Exploring the Abrasives Industry and Innovative Players Shaping the Future Through 2030
Published Date: 31 Aug 2023
Abrasives, owing to their wide applicability as crucial material in various industries, including manufacturing, automotive, metalworking, construction, & 7 electronics, have gained momentum in recent years, predominantly driven by increasing industrialization, infrastructure development, and a rise in the automotive sector's demand. The Global Abrasives Market size was estimated at USD 35.5 Billion in 2022 and is projected to grow at a CAGR of around 4.5% during the forecast period, i.e., 2024-30.
Asia-Pacific, specifically China & India, emerged as significant contributors to the abrasives market expansion, owing to their robust manufacturing sectors & construction activities. The growing middle-class population in these countries has bolstered the automotive & consumer goods industries, further propelling the demand for abrasives. Europe & North America, due to their well-established industrial bases and continuous technological advancements, have also contributed to the proliferating demand for high-performance & precision abrasives, particularly in the aerospace & defense sectors. As a result, abrasive manufacturers are shifting their focus to developing innovative & greener abrasive materials to cater to specific end-user applications. Let's dig deeper into the prominent players and what they have done recently that will shape the market dynamics in the next five years.
Prominent Players in the Abrasive Industry
- Boride Engineered Abrasives offers a range of abrasive tools and products designed to meet the needs of different industries, such as manufacturing, automotive, aerospace, and electronics. Their products may include abrasive stones, diamond and CBN (cubic boron nitride) abrasives, polishing stones, honing stones, and other related accessories. In October 2022, Boride Engineered Abrasives introduced a fresh addition to its range of polishing equipment, the HTSG-3S High Torque Air Grinder. This new air grinder is the most robust one available in the air micro grinder series. The inclusion of this low-speed, high-torque grinder expands the variety of abrasives that can be used and reduces the occurrence of errors during the grinding process.
- 3M Company is a global science-based company famous for its diverse range of products, including abrasives used in various industries. As a multinational corporation, 3M has a strong global presence, with manufacturing facilities and distribution networks spanning across different regions. This extensive global reach enables the company to serve customers worldwide and maintain a competitive edge in the abrasives market. In November 2021, 3M revolutionized the sandpaper industry with the debut of its groundbreaking innovation, the 3M Xtract™ Cubitron™ II 710W Net Abrasive Disc. This cutting-edge product offers twice the lifespan and cutting efficiency while effectively eliminating up to 97% of dust particles during metal, wood, and composite surface sanding.
- Saint-Gobain Abrasives, Inc. is a leading manufacturer of abrasive materials, offering a wide range of products for cutting, grinding, and polishing. In response to the continuous feedback received from its North American manufacturing customers, Norton/Saint-Gobain Abrasives launched the Norton Abrasive Process Solutions (APS) Program in June 2022 from their grinding technology center located in Northborough, Massachusetts. This move reflects their commitment to addressing customer needs and enhancing their abrasive solutions for the market. Earlier in 2021, the company launched a proprietary nano-crystalline ceramic grain called Norton Quantum Prime Grinding Wheels to offer exceptional productivity benefits in diverse applications.
- Fujimi Incorporated is a Japanese company specializing in the manufacturing of abrasives, including micro-abrasives used in precision polishing applications. Fujimi had a strong reputation for producing high-quality abrasives used in various industries, including semiconductor manufacturing, optics, electronics, automotive, and precision machinery. Their abrasive products include abrasives for polishing, lapping, grinding, and other surface finishing processes. The company’s dedication to innovation, product quality, and customer satisfaction has positioned them as a reputable player in the abrasives industry. Their efforts towards developing high-performance abrasive solutions have contributed to their success in serving diverse industrial sectors that rely on precision surface finishing and material removal processes.
- Asahi Diamond Industrial Co., Ltd. is a well-known Japanese company that specializes in manufacturing diamond-based abrasives. Their products are renowned for their exceptional quality and are widely used in cutting, grinding, and finishing applications. In 2022, the company introduced a new range of diamond abrasive tools, specifically designed for precise grinding and polishing tasks involving various materials, such as metals, plastics, and composites. Compared to conventional abrasive tools, these innovative tools offer a superior finish and significantly longer lifespan. Moreover, Asahi Diamond Industrial Co., Ltd. has also been actively engaged in developing cutting-edge abrasive solutions tailored for the automotive industry. These specialized products are designed to meet the specific requirements of the automotive sector, such as high-speed grinding and polishing of intricate parts.
Abrasive Industry Future Directions
Challenges such as fluctuating raw material prices and strict regulations on the use of certain abrasive materials may hinder the growth of the abrasives industry to some extent. Nevertheless, the relentless pursuit of advanced manufacturing processes and the ever-increasing adoption of automation & robotics in industries are expected to open up new opportunities for the industry. Thus, with the continuous expansion of key industries & technological advancements, the future of the global abrasives market appears promising and poised for further expansion in the next five years.