Global Abrasives Market is expected to foresee significant growth. The Asia Pacific is expected to lead the growth!
- Vikas Kumar
- August 13, 2022
- CHEMICAL, NEWS
- Abrasives Market, Abrasives Market Forecast, Abrasives Market Growth, Abrasives Market News, Abrasives Market Share, Abrasives Market Size, Abrasives Market Trend
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The Global Abrasives Market is expected to register significant growth with a CAGR of around 4% over the period of 2021-2027. This can be attributed to the Increased demand for prefabricated building components and advancements in the manufacturing sector. Abrasives are materials that are repeatedly scraped against softer substances in order to polish them or to reduce the roughness of their surface. They are utilized in a variety of processes, including grinding, polishing, lapping, honing, pressure blasting, and others. Depending on the quantity of material to be removed, they come in a variety of particle or grit sizes. The automotive, metalworking, electrical, electronic, healthcare, and other end-use sectors all utilize abrasives extensively. For instance, according to IBEF reports, the automobile sector received cumulative equity FDI inflow of about US$ 32.84 billion between April 2000-March 2022. This is projected to boost the automobile sector and subsequently the abrasives market.
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Based on type, the market is classified into bonded, coated, and super. The coated category holds a sizeable market share and is used in a number of sectors, including manufacturing, machine tools, furniture, and medical items. However, bonded abrasives are also anticipated to expand significantly throughout the anticipated period as they hold superior surface finishes in high precision edging sectors such as automotive, construction, and woodworking
Based on material, the market is classified into natural and synthetic. A considerable market share is held by the synthetic abrasive sector. Contrary to natural abrasives, which are mined, many synthetic abrasives are comparable to natural minerals but are produced artificially. This makes it far easier to alter the structure, size, and shape of grains. Furthermore, natural minerals lose some of their effectiveness due to impurities, making artificial abrasives a better option.
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For a better understanding of the market adoption of the abrasives industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Mexico); Europe (Germany, France, UK, Italy, Spain and Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific), and Rest of World. It is projected that the abrasives market would expand more swiftly in countries like India and China due to rising development activities and accelerated economic expansion. Due to their enormous populations, these countries provide a sizable client base as well. The rising demand from the construction and automotive sectors is expected to drive up demand in the metal and chemical industries, leading to a growth in the APAC abrasives market. Since, abrasives are heavily used throughout chemical and metal processing operations in these industries, which stimulates the demand.
Some of the major players operating in the market include Robert Bosch GMBH, 3M Company, Saint-Gobain Abrasives, Inc, Fujimi Incorporated, LafargeHolcim, Balfour Beatty PLC, Kier Group PLC, Carillon PLC, Tyrolit Group and Asahi Diamond Industrial Co.
Global Abrasives Market Segmentation
Market Insight, by type
Market Insight, by material
Top company profiles
- Robert Bosch GMBH
- 3M Company
- Saint-Gobain Abrasives, Inc
- Fujimi Incorporated
- Balfour Beatty PLC
- Kier Group PLC
- Carillon PLC
- Tyrolit Group
- Asahi Diamond Industrial Co.