The global Abrasives Market is expected to exhibit a strong 4.90% CAGR over the forecast period from 2022 to 2030, according to the latest research report from Market Research Future (MRFR). The global abrasives market is studied in detail in the report in order to present to readers a comprehensive overview of the market’s historical growth trajectory, present condition, and future growth projections. The historical growth trajectory of the global abrasives market is studied in detail in the report in order to provide analysts with a solid base of information for analyzing the market’s statistics and coming up with reliable forecasts for the market’s future growth. Standard analytical tools are used to derive projections about the market’s condition over the forecast period. The leading drivers and restraints affecting the global abrasives market are profiled in the report. Major players operating in the global abrasives market are also profiled in the report.
Abrasives are widely used to polish softer substances and improve or clean surfaces. The growing metalworking industry is the major driver for the global abrasives market. Abrasives primarily contain silicon carbide, aluminum oxide, garnet, emery, zirconia alumina, boron, and ceramic alumina. These products are mixed and matched in various proportions to obtain a wide range of abrasives. The growing demand for industrial devices and machines has led to a growing demand for metalworking processes and tools in recent years. Increasing industrialization in Asia Pacific and other emerging parts of the world is likely to be a major driver for the global abrasives market, as this is likely to drive up the demand for metalworking processes in industrial applications. The rising production of electronics in Asia Pacific and North America is also likely to be a major driver for the abrasives market, as finish quality and shine have become key factors in the electronics market of late. The electronics industry is likely to provide the abrasives industry with steady growth opportunities in the coming years.
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The automotive and construction industries are also likely to be a major driver for the global abrasives market over the forecast period. The automotive industry uses abrasives in large volumes to buff out manufacturing inadequacies and flaws in the metalworking. Abrasives are also used in the automotive industry to add luster to the finished vehicles, as this makes them more attractive to consumers and thus more likely to sell. The growing automotive industry in Asia Pacific and Europe is likely to be a major driver for the global abrasives market over the forecast period.
Competitive Analysis:
Leading players in the global abrasives Market Survey include KREBS & RIEDEL, Carborundum Universal Limited, Sia Abrasives Industries AG, DEERFOS Co. Ltd., Schaffner Manufacturing Company Inc., DowDuPont Inc., Noritake Co. Ltd., Jason Inc., TYROLIT Group, Fujimi Inc., Cabot Microelectronics Corporation, Robert Bosch GmbH, 3M, Saint-Gobain Abrasives Inc., and Asahi Diamond Industrial Co. Ltd.
In October 2017, Advanced Super Abrasives Inc., a leading U.S.-based manufacturer of grinding wheels, announced a capacity expansion to its existing facility in North Carolina. The investment amounts to USD 26 million.
Segmentation:
The global abrasives market is segmented on the basis of source, material, type, application, and region.
By source, the global abrasives market is segmented into natural and synthetic. The synthetic segment holds a dominant 90% share in the global abrasives market, due to the growing use of aluminum oxide and silicon carbide in the manufacturing of adhesives.
By material, the global abrasives market is segmented into aluminum oxide, silicon carbide, emery, corundum, boron carbide, and others. The aluminum oxide segment accounts for the largest share of 31% in the global abrasives market.
By type, the global abrasives market is segmented into bonded, coated, super, and others. The coated segment dominates the global abrasives market.
By application, the global abrasives market is segmented into automotive, metalworking, machinery, electrical and electronics, construction, and others. The metalworking segment accounts for the largest share in the global abrasives market.
Regional Analysis:
Asia Pacific accounts for a dominant 63% share in the global abrasives market and is likely to remain the leading revenue generator over the forecast period.
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