Abrasives Market Size Worth $60.2 Billion By 2030: IndustryARC
Research Reports
Oct 06, 2023
Abrasives Market size is predicted to reach $60.2 billion by 2030, growing at a CAGR of 4.36% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Increasing use of abrasives in construction industry aiding the market growth, finds IndustryARC in its recent report, titled “Abrasives Market Size, Share & Trends Analysis Report By Material [Natural (Calcite, Diamond, Corundum, Emery, and Others), Synthetic (Silicon Carbide, Boron Nitride, Aluminium Oxide, Boron Carbide, Others)] Type [Coated Abrasives, Bonded Abrasives (Vitreous, Electroplated, Resin Bond, Metal Bond, Rubber), Super Abrasives, Non-Woven Abrasives, Others], By Product (Disc, Dishes, Cups, Cylinder), By Form (Coarse Abrasives, Medium Abrasives, Fine Abrasives) By Application
(Metal Processing, Precision Grinding, Cutting, Polishing, Drilling and Others), Rough / pre-grinding Vs Finishing (Rough / pre-grinding, Finishing), End-Use Industry (Automotive, Aerospace, Medical, Energy, Electrical and Electronics, Building and Construction, Machinery, Glass and Ceramics, Metal Fabrication, Furniture, and Others) By Region and Segment Forecasts, 2023–2030”
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North America to Register Highest Growth:
The APAC region has experienced rapid industrialization and urbanization over the past few decades. This growth has led to increased construction activities, infrastructure development, and manufacturing sectors, all of which are major consumers of abrasives for cutting, grinding, and polishing applications.
Abrasives Market 2023-2030: Segmentation
| Attribute | Segment |
|
By Material |
|
| By Type |
|
| By Product |
|
| By Form |
|
| Grain Size |
|
| Application |
|
|
Rough / pre-grinding Vs Finishing |
|
| End Use Industry |
|
| By Geography |
|
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Abrasives Market Report – Key Takeaways:
· Automotive segment leading the Market
The automotive segment had more than 20% of the market share in 2022. Emerging markets, particularly in Asia, are witnessing a surge in automotive production and demand, leading to increased consumption of abrasives in these regions.
In 2020, Grindwell Norton introduced a new line of surface finishing compounds under the name “Farecla. The product offers solutions for surface finishing on a variety of surfaces, including those from industries like aerospace, automotive, woodworking, etc. Helping customers to increase productivity and finish quality, will further solidify our position in the automobile industry and in especially the automotive aftermarket. These innovative products are boosting market expansion in the automotive industry.
· Precision Grinding to Register Highest Growth
Precision Grinding is analyzed to grow with the highest CAGR of 5.5% during the forecast period. With advancements in automation and machine learning, intelligent
grinding systems have emerged. These systems utilize sensors, real-time monitoring, and adaptive control algorithms to optimize grinding parameters, enhance precision, and reduce cycle times.
In March 2023, Krebs & Riedel introduced a new premium grinding wheel with a precision-shaped abrasive grain as part of their Blue Moon TZ product line to maximise the synergy between the grinding machine and the grinding wheel. Precision-shaped abrasive grains are state-of-the-art today. It is self-sharpening, very sharp-edged, microcrystalline, and has an elongated trapezoidal shape.
· Asia Pacific is Leading the Market
Asia Pacific region held a major market share of 36% in 2022. The strong presence in this region can be attributed to the exponential growth of the construction industry and the demand for Abrasives in residential and commercial projects. The Asia-Pacific region has been experiencing rapid industrialization across various sectors, including automotive, construction, electronics, and manufacturing. This increasing industrial activity has driven the demand for abrasives in surface finishing, grinding, cutting, and polishing applications.
· The Increasing Emphasis on Sustainability and Environmental Consciousness will Find Lucrative Opportunities
Customers across various industries are increasingly seeking environmentally friendly products, including abrasives. This demand is driven by their own sustainability goals, the need to meet regulatory requirements, and a growing awareness of the environmental impact of their supply chains. By offering sustainable abrasive options, manufacturers can cater to this customer demand and gain a competitive advantage.
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Key Opportunity Analysis:
Growing Technological Advancements is a Major Opportunity
Technological advancements have opened up opportunities for innovation and product development within the abrasive industry. Additive manufacturing, commonly known as 3D printing, has gained prominence in various industries, including aerospace, automotive, and medical. Industry 4.0 technologies, including automation, robotics, and data-driven manufacturing, are transforming various industries. These advancements require specialized abrasive solutions to optimize manufacturing processes, improve efficiency, and ensure consistent quality. Abrasive manufacturers are developing abrasives that can be integrated with automated systems, enabling precise and efficient material removal, grinding, or polishing operations.
Abrasives Market Growth:
Rise of 3D Printing Technology
The rise of 3D printing technology has transformed traditional manufacturing processes, offering unmatched capabilities in product design and customization. Specialized abrasives are an indispensable component of additive manufacturing, enabling surface finishing, support material removal, and tooling maintenance.
Growing E-commerce and Online Sales
The increasing popularity of e-commerce platforms provided manufacturers and distributors with new opportunities to reach a broader customer base. Online sales channels facilitated easy access to abrasive products, particularly for small and medium-sized enterprises.
E-commerce platforms allow abrasive manufacturers and distributors to reach a much broader customer base compared to traditional brick-and-mortar stores. These platforms have a global reach, enabling companies to tap into new markets and cater to customers from various regions, including remote areas where physical stores might not be available.
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The Report also Covers the Following Areas:
· Global Abrasives Market Size and Forecast
· Global Abrasives Market Trends
· Global Abrasives Market Analysis by Product Type
Abrasives Market 2023-2030: Key Highlights
· CAGR of the market during the forecast period 2023-2030
· Value Chain analysis of key stakeholders
· Detailed analysis of market drivers and opportunities during the forecast period
· Abrasives Market size estimation and forecast
· Analysis and predictions on end users’ behavior and upcoming trends
· Competitive landscape and Vendor market analysis including offerings, developments, and financials
· Comprehensive analysis of challenges and constraints in the Abrasives Market
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic had a detrimental effect on the market in 2020. Due to the pandemic, the lockdown temporarily suspended activity in several abrasives’ end-user industries, such as metal manufacturing, construction, and other industrial activities, which reduced demand for abrasives. However, it is anticipated that the construction sector would have a favorable effect on the market’s growth in the next years.
Significant amounts of minerals (such as silicon carbide and aluminum oxide) and natural diamonds for super abrasives are produced and exported by Russia and Ukraine. The conflict disrupted the supply chain and caused changes in the availability of raw materials, which had an impact on the production capacities of international producers of abrasives.
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List of Key Market Players in the Abrasives Market:
Abrasives Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- 3M Company
- Cosentino S.A.
- Henkel AG & Co.
- Saint-Gobain Abrasives, Inc.
- Robert Bosch GmbH
- Henkel AG & Co.
- Hermes Abrasives
- Dupont
- Fujimi Incorporated
- Asahi Diamond Industrial Co., Ltd.
- Deerfos
- Noritake Co., Ltd.
- Mirka Ltd.
- Carborundum Universal Ltd.
- Sparky Abrasives
Related Reports:
Super Abrasives Market – Super abrasives market is projected to grow at a CAGR of 6.2% from 2023 to 2030, The increase in implementation of manufacturing technologies such as cutting tools, precision tooling, and machining tools is also driving the super abrasives industry.
Rubber Bonded Abrasives Market – Rubber bonded abrasives market is projected to grow at a CAGR of 1.9% from 2023 to 2030, with robust growth and flourishing applications across major industries such as automotive, electrical & electronics and others, the Rubber Bonded Abrasives market size is anticipated to grow rapidly during the forecast period.
High Purity Quartz Market – High purity quartz market is projected to grow at a CAGR of 6.5% from 2023 to 2030, With the full swing of research and development activities on the high-
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Mr. Venkat Reddy IndustryARC Email: sales@industryarc.com USA: (+1) 518-282-4727
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