Abrasives are materials that grind away elements like concrete, wood, ceramic, stone, & mineral, among others, and offer an elegant, sleek, & finished look to the finished product. Abrasion is majorly used for polishing in order to gain smooth & reflective surfaces & also finds application in roughening materials to matte, satin, or beaded finishes.
Market Insights & Analysis: Latin America Abrasives Market (2023-28)
The Latin America Abrasives Market is projected to grow at a considerable CAGR during the forecast period, i.e., 2023-28. Most of the market expansion across the region can be accredited to the countries like Argentina, Brazil, and Mexico owing to the growing automotive, aerospace, construction, and furniture industries here. It is primarily because these materials exhibit large-scale adoption in automotive components manufacturing, repair, and fabrication applications that include collision repair, mechanical repair, and custom paint facilities. Likewise, the utilization of abrasives in woodworking & fabrication for furniture, kitchen cabinets, and others has furthered the market ascension across the region. The abrasives application also involves metal fabrications, including light sheet metal fabrications, metal components, and metal casework. Other industries like Electrical Equipment (E&E) and machinery & electronics, among others, shall also demonstrate a rise in the demand for abrasives for grinding & polishing applications and further boost the industry across Latin American countries.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Country Covered||Brazil, Argentina, Mexico, Chile, Colombia, Rest of Latin America|
|Key Companies Profiled||3M Company, AA Argentine Abrasives SAIC, CARSIL ARGENTINA, German Abrasives SAS, Hilti Corporation, Klingspor Abrasivos SA, Robert Bosch GMBH, Saint-Gobain Abrasives, Inc. (Argentina), Telstar Abrasivos Ltda, Unibras, VSM Latin America SAS.|
|Unit Denominations||USD Million|
The market is further propelled by swift rise in the number of construction projects across the region, augmenting the demand for these materials & hinting toward an opportunistic industry future for the prominent players to expand their operational capacities. As such, companies are making strategic investments and collaborations strategies, thereby enhancing their product portfolio to create value chains across the region. For instance,
With major manufacturers like VSM Latin America SAS, Saint-Gobain Abrasives, Inc. (Argentina), 3M Company, and AA Argentine Abrasives SAIC, the market has witnessed gradual expansion in the past few years. This expansion owes to a varied product range, including cutting discs, conventional grinding wheels, others, and precise & comfortable solutions for polishing, shaping, and cutting all types of materials. These aspects are likely to accelerate the market for abrasives across Latin America during the forecast period.
Based on Type,
Based on Type segments, Coated Abrasives acquired the largest share in the Latin America Abrasives Market in the historical period. It owes principally to the wide adoption of coated abrasives in metal fabrication, consumer goods, hand & power tools, furniture, general engineering, & surgical products, among others. With materials like grains and bonded adhesives perfectly backing these abrasives, the market is likely to augment in the coming years. For instance,
Contrary to this, Bonded Abrasive is expected to contribute substantially to the market growth in the coming years with their remarkable composition suiting purposes like sanding & polishing metal products. This can be attributed to its outstanding binding qualities and extremely fine aluminum oxide composition.
Based on End User,
Metal Fabrication is expected to demonstrate the fastest growth pace in the Latin America Abrasives Market during the forecast period. This growth lies in the remarkable potential of these materials in manufacturing metal structures through bending, cutting, & assembling processes. Additionally, these materials are used as cut-off saws because of the steel-cutting abrasive disks that carve the metal into the desired shape. Backed by the incorporation of abrasives in the metal fabrication of products like fiber & flap discs for grinding metals & blending surfaces, the demand for abrasives is exploding and bolstering the overall market growth in the forecast period.
Recent Developments in the Latin America Abrasives Market
Key Driver: Thriving Automotive Sector Pushes the Abrasive Industry
The market is likely to gain momentum with the wide application of abrasives demonstrated by the Automotive industry in recent years. These applications include repairing and maintaining autobody, interiors, and accessories. Abrasives also aid in sizing engine parts, deburring, smoothening welds, cleaning pipe interiors, and roughening or smoothening surfaces and edges. These materials, particularly coated abrasives, find broader applications across the automotive industry for grinding and finishing purposes. Thus, with expanding automotive sector with the substantial surge in car sales across Brazil, Argentina, and Mexico, the abrasives market is likely to thrive in the coming years.
Possible Restraint: Raw Material Depletion & Stringent Government Regulations for Abrasive Use
While abrasives are manufactured using numerous raw materials, such as aluminum oxide, cubic boron nitride, silicon carbide, ceramics, and synthetic diamond, procured from renewable resources like petroleum, the depletion of these resources is likely to limit the abrasive production. Besides, strict regulations set by numerous governments on restricting non-renewable resource usage have furthered the availability of these materials and hindered the Global Abrasives Market expansion in the coming years.
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Frequently Asked Questions
A. The Latin America Abrasives Market is projected to grow at grow at a considerable CAGR during 2023-28.
A. Most of the market expansion across Latin America can be accredited to the countries like Argentina, Brazil, and Mexico owing to the growing automotive, aerospace, construction, and furniture industries.
A. The top market players are 3M Company, AA Argentine Abrasives SAIC, CARSIL ARGENTINA, German Abrasives SAS, Hilti Corporation, Klingspor Abrasivos SA, Robert Bosch GMBH, Saint-Gobain Abrasives, Inc. (Argentina), Telstar Abrasivos Ltda, Unibras, VSM Latin America SAS, Others.
A. ‘Coated Abrasives’ is anticipated to emerge as an area of remunerative opportunities for the leading players in the Latin America Abrasives Market during the forecast period.
A. Raw material depletion paired with stringent government regulations for abrasive use are the possible restraints affecting the growth of the Latin America Abrasives Market during 2023-28.