Market Research Future (MRFR) assessed the global Abrasives Market Analysis 2022 for the review tenure till 2027. As per MRFR study, the global abrasives market is projected to be worth USD 59.4 Billion by 2030, registering a CAGR of 4.90% during the forecast period (2021 - 2030).
Drivers and Restrains Impacting Abrasives Market
The surge in the utility of abrasives for surface cleaning and for coating preparation is expected to benefit the global abrasive market in the analysis period. The expansion of automotive industry can support the global abrasive market owing to the surge in demand for abrasives in applying luxurious look to metal body parts of an automotive throughout various stages of coating, bodywork, and automotive finishing. The growth of furniture and interior industry can also add to the upsurge of the abrasive market on a global scale due to the inclination of people towards elite home décor item.
Construction modernization and urbanization are other major forces that can drive the abrasive market. Increase in disposable income and surge in the count of telecommunications companies to cater to the upscaling demand for home office furniture can boosted the market growth in the analysis tenure. The increasing demand for edge finishing and surge in the consumption of abrasive furniture, along with the growing production of electronics products can promote the abrasive market in the next years. The expansion of metal manufacturing industry and the rapid growth of the medical sector can create several opportunities for the global abrasives automotive. On the contrary, the implementation of stringent government regulations on the utility of silica abrasives can hinder the growth of abrasive market in the approaching future. Issues with price fluctuations of raw materials is also expected to pose threat to the market. However, increase in the investment to design plans for mitigating these problems can counter the slow-down of the abrasive market in the near future.
Segmental Analysis of Abrasives Market
The segment study of the global market of abrasives is based on source, type, application, and material.
The source-based segments of the abrasives market are natural and synthetic. The segment of synthetic segment can secure a largest share for the market and is expected to churn-up revenue of around USD 33.2 Bn on the conclusion of the analysis period. The surge in the utility of silicon carbide and aluminum oxide in abrasive manufacturing can favor the market rise.
The material-based segments of the abrasives market are aluminum oxide, emery, corundum, boron silicon carbide, and carbide among others. The increase in the utility of aluminium oxide for metalworking and woodworking applications can support the expansion of the abrasive market.
The type-based segments of the advanced super abrasives market are bonded, super, and coated among others. The rise in application of coated abrasives in polishing applications of manufacturing, furniture, automobiles, auto-ancillaries, sanitary goods, hand and power tools, and construction industries, can favor the coated segment of the global abrasive market over the review tenure. The coated segment is likely to register 4.9 % CAGR by 2027.
The application-based segments of the abrasives market are machinery, automotive, electrical & electronics, metalworking, and construction among others. The expansion of the abrasives market can be attributed to the increase in demand for metal working for polishing, deburring, and grinding. The metalworking application segment can favor the market rise in the analysis tenure.
Regional Analysis of Abrasive Market
The US in the North America can earn the highest revenue for the abrasive market in the region. The growth of North America market can be attribute to the presence of several end-user industries and rise in the adoption of abrasives by them. In Europe, the abrasives market is expected to expand at 3.2% CAGR in the analysis term owing to the rise in demand for smart electronics.
The abrasive market in the Asia Pacific region can secure 62.5 % share of the overall market by 2027. As per MRFR analysis, the market of abrasive in APAC region can earn USD 23.2 Bn revenue by the end of the review term.
Abrasive Market Key Players
Jason Incorporated, DEERFOS Co., Ltd, Noritake Co., Ltd, KREBS & RIEDEL, Sia Abrasives Industries AG, Schaffner Manufacturing Company, Inc., Asahi Diamond Industrial Co., Ltd, DowDuPont, Inc., Carborundum Universal Limited, 3M, Saint-Gobain Abrasives, Inc., Cabot Microelectronics Corporation, TYROLIT Group, Robert Bosch GmbH, and Fujimi Incorporated are some reputed companies in the global abrasive market that are listed by MRFR.
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