The Global Abrasives Market Is Estimated To Grow To USD 47.6 Billion With a CAGR Of 4.8 Percent By 2027.
The Global Abrasives Market was worth USD 34.31 billion in 2021 and is expected to grow to USD 47.6 billion by 2027, with a CAGR of 4.8 percent over the forecast period.
Abrasives are mineral-based hard material compounds that are used to polish, grind, and clean surfaces. In general, they are utilized in ultrasonic machining, abrasive jet machining, and magnetic field-assisted polishing. They are commonly used in the manufacturing of sensitive components or the construction of ultra-smooth surfaces for machines and airplanes because they help in the removal of unnecessary sizing, slicing, and material. They are also utilized in the automobile sector to minimize noise and carbon emissions as well as to make vehicle parts such as mirrors, valve springs, and fuel and de-aeration tanks.
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Global Abrasives Market Scope and Dynamics:
Global automobile sales have risen as a result of rapid urbanization, rising economic levels, and a growing global population. This, along with the increasing usage of abrasives to lower CO2 emissions from high-performance engines and noise levels in vehicles is driving the global abrasive market growth. The increasing electronics and manufacturing industries contribute to the economy’s growth. In these sectors, abrasives are used to scrape small amounts of metal for the precision manufacturing of semiconductors and other electronic equipment. Furthermore, the rising building activity in both emerging and developed countries is driving increasing demand for super abrasives. Precision tooling, which is used to create smaller parts with greater accuracy has also increased as a result of manufacturing sector improvements. This in turn has a positive influence on abrasive demand.
Globally, key companies are focused on a wide range of product innovations including the enhancement of polyester and fabric-based abrasives. They are also introducing improved coated abrasives for metal fabrication which are expected to fuel abrasive market growth throughout the forecast period. Super-abrasives such as industrial diamonds are increasingly being used for precise grinding and cutting of hard metals, supporting global Global Abrasives Market growth.
Global Abrasives Market Insights:
In 2020, Asia-Pacific accounted for more than 40% of total revenue followed by Europe and North America. The emerging countries of Asia-Pacific are expected to have consistent development as the global economy grows. Furthermore, the increased investment by leading manufacturers is a significant factor driving the market growth.
The abrasive market in the United States accounts for a sizable portion of the global market. Sandpaper is used in the wood and furniture industries for fine sanding, profile sanding, and polishing. Rising wood demand in the country for the building of houses and apartments will help market growth.
Because of increased consumer spending and simpler automobile financing, the abrasives business will gain from a growing automotive industry. In the United States, electric vehicles and charging stations are growing increasingly popular which is likely to increase abrasive demand in the future years.
Abrasives Market Segmentation:
By Product:
- Coated Abrasive
- Bonded Abrasive
- Super Abrasive
By Application:
- Automotive
- Machinery
- Aerospace
- Metal fabrication
- Electrical & electronics equipment
- Others
By Material:
- Natural
- Synthetic
By Region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
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Key Players in Global Abrasives Market:
- Robert Bosch GmbH
- 3M Company
- Compagnie De Saint-Gobain S.A.
- Henkel
- Asahi Diamond Industrial
- Dowdupont
- Fujimi Incorporated
- Carborundum Universal
- Krebs & Riedel Schleifscheibenfabrik
- Deerfos
- Tyrolit Group
- Nippon Resibon Corporation
- Sankyo-Rikagaku
- Abrasiflex
- Noritake
- Kier Group PLC
- Carillon
About Maximize Market Research:
Maximize market research, a global market research firm with a dedicated team of specialists and data, has carried out extensive research about the Global Abrasives Market. Maximize Market Research is well-positioned to estimate and predict market size while taking into account the competitive landscape of the sectors. Maximize Market Research has a strong unified team of industry professionals and analysts across sectors to guarantee that the whole Industry ecosystem is considered, taking into account all current developments, newest trends, and futuristic – the technology influence of distinctively specific industries. The company’s technique is specifically customised and in accordance with the agreed-upon scope and purpose of the study.
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