Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Abrasives Market, The Global Abrasives Market size was valued at USD 35.5 Billion in 2022 and is projected to grow at a CAGR of around 4.5% during the forecast period, i.e., 2024-30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Abrasives Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- Market Size in 2022: USD 35.5 Billion
- CAGR (2024-2030): 4.5%
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Global Abrasives Market Segmentation Breakdown:
The Abrasives Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Type
- Coated Abrasive
- Bonded Abrasive
- By Bonding Agents
- Vitreous
- Resin
- Metal Bonded
- Electroplated
- Rubber
- Others
- Super Abrasive
- By Bonding Agents
Between the two, coated abrasives dominated the market with the largest revenue share in 2022, and the same trend is likely during 2024-30.
- By Raw Material
- Synthetic
- Aluminum oxide
- Metallic abrasives
- Silicon carbide
- Others
- Natural
- Synthetic
- By Application
- Machinery
- Aerospace
- Metal Fabrication
- Automotive
- Electrical & Electronics
- Others
Of them all, the metal fabrication application of abrasives has proliferated in recent years and is likely to witness rapid growth, hinting at the inflated Abrasives Market size during 2024-30.
Geographical Growth Insights:
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
Of all regions globally, Asia-Pacific is anticipated to dominate the Abrasives Market with the largest share during 2024-30.
MarkNtel Advisors Highlights Key Market Drivers for Abrasives Market:
The Automotive Industry’s Growing Demand for Abrasives: Since abrasives find substantial application across the automotive industry for repairing engine parts, auto body, and interior & exterior cleaning, among other applications, their demand is hiking worldwide. In fact, these materials are also used for cleaning the insides of components like pipes, smooth welds, edges, & surfaces for fitting, oiling, polishing, or painting. Such applications are augmenting the demand for abrasives across the automotive industry and driving the abrasives market.
A Comprehensive Analysis of Leading Companies in Global Abrasives Market
- Robert Bosch GMBH
- 3M Company
- Saint-Gobain Abrasives, Inc.
- Fujimi Incorporated
- Asahi Diamond Industrial Co., Ltd.
- Cumi Murugappa Group (Carborundum Universal Limited)
- Mirka Ltd.
- Henkel AG & Co. KGaA
- Nippon Resibon Corporation
- Sankyo Rikagaku Co., Ltd.
- Noritake Co. Ltd.
- Tyrolit Group
- Boride Engineered Abrasives
- Flexovit USA, Inc.
- Abrasive Technology, Inc.
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Abrasives Market Recent Development:
- In October 2022, Boride Engineered Abrasivesintroduced a fresh addition to its range of polishing equipment, the HTSG-3S High Torque Air Grinder. This new air grinder is the most robust one available in the air micro grinder series. The inclusion of this low-speed, high-torque grinder expands the variety of abrasives that can be used and reduces the occurrence of errors during the grinding process.
What are the growth Restraint driving the Global Abrasives Market?
Unavailability of Raw Material & Stringent Government Regulations for Abrasive Use: While abrasives are developed from different raw materials, where the common raw materials include aluminum oxide, cubic boron nitride, silicon carbide, ceramics, & synthetic diamond, procured from renewable resources like petroleum, the depletion of these resources is causing a shortage of abrasive production. Additionally, strict regulations set by the governments of different countries on confining the use of non-renewable resources are further limiting the availability of these materials and negatively impacting the Abrasives Market growth.
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