According to the report, the abrasives market valued for $42.6 billion in 2022 and is estimated to reach $67.0 billion by 2032, exhibiting a CAGR of 4.7% from 2023 to 2032.
The global abrasives market is driven by an increase in demand from building and construction sector, proliferation of construction and infrastructure projects, infrastructure development in emerging economies, rising renovation and maintenance activities in the construction sector. However, volatility in raw material prices and intense competition restrain the market growth to some extent. Nevertheless, an increase in focus on surface quality and growing awareness of sustainability will provide remunerative growth opportunities in the upcoming years.
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Covid-19 Scenario
- The COVID-19 pandemic led to disruptions in global supply chains, including the production and distribution of abrasives. Restrictions on international trade, factory closures, and transportation limitations affected the availability of raw materials and finished products, leading to delays and supply shortages.
- However, there is an increase in emphasis on sustainable and eco-friendly practices across industries. This trend drives the demand for environmentally friendly abrasives, such as water-based and biodegradable products. Manufacturers in the abrasives market are responding to this demand by developing sustainable solutions, which are expected to contribute to the market growth.
Based on type, the bonded abrasives segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global abrasives market revenue and is expected to rule the roost during the forecast timeframe. The same segment is estimated to cite the fastest CAGR of 4.9% from 2023 to 2032. The overall growth and expansion of industries such as automotive, aerospace, construction, metal fabrication, and machinery increase the demand for bonded abrasives. These industries rely on bonded abrasives for various applications, including grinding, cutting, and polishing, to meet their manufacturing needs. Moreover, bonded abrasives offer efficient material removal and are designed for high productivity. They enable manufacturers to achieve accurate shape, precise grind, and improved surface finishes, thereby enhancing manufacturing efficiency.
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Based on the material, the synthetic segment accounted for the largest share in 2022, contributing to more than four-fifths of the global abrasives market revenue and is expected to rule the roost throughout the forecast timeframe. The same segment would cite the fastest CAGR of 4.7% from 2023 to 2032. The expansion of industrialization and manufacturing activities globally is a significant driver of the synthetic abrasives segment. Industries such as automotive, aerospace, electronics, metalworking, and construction rely heavily on synthetic abrasives for grinding, cutting, polishing, and surface preparation. The increase in demand for precision components, advanced materials, and high-quality finishes in these industries fuels the need for synthetic abrasives; thus, boosting the market growth.
Based on the end use industry, the automotive segment accounted for the largest share in 2022, contributing to nearly half of the global abrasives market revenue. The global population continues to grow, leading to an increase in demand for transportation. Urbanization is also on the rise, with more people moving to cities and requiring reliable means of transportation. These trends drive the demand for automobiles, contributing to the growth of the automotive sector. More ever, the metal fabrication segment would cite the highest CAGR of 4.9% from 2023 to 2032.
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Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global abrasives market and is projected to register the highest CAGR of 5.1% during the forecast period. The Asia-Pacific abrasives market is the largest and fastest-growing market globally. The region's robust industrial growth, rapid urbanization, and increase in manufacturing activities drive the demand for abrasives. Emerging economies like China and India play a crucial role in the growth of the market. Moreover, the demand for abrasives in Asia-Pacific is driven by various industries. The automotive sector, including both OEM manufacturing and automotive aftermarket, is a significant consumer of abrasives for metal grinding, finishing, and polishing applications.
Leading Market Players: -
- 3M Company
- Bullard Abrasives, Inc.
- Carborundum Universal Limited
- Deerfos
- Hindustan Abrasives
- Osborn Lippert India Private Limited.
- Robert Bosch Power Tools GmbH
- Saint-Gobain
- SAK ABRASIVES LIMITED
- Sterling Abrasives Limited
The report provides a detailed analysis of these key players in the global abrasives market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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The global Abrasives market is segmented by company, region (country), by Type, and by Application.
Players, stakeholders, and other participants in the global Abrasives market will be able to gain the upper hand as they use the report as a powerful resource.
The segmental analysis focuses on sales, revenue and forecast by region (country), by Type and by Application for the period 2016-2027.
Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-abrasives-2021-545Segment by TypeBonded AbrasivesCoated AbrasivesSuper AbrasivesSegment by ApplicationAutomotiveMachineryMetal FabricationElectrical & ElectronicsOthersThe Abrasives market is analysed and market size information is provided by regions (countries).
Segment by Application, the Abrasives market is segmented into North AmericaEuropeChinaJapanSoutheast AsiaIndiaOther Regions.By CompanySaint-Gobain3MMurugappaTyrolitNoritakeAsahiHuanghe WhirlwindHermes SchleifmittelHusqvarnaBoschFujimiPferdSharpnessRhodiusKlingsporSuhnerDronco (Osborn)Get the Complete Report & TOC @ https://www.grandresearchstore.com/chemicals-and-materials/global-abrasives-2021-545Table of content1 Abrasives Market Overview1.1 Abrasives Product Scope1.2 Abrasives Segment by Type1.2.1 Global Abrasives Sales by Type (2016 & 2021 & 2027)1.2.2 Bonded Abrasives1.2.3 Coated Abrasives1.2.4 Super Abrasives1.3 Abrasives Segment by Application1.3.1 Global Abrasives Sales Comparison by Application (2016 & 2021 & 2027)1.3.2 Automotive1.3.3 Machinery1.3.4 Metal Fabrication1.3.5 Electrical & Electronics1.3.6 Others1.4 Abrasives Market Estimates and Forecasts (2016-2027)1.4.1 Global Abrasives Market Size in Value Growth Rate (2016-2027)1.4.2 Global Abrasives Market Size in Volume Growth Rate (2016-2027)1.4.3 Global Abrasives Price Trends (2016-2027)2 Abrasives Estimates and Forecasts by Region2.1 Global Abrasives Market Size by Region: 2016 VS 2021 VS 20272.2 Global Abrasives Retrospective Market Scenario by Region (2016-2021)2.2.1 Global Abrasives Sales Market Share by Region (2016-2021)2.2.2 Global Abrasives Revenue Market Share by Region (2016-2021)2.3 Global Abrasives Market Estimates and Forecasts by Region (2022-2027)2.3.1 Global Abrasives Sales Estimates and Forecasts by Region (2022-2027)2.3.2 Global Abrasives Revenue Forecast by Region (2022-2027)2.4 Geographic Market Analysis: Market Facts & Figures2.4.1 North America Abrasives Estimates and ProIf You Have Any Question Related To This Report Contact Us @ https://www.grandresearchstore.com/enquire-now/global-abrasives-2021-545CONTACT US:276 5th Avenue, New York, NY 10001, United StatesInternational: +1(646)-781-7170 / +91 8087042414Email: [email protected] Us On linkedin :- https://www.linkedin.com/company/grand-research-store
The global abrasives market size is expected to reach USD 63.98 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period.
The growing utilization of abrasives in grinding and polishing applications will create lucrative business opportunities for the market during the forecast period,Rising Demand from Automotive Sector to Drive MarketThe growing use of abrasives in the automotive industry can be an essential factor augmenting the growth of the market.
Moreover, the inflated demand for abrasives from the automotive industry will create lucrative business opportunities for the market.
For instance, coated and non-woven abrasives are both used to refinish auto bodies, while super abrasives or grinding wheels are used in the engineThe tragedy caused by communicable coronavirus has put enormous pressure on industries and sectors across the globe.
The governments of several countries have instigated lockdown to prevent the spread of this infectious disease.
Such plans have caused disturbances in the production and supply chain.
