Abrasives Market by Type (Bonded, Coated, Super Abrasives), Material (Natural, Synthetic), Product Type (Disc, Cups, Cylinder), End User Industry (Automotive, Machinery, Aerospace, Metal Fabrication, Electronics, Construction, Others) - Global Opportunity Analysis and Industry Forecast, Market Size, Share, Trends, Forecast, Analysis, Research Report, Growth 2022 – 2030
New York, June 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Abrasives Market by Type, Material, Product Type, End User Industry - Global Opportunity Analysis and Industry Forecast, Market Size, Share, Trends, Forecast, Analysis, Research Report, Growth 2022 – 2030" - https://www.reportlinker.com/p06285503/?utm_source=GNW
The Global Abrasives Market size valued to USD 48.13 billion in 2021, shall witness a growth of USD 73.74 billion by 2030, with a CAGR of 4.8% from 2022-2030.
Abrasives, widely used for grinding, polishing, buffing, honing, cutting, drilling, sharpening, lapping, and sanding; are mostly mineral derived materials, either obtained naturally or synthetically. It works on the principle of difference in hardness between the two substances, where abrasive is harder of the two. The global abrasive market witnessed a notable volumetric sale of 50655.5 kilotons in 2021, which is expected to rise up-to 73529.2 kilotons by 2030, with a CAGR of 4.1% from 2022-2030.
Market Dynamics and Trends
Abrasives are extensively used in a wide variety of domestic, industrial, and technological applications. This gives rise to a large variability in its size, shape, physical composition, and chemical composition. The factors including increasing demand from metal fabrication industry, massive production of electronic components, technological advancements, rapidly growing industry verticals, and reducing cost of synthetic diamonds are majorly driving the global abrasives market.
The automotive segment offers maximum market potential, as abrasives play a vital role in manufacturing automotive components, modifying the operating parameters, machining of components, finishing and maintenance of the body. Besides, factors like increase in disposable incomes, growing demand for passenger and commercial vehicles are anticipated to supplement the market growth in the future.
The upsurge in the construction sector on globe scale are to drive the demand of super-abrasives, in the future. Whereas, the bonded abrasives segment is anticipated to dominate the global market, throughout the forecast period.
However, factors like stringent regulations on usage of silica abrasives, fluctuation in price of raw materials and the requirement of raw materials in larger quantities, may hamper the growth of abrasives market.
Moreover, high growth potential of emerging economies, increasing demand from e-commerce industries, investments in R&D’s to derive more sustainable abrasives, and their growing use in the medical sector shall create lucrative opportunities in the global abrasives market in the forecast period.
Market Segmentations and Scope of the Study:
The abrasives market share analysis is based on type, material, product type, end user industry, and geography.
Based on type, the market is segmented into bonded, coated, and super abrasives. Based on material, the abrasives market covers natural and synthetic. Based on product type, the market is classified into disc, cups, and cylinder. Based on end user industry, the market is divided into automotive, machinery, aerospace, metal fabrication, electronics, construction, and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Asia Pacific shall hold the highest market share, dominating the global abrasives market throughout the forecast period. This is attributable to factors such as increasing investments by manufacturers in this region, high demand in construction sector, government initiatives to increase the flow of FDI in the manufacturing sector, rapid growth in various industries such as automotive, machinery, and metal fabrication.
North America would witness increasing market size owing to factors such as increasing demand from the furniture and interior-designing industry, higher adoption rate in metal fabrication applications, and rapid industrialization.
Abrasives market share and insights include a comprehensive competitive analysis and profiles of the market players. The major market players are namely Robert Bosch GmbH, 3M Company, Sankyo-Rikagaku, Abrasiflex, Noritake, Asahi Diamond Industrial, Dowdupont, Deerfos, Tyrolit Group, Nippon Resibon Corporation,Fujimi Incorporated, Carborundum Universal, Compagnie De Saint-Gobain S.A., Henkel, and Krebs & Riedel Schleifscheibenfabrik, among others are provided in the abrasives market report.
The past endeavors and futuristic advancements, sum-up to comprehend the overall market growth.
For instance, in January 2020, FEPA, the Federation of European Producers of Abrasives, that represents over 80% of the European producers of abrasive products, announced the launch of the SEAM (Sustainable European Abrasive Manufacturers) program; a new framework dedicated to the sustainability of the Abrasive Industry. The SEAM program opts to support and assist abrasive manufacturers on their way towards sustainable growth and sustainability improvements, mostly in the production and distribution of the abrasives.
KEY MARKET SEGMENTS:
• Global Abrasives Market – By Type
o Super Abrasives
• Global Abrasives Market – By Material
• Global Abrasives Market – By Product Type
• Global Abrasives Market – By End User Industry
o Metal Fabrication
• Global Abrasives Market – By Geography
o North America
Rest of Europe
Rest of Asia-Pacific
Read the full report: https://www.reportlinker.com/p06285503/?utm_source=GNW
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