PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490228
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490228
The abrasives Market size was valued at USD 37,980.72 million in 2023, expanding at a CAGR of 5.13% from 2024 to 2032.
Abrasives are essential materials with specific hardness and density utilized to process other materials by removing the material itself. Common applications of abrasives include surface polishing and finishing. These materials are crucial in industrial sectors, particularly in metallurgy and automotive industries. Abrasives come in various forms such as sandpapers, grinding wheels, honing stones, cutoff wheels, polishes, tumbling and vibratory mass-finishing media, pulpstones, sandblasting, ball mills, and other tools. The use of abrasives is indispensable for manufacturing highly precise components and achieving ultra-smooth surfaces in the production of automobiles, aircraft, spacecraft, mechanical and electrical appliances, and machine tools.
Abrasives Market- Market Dynamics
The growth of the metal fabrication industry, fueled by the increasing demand for pre-engineered buildings and components, is projected to boost market expansion
The metal fabrication industry is expanding rapidly to keep up with the increasing demand for pre-engineered buildings and components. As a result, there will be a greater need for abrasives. To meet the rising demand for precision and quality in metal fabrication, manufacturers will require high-performance abrasives to efficiently achieve the desired results. According to the U.S. Bureau of Labor Statistics, the metal fabrication industry is currently experiencing healthy growth and is projected to grow by 9% from 2016 to 2026. Additionally, advancements in technology allow manufacturers to produce higher-quality products while improving productivity and reducing costs, creating opportunities for market growth. However, fluctuations in raw material prices may pose a challenge to the market's growth.
Abrasives Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.13% over the forecast period (2024-2032)
Based on product type segmentation, bonded was predicted to show maximum market share in the year 2023
Based on Raw Material segmentation, Natural was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Abrasives Market is segmented based on Product Type, Raw Material, Application, End-User, and Region.
The market is categorized into three segments according to the type of product: Bonded, Coated, Super, and Others. The dominant segment in the market is bonded. Bonded abrasives find widespread usage in sectors such as grinding, cutting, polishing, and finishing applications.
The market is categorized into two segments based on raw material: Natural and Synthetic, with the Natural segment holding the majority share. Within the natural segment of the abrasives market, materials like emery, garnet, corundum, pumice, and quartz are included. These natural abrasives are highly preferred due to their easy availability and cost-effectiveness. Moreover, they play a crucial role in numerous industrial applications, such as polishing, grinding, and cutting.
The market is categorized into five segments based on the Application: Aluminum Oxide, Silicon Carbide, Emery, Corundum, Boron Carbide, and Other materials. Each type of abrasive exhibits specific properties that render it appropriate for particular purposes, thereby influencing the market dynamics.
The market is segmented into five categories according to End-User: Automotive, Metalworking, Machinery, Electrical & Electronics, Construction, and Others. The automotive sector holds the largest share of the market. Abrasives play a crucial role in automotive manufacturing, being used for cutting, grinding, polishing, and finishing various components. The increasing advancements and developments in the automotive industry are fueling the need for abrasives.
Abrasives Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the market is expected to be driven by the Asia Pacific region, primarily due to the expansion of key end-use industries such as automotive, aerospace, and electronics, along with infrastructure development projects. For instance, the Asia Pacific region is known for its strong automotive manufacturing sector, being a major producer of vehicles and automotive components. As the automotive industry continues to innovate and expand, there will be an increased demand for abrasives in manufacturing processes such as metal cutting, grinding, and polishing. In 2019, China's auto industry revenue reached approximately 1.3 trillion yuan, and it accounted for around 28% of global vehicle production, according to automotive industry statistics. Europe holds the second-largest region for market growth, primarily due to rapid industrialization in emerging economies.
The market for abrasives is fiercely competitive, with a multitude of global, regional, and local players vying for market share. These companies engage in competition based on various factors including the quality of their products, cost-effectiveness, accessibility to raw materials, technological innovations, and customer service. To stay ahead, it is imperative for companies to continuously invest in research and development to keep up with the rapid pace of technological advancements. Additionally, the industry faces challenges such as fluctuating prices of raw materials and stringent environmental regulations. However, companies that effectively tackle these issues are well-positioned for growth and success.
Bosch Power Tools intends to purchase close to half of the shares of FerRobotics Compliant Robot Technology GmbH, a prominent worldwide supplier specializing in contact-sensitive automation. The company is based in Linz, Austria, with additional distribution centers in the United States and China. The acquisition agreements between Bosch Power Tools and FerRobotics were officially signed on September 29, 2023.
On December 18, Bosch announced its acquisition of the power tool accessories business of the Freud Group, which is based in Milan, Italy. This strategic move allows Bosch to expand its current portfolio of power tool accessories, with a particular focus on high-performance circular-saw blades and router bits. However, the completion of this acquisition is contingent upon receiving approval from the relevant authorities. Additionally, both companies have agreed to keep the purchase price confidential.
Grindwell Norton Ltd., (GNO), the most ancient and biggest abrasive manufacturer in India and a division of the Saint-Gobain Group, has inaugurated its Paper Maker manufacturing facility in Bengaluru. The manufacturing capabilities of the Paper Maker plant under the Atmanirbhar Bharat initiative offer a significant potential to introduce technologically advanced and innovative Make in India products.
GLOBAL ABRASIVES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Robert Bosch Power Tools GmbH
DuPont de Nemours
Fujimi Inc.
Saint-Gobain Group
Henkel AG & Co. KGaA
3M
Asahi Diamond Industrial Co., Ltd.
Carborundum Universal
TYROLIT Schleifmittelwerke Swarovski KG
NIPPON RESIBON CORPORATION
Krebs & Riedel Schleifscheibenfabrik GmbH & Co. KG
Abrasiflex Pty Ltd.
Noritake Co., Limited
DEERFOS.COM
Sankyo-Rikagaku Ltd.
Others