forecast period. In the machinery end use industry, the abrasive materials are used for machine maintenance and automated systems involve a higher speed of machining operation for improved surface appearance. Growing the execution of such manufacturing process and technologies are projected to enhance the abrasive material demand in the machinery industry over the forecast period.
Price and the availability and cost of the raw materials are two crucial restrictions in the growth of the abrasive market. The cost of the abrasive and their products is fluctuating in every region and for the production of abrasive materials and their derivatives require a high quantity of raw material. This impacts R&D investments to minimize the production cost of abrasive materials.
An increase in the demand for abrasive and their derivatives from the automotive sector is expected to create the key driving aspect for the increase in abrasive materials demand during the forecast period. Abrasive materials play an important role in the manufacturing and production of automotive-related components to improve the performance of the engines and in mechanical operations. These factors are anticipated to grow the abrasive market in the coming years.
Abrasive Market, by Type
Super abrasive segment is predicted to be most lucrative till the end of 2031
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Source: Research Analysis
Global abrasive market is categorized on the basis of material, type and end-use. On the basis of type, the market is divided into coated, bonded and super abrasive. The bonded type is gained for the highest abrasive market size in 2018, it was valued at $14,946.7 million. The coated abrasive is expected to register substantial growth over the forecast period, due to the high demand for coated abrasives find applications including grinding, sanding and polishing of the several types of materials including rubber, nonferrous metals, cast iron, nonmetallic materials, and others. along with coated, the market for super abrasive segment type is anticipated to experience significant growth and is estimated to account for $19,098.9 million by 2031, owing to the adoption of super abrasive materials in metal fabrication, machinery and automobile sectors.
Abrasive Market, by Material
Synthetic material segment is predicted to be most lucrative till the end of 2031
Source: Research Analysis
on the basis of material, the global abrasive market is categorized into natural and synthetic. The natural type material is expected a moderate growth, is anticipated to generate a revenue of $10,781.5 million by 2031. The market for synthetic type material is registered evident abrasive market share, it was valued at $33,529.1 million in 2018 and is anticipated to reach $54,092.0 million by 2031. This is majorly attributed to wide usage of synthetic type material in the several mechanical operations, including polishing teeth, finishing of metal alloys and ceramic materials
Abrasive Market, by End Use
Electronics end use segment is predicted to be most lucrative till the end of 2031
Source: Research Analysis
On the basis of end-use, the market for automotive segment is gained the highest market size in 2018, it was valued at $11,715.0 million, is estimated to register for $18,813.3 million by the end of 2031. This is due to wide use of abrasive products for maintaining and repairing of the automobiles including engine parts, accessories and external surface are expected to enhance the abrasive product market in the automotive industry. The market for electronics segment is projected to grow at a highest growth rate and is anticipated to register for $13,371.2 million by 2031, owing to use in wafer slicing, wafer edge grinding and LED surface grinding are projected to boost the abrasive market growth during forecast period.
Abrasive Market, by Region:
Asia Pacific region will have enormous opportunities for the market investors to grow over the coming years
The global abrasive market is dominated by Europe, is registered for $12,522.9 million in the year 2018, is anticipated to remain the dominance with noteworthy growth rate in the coming years. this is mainly due to the rapid industrialization in the manufacturing and automotive industries that use abrasive. this leads to increase in the demands for abrasive products in Europe market. Beside Europe, North America market is estimated to reach $15,855.1 million during forecast period, and is increasing from $10,099.1 million in 2018, due to the abrasive market in the usa is increased. Asia-Pacific market will experience rapid development during the forecast period, this is mainly owing to emerging countries in Asia-Pacific like Japan, India and China. This growth is significantly due to the rise in the number of automobiles and manufacturing industries.
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Key participants in Global Abrasive Market:
Product development and joint ventures are the most common strategies followed by the market players
Source: Research Dive Analysis
Top players in the abrasive market are DowDuPont, Tyrolit, Carborundum Universal Ltd., Saint-Gobain Abrasives, Henkel, Fujimi Incorporated, Buffalo Abrasives Inc., Asahi Diamond Industrial Co. Ltd., Bosch, 3M, and Deerfos. Top players in the abrasive market are concentrating on improvements in the current technology, product launches, and geographical expansions are some of the strategies focused by market players. In 2019 Sak Abrasives Inc. acquired the Buffalo Abrasives Inc. with the aim to acquire the product portfolio and distribution network of Buffalo Abrasives Inc. and increase the revenue generation of the company in the global abrasives industry.
Historical Market Estimations 2016-2018
Base Year for Market Estimation 2018
Forecast timeline for Market Projection 2022-2031
Geographical Scope North America, Europe, Asia-Pacific, LAMEA
Segmentation by Type
- Super abrasive
Segmentation by Material
Segmentation by End-use
- Metal Fabrication
Key Countries covered U.S., Canada, Germany, UK, Italy, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil, Argentina, GCC and Saudi Arabia
Key Companies Profiled
- Saint-Gobain Abrasives
- Carborundum Universal Limited
- Asahi Diamond Industrial Co. Ltd
- Fujimi Incorporated
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