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Global Abrasives Market (2021 to 2026) - Growth, Trends, COVID-19 Impact, and Forecasts

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Dublin, Oct. 21, 2021 (GLOBE NEWSWIRE) -- The "Abrasives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Global Abrasives Market is projected to register a CAGR of over 5% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, various activities of abrasives end-user industry including, metal manufacturing, construction, and other industrial activities were on a temporary halt during the lockdown, thus led to a decrease in the demand for the abrasives. For instance, according to OICA, automobile production has declined by around 16% in 2020 compared to 2019. However, the construction industry is recovering fast after the COVID-19 situation and is expected to show a positive impact on the market's growth in the coming years.

Over the short term, the growing construction sector in emerging economies is expected to drive the market's growth. On the flip side, stringent regulations on the usage of silica abrasives are likely to hinder the market's growth.

Significant investment in research and development activities regarding abrasives is likely to create opportunities for the market in the coming years. Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.

Key Market Trends

Increasing Usage in the Construction Industry

  • Abrasives are used for heavy-duty applications including grinding, drilling, cutting, and sanding in the building and construction industry.

  • These abrasives are used for cutting reinforced concrete, tiles, stone, granite, thus embedded in the machine tools including masonry, floor, tile, and handheld saws, core drilling equipment, floor grinders, and power trowels.

  • The global construction industry was valued at about USD 12 trillion in 2019, with a growth rate of about 4%, compared to the previous year. Also, it is expected to reach USD 8 trillion by 2030, primarily driven by countries, such as India, China, and the United States.

  • The US construction industry is set to continue to post relatively solid growth over the forecast period, supported by the expanding residential sector.

  • In 2019, the total value of new construction put in place was about USD 1365 billion in the United States and reached about USD 1430 billion in 2020, with a growth rate of about 4.5%, which in turn increases the demand for the abrasives market.

  • In India, foreign Direct Investment (FDI) received in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) from April 2000 to December 2019 stood at USD 25.37 billion, according to the Department for Promotion of Industry and Internal Trade (DPIIT).

  • Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country's manufacturing sector is one of the major contributors to the country's economy.

  • The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.

  • Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China's geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.

  • China is the largest manufacturer of automobiles in the world. The country's automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).

  • Abrasives also find its application in the automotive manufacturing segment. In 2020, the production of automobiles has decreased by around 2% compared to 2019reaching a total of 25.23 million units, thus led to a decrease in the demand for the abrasives to be used in the automotive manufacturing for applications including cutting and grinding.

  • China is in the midst of a construction mega-boom. The country has the largest building market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.

  • Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.

Competitive Landscape

The abrasives market is partially fragmented in nature. Some of the major players in the market include 3M, ARC ABRASIVES, INC., Abrasive Technology, Inc., Fujimi Incorporated, and Saint-Gobain, among others.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format

  • 3 months of analyst support

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Construction Activities in Asia-Pacific and the United States
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Stringent Regulations on Usage of Silica Abrasives
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition

5 MARKET SEGMENTATION
5.1 Material
5.1.1 Natural Abrasives
5.1.2 Synthetic Abrasives
5.2 Abrasive Material Type
5.2.1 Conventional Abrasives
5.2.1.1 Aluminum Oxide
5.2.1.2 Boron Carbide
5.2.1.3 Cerium Oxide
5.2.1.4 Silicon Carbide
5.2.1.5 Other Conventional Abrasives
5.2.2 Super Abrasives
5.2.2.1 Diamond
5.2.2.1.1 Vitrified Diamond
5.2.2.1.2 Electroplated Diamond
5.2.2.1.3 Resin Bond Diamond
5.2.2.1.4 Metal Diamond
5.2.2.2 Cubic Boron Nitride (CBN)
5.2.2.2.1 Vitrified CBN
5.2.2.2.2 Electroplated CBN
5.2.2.2.3 Resin Bond CBN
5.2.2.2.4 Metal CBN
5.3 Type
5.3.1 Bonded Abrasives
5.3.2 Coated Abrasives
5.3.3 Super Precision Abrasives
5.3.4 Super Construction Abrasives
5.4 Application
5.4.1 Grinding
5.4.2 Cutting
5.4.3 Polishing
5.4.4 Drilling
5.4.5 Other Applications
5.5 End-user Industry
5.5.1 Metal Manufacturing
5.5.2 Electronics
5.5.3 Construction
5.5.4 Automotive
5.5.5 Aerospace
5.5.6 Medical
5.5.7 Oil and Gas
5.5.8 Other End-user Industries
5.6 Geography

6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3M
6.4.2 Abrasive Technology, Inc.
6.4.3 ALLIED HIGH TECH PRODUCTS, INC.
6.4.4 Almatis GmbH
6.4.5 ARC ABRASIVES, INC.
6.4.6 Asahi Diamond Industrial Co.,Ltd.
6.4.7 CMC Materials
6.4.8 DEWALT
6.4.9 Fujimi Incorporated
6.4.10 Henkel AG & Co. KGaA
6.4.11 KLINGSPOR
6.4.12 Murugappa Group (Carborundum Universal Limited)
6.4.13 NORITAKE CO.,LIMITED
6.4.14 Pan Abrasives
6.4.15 Radiac Abrasives
6.4.16 Robert Bosch GmbH
6.4.17 RPM International Inc.
6.4.18 Saint-Gobain
6.4.19 SAK ABRASIVES LIMITED
6.4.20 Super Abrasives
6.4.21 Tyrolit Schleifmittelwerke Swarovski K.G.
6.4.22 Uneeda Enterprizes, Inc.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Significant Investment in Research and Development Activities

For more information about this report visit https://www.researchandmarkets.com/r/ie11zp

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