The global abrasives market is expected to register a CAGR of around 4% over the period of 2021-2027. 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 global abrasives market growth of this market is attributed to the growing automotive, metal fabrication, machinery, electronics, electrical, medical, and construction industries that have contributed significantly to the growth of the abrasives market. In the upcoming years, it is projected that the need for abrasives would rise as electric vehicles and their charging stations become more popular. For example, In February 2022, a memorandum of understanding (MoU) was signed between electric two-wheeler company Ather Energy and Electric Supply Companies (ESCOMs) of Karnataka for setting up 1,000 fast charging stations across the state.
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.
Insights Presented in the Report
“Amongst material, the synthetic abrasive sector accounted for a notable share in the market”
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.
“Amongst type, the coated sector is anticipated to see substantial CAGR.”
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.
“Amongst end-user, metal fabrication is expected to witness significant CAGR growth during the forecast period”
Based on end use industry, the market is classified into Construction, Electronics, Automotive, Metal fabrication, and Others. Metal fabrication commands a sizeable market share, which is mostly due to its continuous and escalating use in developing countries like China and India to make metal parts through bending, cutting, and assembly procedures. Polishing, cleaning, debuffing, and mending automotive parts are among the automotive applications that are emerging along with the automobile sector.
“APAC to witness significant growth during the forecast period”
Asia-Pacific is expected to show the highest CAGR growth in the abrasives market. The major contributors to the growth of this market are China and India. 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 stimulate the demand.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Global Abrasives Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global abrasives market were the three major steps undertaken to create and analyze the adoption of abrasives in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global abrasives market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the abrasives market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the abrasives market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as material, type and end-use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the abrasives market. Further, we conducted factor analysis using dependent and independent variables such as various material, type, end-use of abrasives. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisitions, business expansion, and product launches in the abrasives market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global abrasives market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of abrasives market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global abrasives market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global abrasives market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of offering and technique in the global abrasives market.
The main objective of the Global Abrasives Market Study
The current & future market trends of the global abrasives market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the abrasives market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of material, type, end-use and region.
- Define and analysis of the regulatory framework for the abrasives market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the abrasives market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the abrasives market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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