Global Abrasives Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5% over the forecast period 2023-2030. Abrasives are hard materials that are used to shape or finish a workpiece in a variety of industrial, home, and technology applications. Alumina, silicon carbide, synthetic diamond, and corundum are only a few examples of synthetic abrasives. Natural abrasives include corundum, garnet, emery, and pumice. Additionally, abrasives might be coated or bonded. A matrix, which is often referred to as a binder, holds bonded abrasives in place. Coated abrasives are attached to a backing material such as paper, cloth, resin, polyester, or metal, whereas uncoated abrasives are frequently formed of rubber, clay, resin, or glass. The market is driven by significant factors such as expanding usage of abrasives in the construction and automotive sector and rising demand from various end-use industries.
The Infrastructure and Project Monitoring Division of the Ministry of Statistics and Program Implementation reports that as of May 2022, there were 1,559 government projects in the works, with a total estimated value of INR 26.7 trillion (about USD 326 billion). The Indian construction sector is expected to expand at a 6.2% annual pace from 2023 to 2026 as a result of a robust pipeline of infrastructure projects across several industries. In addition, the country’s events are projected to spur considerable growth in the building sector in Japan. The Olympics were held in Tokyo in 2021, and the World Expo will be held in Osaka in 2025. The demand for abrasives in the construction industry is driven by the need for reconstruction and rebuilding following natural disasters in Japan. Moreover, Growth in the electric vehicles (EVs) industry and Growth in the manufacturing sector in developing economies of Asia enhance market opportunities in the upcoming years. However, stringent Regulations on the Usage of Silica Abrasives stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Abrasives Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is also a leading region in the Abrasive Market. The growth in this region is driven by the increasing demand for abrasives in the automotive and construction industries, which are some of the largest end-users of abrasives. On the other side, the Asia-Pacific region is the fastest-growing region in the Abrasive Market. This growth can be attributed to the increasing demand for abrasives in various industries such as automotive, construction, and electronics, among others
Major market player included in this report are:
Abrasive Technology LLC
ARC Abrasives Inc.
Asahi Diamond Industrial Co. Ltd
Noritake Co. Limited
Recent Developments in the Market:
Ø June 2022, 3M announced that it had acquired Diamond Productions Inc. The business produces CBN (cubic boron nitride) wheels, ultra-abrasive diamonds, and equipment for dimensioning and finishing complicated-to-grind materials.
Ø Saint-Gobain Abrasives opened a new applications center in June 2022 to aid metal fabricators with their abrasive difficulties and grow their abrasives business.
Global Abrasives Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Material, Type, End User Industry, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Loose Abrasives Grains
By End User Industry:
Automotive and Aerospace
Oil and Gas
Middle East & Africa
Rest of Middle East & Africa