Overview and Scope
Abrasives refer to a type of product utilized to finish or shape work parts through rubbing, usually with a mineral, causing wear and tear and being comparable to polishing, which entails roughening the surface as in matte or satin finishes in order to produce a reflecting and smooth surface used in the production of automobiles, airplanes, and space vehicles, as well as mechanical and electrical appliances and machine equipment.
Sizing and Forecast
The abrasives market size has grown strongly in recent years. It will grow from $43.12 billion in 2023 to $47.19 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to construction and infrastructure development, increased urbanization, rise in industrialization, rise in disposable income, growing demand for sustainable and eco-friendly materials.
The abrasives market size is expected to see strong growth in the next few years. It will grow to $64.9 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to increasing demand for abrasives in heavy-duty applications, growing demand for abrasives in the aerospace industry, growing demand for coated abrasives in the electronic industry, increasing focus on safety and ergonomics in abrasives equipment design, growing adoption of green building standards. Major trends in the forecast period include advancements in abrasives technology, focus on sustainability, customization and specialization, digitalization in abrasives, application in 3d printing.
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Segmentation & Regional Insights
The abrasives market market covered in this report is segmented –
1) By Raw Material: Natural, Synthetic
2) By Type: Bonded Abrasives, Coated Abrasives, Super Precision Abrasives, Super Construction Abrasives
3) By Form: Block Form, Powdered Form
4) By Application: Grinding, Cutting, Polishing, Drilling, Finishing, Other Applications
5) By End User: Automotive, Machinery, Aerospace, Electrical & Electronics, Construction, Furniture
Asia-Pacific was the largest region in the abrasives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the abrasives market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing electrical vehicle (EV) industry is expected to propel the growth of the abrasives market. An electric vehicle (EV) uses an electric motor and is charged at electric stations rather than internal combustion. This upswing is coupled with the compelling need to populate the huge worldwide road network with electric vehicle (EV) charging stations, as the meteoric rise of the electric car shows every indication of lasting far into the future. As a result, demand for stainless steel (and the abrasives needed to finish it) to provide numerous electric vehicle charging stations is expected to grow for years. In almost all circumstances, stainless steel will need at least one abrasive treatment to finish before it can be used in any significant fashion in the real world. Every stainless-steel weld, for example, necessitates some degree of grinding and polishing. According to “”Power Technology””, EV sales have surged, with increases in all three major car markets including China, the United States, and Europe. In the first half of 2021, sales climbed by 160 percent year over year to 2.6 million vehicles, accounting for 26 percent of new vehicle sales worldwide. Therefore, a rise in the electric vehicle industry the driving the growth of abrasives market.
Key Industry Players
Major companies operating in the abrasives market market report are Robert Bosch GmbH, Minnesota Mining and Manufacturing Company, Saint-Gobain Abrasives Inc., Fujimi Incorporated, Henkel AG & CO. KGAA, Tyrolit India Tool Pvt. Ltd., Asahi Diamond Industrial Co. Ltd., Deerfos Co. Ltd., Carborundum Universal Limited, Nippon Resibon Corporation, Krebs & Riedel Schleifscheibenfabrik GmbH & Co. KG, Abrasiflex Pty Ltd., Noritake Co. Ltd., Sankyo-Rikagaku Co. Ltd., Sia Abrasives Industries AG, Jason Incorporated, Schaffner Manufacturing Company Inc., North Industries Group Red Arrow Co. Ltd., 3M Deutschland GmbH, SAK ABRASIVES Inc., ARC Abrasives Inc., Arconic Corporation, DowDuPont Inc., Fiven ASA, Henan Huanghe Whirlwind Co. Ltd., Hermes Schleifmittel GmbH & Co. KG, Imerys S. A, Jowitt & Rodgers Co., Klingspor AG, Grindwell Norton Ltd., Luossavaara-Kiirunavaara AktiebolagMinerals AB, Mirka Ltd., Pferd Pharmaceutical Private Limited, Suhner Holding AG, Vereinigte Schmirgel- und Maschinen-Fabriken AG., Wendt (India) Limited, WINOA IKK JAPAN Co. Ltd., Y. Ikemura & Co. Ltd., Zische Schleifwerkzeuge GmbH
The abrasives market market report table of contents includes:
1. Executive Summary
2. Abrasives Market Characteristics
3. Abrasives Market Trends And Strategies
4. Abrasives Market – Macro Economic Scenario
5. Global Abrasives Market Size and Growth
….
30. Abrasives Market Competitive Landscape And Company Profiles
31. Abrasives Market Other Major And Innovative Companies
32. Global Abrasives Market Competitive Benchmarking
33. Global Abrasives Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Abrasives Market
35. Abrasives Market Future Outlook and Potential Analysis
36. Appendix
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