Abrasives are materials that grind away elements like concrete, wood, ceramic, stone, & mineral, among others, and offer an elegant, sleek, & finished look to the final product. They are used primarily in polishing to create a smooth & reflective surface. They also find applications in roughening materials to achieve matte, satin, or beaded finishes.
Market Insights & Analysis: Global Abrasives Market (2023-28)
The Global Abrasives Market size was valued 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., 2023-28. The market is projected to experience significant growth in the coming years due to the surge in construction & manufacturing activities worldwide. The demand for abrasives in the construction industry for woodworking, fabrication, metal components, and other uses is particularly high in various developing countries. As a result, abrasives manufacturers have the immense potential to capitalize on these opportunities and achieve substantial revenue & market share.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan, South Korea|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Algeria, Morocco|
|Key Companies Profiled||Robert Bosch GMBH, 3M Company, Saint-Gobain Abrasives, Inc., Fujimi Incorporated, Asahi Diamond Industrial Co., Ltd., Cumi Murugappa Group (Carborundum Universal Limited), Mirka Ltd., Henkel AG & Co. KGaA, Nippon Resibon Corporation, Sankyo Rikagaku Co., Ltd., Noritake Co. Ltd., Tyrolit Group, Boride Engineered Abrasives, Flexovit USA, Inc., Abrasive Technology|
|Market Value (2022)||USD 35.5 Billion|
Other industries like metal fabrication, automotive, Electrical Equipment (E&E), and machinery & electronics, among others, shall also demonstrate a rise in demand for abrasives for grinding & polishing applications. These materials find extensive use in the production of automotive components to modify their operating parameters, such as reducing noise levels and engine CO2 emissions, among others. The expansive use of abrasives across different industries ensures that the global abrasives industry will proliferate in the coming years.
Global Abrasives Market Driver:
The Automotive Industry's Growing Demand for Abrasives: Since abrasives find substantial application across the automotive industry for repairing engine parts, auto body, and interior & exterior cleaning, among other applications, their demand is hiking worldwide. In fact, these materials are also used for cleaning the insides of components like pipes, smooth welds, edges, & surfaces for fitting, oiling, polishing, or painting. Such applications are augmenting the demand for abrasives across the automotive industry and driving the global abrasives market.
Global Abrasives Market Growth Restraint:
Unavailability of Raw Material & Stringent Government Regulations for Abrasive Use: While abrasives are developed from different raw materials, where the common raw materials include aluminum oxide, cubic boron nitride, silicon carbide, ceramics, & synthetic diamond, procured from renewable resources like petroleum, the depletion of these resources is causing a shortage of abrasive production. Additionally, strict regulations set by the governments of different countries on confining the use of non-renewable resources are further limiting the availability of these materials and negatively impacting the Global Abrasives Market growth.
Global Abrasives Market Trend:
Mounting Demand for Abrasives, Driven by Increasing Infrastructure Development Activities: Numerous countries worldwide are increasingly focusing on developing their infrastructure across diverse sectors, such as commercial, residential, & industrial areas. Such projects include the construction & development of commercial areas, such as airports, shopping malls, railway stations, highways, roads, & tunnels, coupled with industrial construction activities associated with manufacturing plants, steel & mining industries, metal fabrication, as well as the construction of smart cities & rural areas, among others, indicating a substantial rise in demand for abrasives over the coming years.
Global Abrasives Market (2023-28): Segmentation Analysis
The Global Abrasives Market study from MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:
Based on Type:
Between the two, coated abrasives dominated the market with the largest revenue share in 2022, and the same trend is likely during 2023-28. It owes to their wide application in consumer goods, fabrication, hand & power tools, furniture, general engineering, & surgical products, among others, backed by the presence of backing materials like grains & a bonded adhesive.
On the other hand, bonded abrasives are set to contribute considerably to the Global Abrasive Market growth through 2028, principally due to the composition of these materials, exhibiting binders, and very fine aluminum oxide abrasive, used for purposes like sanding & polishing metal products.
As these materials come in the form of grinding wheels or rectification tools and are widely used to shape fragile or hard materials in the automotive & construction industry, ceramic compounds, & others, their demand is likely to remain prevalent in the coming years and, consequently, propel the global abrasives market growth.
Based on Application:
Of them all, the metal fabrication application of abrasives has proliferated in recent years and is likely to witness rapid growth, hinting at the inflated Global Abrasives Market size during 2023-28. This growth is backed by the capabilities of these materials in aiding the manufacturing of metal structures through bending, cutting, & assembling processes. They are also used as cut-off saws owing to the steel-cutting abrasive disks that help cut metals into the desired shape. Other than this, they aid in the fabrication of products like fiber & flap discs for grinding metals & blending surfaces. Backed by such uses, the demand for abrasives is exploding for metal fabrication and, in turn, fueling the Global Abrasives Market growth.
On the other hand, Electrical & Electronics applications of abrasives significantly contribute to the ascension of the Global Abrasives Market, owing to the easy availability of new & attractive materials for wire insulation & blending in the electrical sector, creating lucrative opportunities for the abrasives market leaders and instigating them to expand their production & distribution capacities in order to cater to the varied end-user demands globally.
Global Abrasives Market (2023-28) Regional Projection:
Geographically, the Global Abrasives Market expands across:
Of all regions globally, Asia-Pacific is anticipated to dominate the Global Abrasives Market with the largest share during 2023-28. It owes to its flourishing automotive industry and the growing number of construction activities across different countries in the region, creating the demand for abrasives and generating lucrative opportunities for the abrasives market leaders to increase their production & distribution capacities in order to cater to the burgeoning end-user requirements.
Likewise, Europe is anticipated to make a substantial contribution to the abrasives market expansion in the coming years. The region is a hub for automobile production, so the procurement of abrasives is massive, making Europe a prominent consumer of these materials. Moreover, stringent regulations by automakers to ensure high-level cleaning & maintenance services for automobiles are also escalating the regional market growth.
On the other hand, North America is expected to demonstrate the fastest growth in the Global Abrasives Market during the forecast period. It owes to rapid developments in precision tooling & machine component manufacturing, especially across countries like the US & Canada, promulgating the demand for abrasives and stimulating the industry growth throughout the region. For instance,
Nonetheless, the Middle East & Africa is projected to demonstrate substantial market growth and create lucrative prospects for the industry participants during 2023-28. This growth is driven primarily by various ongoing & upcoming construction projects in the region, indicating an ever-growing demand for abrasives in the coming years.
Global Abrasives Industry Recent Development
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Frequently Asked Questions
A. The Abrasives Market is projected to grow at a CAGR of around 4.5% during 2023-28.
A. The Abrasives Market size was valued at USD 35.5 Billion in 2022.
A. The automotive industry's growing demand for abrasives is the prime aspect projected to drive the Abrasives Market through 2028.
A. During 2023-28, the Abrasives Market share is likely to be held majorly by coated abrasives.
A. The Abrasives Market leaders include Robert Bosch GMBH, 3M Company, Saint-Gobain Abrasives, Inc., Fujimi Incorporated, Asahi Diamond Industrial Co., Ltd., Cumi Murugappa Group (Carborundum Universal Limited), Mirka Ltd., Henkel AG & Co. KGaA, Nippon Resibon Corporation, Sankyo Rikagaku Co., Ltd., Noritake Co. Ltd., Tyrolit Group, Boride Engineered Abrasives, Flexovit USA, Inc., and Abrasive Technology.
A. Globally, Asia-Pacific would provide lucrative prospects for the Abrasives Market in the years ahead.
A. The growing number of infrastructural development projects worldwide are demonstrating a swift expansion of the construction industry, consequently boosting the demand for abrasives and augmenting the Abrasives Market growth.
A. The unavailability of raw materials and stringent government regulations for abrasive use are the aspects that might restrain the fledged growth of the Abrasives Market through 2028.
Global Abrasives Market Research Report (2023-2028) - Table of Contents