The global abrasives market was valued at USD 45.95 billion in 2023 and is expected to grow from USD 48.66 billion in 2024 to USD 76.93 billion by 2032, reflecting a compound annual growth rate (CAGR) of 5.9% during the forecast period. The abrasives market encompasses materials used for grinding, polishing, cutting, and surface finishing in industries such as manufacturing, automotive, construction, electronics, and aerospace. Abrasives are essential in material processing due to their properties that enable efficient material removal and surface treatment. These materials come in various forms, including bonded, coated, and loose abrasives, depending on their application.
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Market Segmentation:
By Product Type:
- Bonded Abrasives (Grinding wheels, segments, stones, and discs)
- Coated Abrasives (Sanding sheets, belts, rolls, and discs)
- Super Abrasives (Cubic boron nitride, diamond abrasives)
- Loose Abrasives (Grains, powders)
By Material:
- Natural Abrasives (Diamond, emery, quartz)
- Synthetic Abrasives (Aluminum oxide, silicon carbide, zirconia alumina, ceramic aluminum oxide)
By End-Use Industry:
- Automotive (Surface treatment, paint finishing)
- Construction (Polishing, grinding)
- Metal Fabrication (Cutting, welding, grinding)
- Electronics (Wafer slicing, semiconductor polishing)
- Aerospace (Precision grinding)
What does the Report Provide?
The global market for abrasives report provides in-depth analysis of the market and focuses on crucial aspects such as leading companies, applications, and types. Also, the report provides qualitative and quantitative insights into market trends and highlights vital industry developments. Additionally, the report encompasses various factors that have contributed to the growth of the market by adopting several research methodologies during the forecast period.
DRIVING FACTORS
Rising Construction Sector to Promote Growth
The rapid-paced urbanization that has led to the significant development of smart cities is driving the construction industry across the globe. As per the report by the United Nations, around 68% of the global population is expected to reside in urban areas by 2030. The growing adoption of abrasives to form sand papers, cut off wheels, honing stones, and grinding wheels is likely to favor the growth of the market. Moreover, adoption of advanced technologies in industries and the high utilization of precision tools is expected to contribute to the global abrasives market growth in the forthcoming years.
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REGIONAL INSIGHTS
Asia-Pacific – The region is expected to hold the highest position in the global market in the forthcoming years. This is attributable to the increasing demand for metal fabrication and machinery businesses in countries such as China in the region. Asia-Pacific stood at USD 15,113.4 million in 2020.
Latin America – The market in the region is expected to experience substantial growth backed by the rising aerospace, automotive, and construction sector in countries such as Argentina and Brazil.
North America – The region is expected to showcase exponential growth in the forthcoming years. This is ascribable to factors such as rapid-paced growth in the machine part and precision tool manufacturing industries that is likely to propel the demand for abrasives in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Contract Signing by Key Players to Expand Their Product Portfolio & Boost Sales Revenue
The market comprises small, medium, and large companies that are striving to maintain their presence by signing lucrative contracts with several private agencies to expand their product portfolio. Moreover, other key players are adopting organic and inorganic strategies to maintain their stronghold in the highly competitive global marketplace. For instance, in December 2020, Nippon Paint India announced the expansion of its automotive business production line to offer optimum quality end-to-end solutions. Therefore, such strategies adopted by the companies to maintain their footprint is expected to bode well in the forthcoming years.
Industry Development:
- September 2020 – Rust-Oleum, a leading subsidiary of PRM International Inc., announced the acquisition of Ali Industries LLC, a leading manufacturer of sandpaper. The financial terms of the acquisition have not been disclosed and RPM is expected to benefit from the annual net turnover of USD 75 million of Ali Industries.
List of the Companies Profiled in the Global Market for Abrasives:
- The 3M Company (U.S.)
- Saint-Gobain (U.S.)
- Krebs & Riedel (Germany)
- Asahi Diamond Industrial Co., Ltd. (Japan)
- Robert Bosch GmbH (Germany)
- Fujimi Incorporated (Japan)
- Henkel AG & Co. KGaA (Germany)
- Carborundum Universal Limited (India)
- NIPPON RESIBON CORPORATION (Japan)
- KWH Mirka (Finland)
- NORITAKE CO., LIMITED (Japan)
- Other Key Players
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