ID: MRFR/AM/8919-HCR | 90 Pages | Published By Swapnil Palwe on March 2023
Abrasive Tools Market Size is expected to cross USD $46.82 billion by 2028 at a CAGR of 4% during the forecast period 2022 to 2030
2022 to 2030
Global Abrasive Tools Market is anticipated to register a CAGR of 4% between 2022 and 2030.
Abrasive Tools are products or materials, such as sandpaper, pumice, or emery, used for scraping, grinding, smoothing, or polishing. Although finishing a material also involves polishing it to achieve a smooth, reflective surface, as in satin or beaded finish, the process can often require roughening. In short, the ceramics used for cutting, scraping, and polishing other softer materials are considered abrasives. Abrasives have a wide range of commercial, residential, and technical applications. Grinding, polishing, buffing, honing, digging, sharpening, lapping, and sanding are common applications for abrasives tools. Materials used as abrasives are typically either hard minerals (rated at seven or higher on the Mohs mineral hardness scale) or synthetic stones, some of which can be chemically and mechanically similar to minerals that occur naturally but may not be considered minerals because they do not occur naturally. It is expected that growing demand for abrasive tools in metalworking applications is likely to boost the market growth. Coated abrasives such as sandpaper and stones are used in metalworking for deburring, where the grinding of metal items is performed. Abrasive tools are also used in polishing different finished goods in the automobile and electronics industries.
Global Abrasive Tools Market has been segmented By Type, Raw Material, End-Use, and Region.
Based on type, the global abrasive tools market is segmented into coated, bonded, and super. The super segment is anticipated to grow at a significant CAGR in the coming years.
By raw material, the global abrasive tools market has been split into natural and synthetic. The natural segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years.
By end-use, the abrasive tools market is divided into automotive, heavy machinery, aerospace, metal fabrication, electronics and electrical, and others. The automotive segment is projected to grow at a CAGR in the coming years.
Key Players operating in the Global Abrasive Tools Market are Asahi Diamond Industrial Co., Ltd (Japan), Robert Bosch (Germany), Jason Incorporated (US), Fujimi Incorporated (Japan), DuPont (US), Tyrolit (Austria), Saint Gobain Abrasives, Inc (US), CMC Materials Toyoda (US), Henkel AG & Co. KGaA (Germany), and Almatis (Germany).
The automotive industry is expected to boost the growth of the market for abrasive tools as they are used for engine components, deburring, and cleaning. They are also used for the repair and maintenance of vehicles, interiors, and accessories. The growing use of abrasives for the cleaning and finishing medical devices such as Osseointegrated implants in the medical industry would also drive the market for adhesive tools.
Based on region, the abrasive tools market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific, due to its rapid economic growth, is the fastest growing market for abrasive tools. Apart from that, the fast growth of industries, such as automobiles, machinery, and metal processing, is also boosting the market growth.
In North America, the rapidly expanding electronics industry is expected to drive the market for abrasive tools. Furthermore, Europe is expected to register a notable growth for the abrasive tools market as there is a rising demand for abrasive auto components.
|Market Size||2030 : Significant Value|
|CAGR||4% (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Raw Material, End-Use, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Asahi Diamond Industrial Co., Ltd (Japan), Robert Bosch (Germany), Jason Incorporated (US), Fujimi Incorporated (Japan), DuPont (US), Tyrolit (Austria), Saint Gobain Abrasives, Inc (US), CMC Materials Toyoda (US), Henkel AG & Co. KGaA (Germany), and Almatis (Germany)|
|Key Market Opportunities||Rising demand for abrasive auto components|
|Key Market Drivers||
Growing demand for abrasive tools in metalwork and construction industry and the spurring rise in the automotive industry are major tailwinds pushing the growth of the global abrasive tools market.
The Natural segment accounts for the leading raw material segment in the global abrasive tools market
The automotive segment accounts for the leading end-use segment in the global abrasive tools market
Robert Bosch (Germany), Asahi Diamond Industrial Co., Ltd (Japan), Jason Incorporated (US), DuPont (US), Fujimi Incorporated (Japan), Tyrolit (Austria), CMC Materials Toyoda (US), Saint Gobain Abrasives, Inc (US), Almatis (Germany), and Henkel AG & Co. KGaA (Germany), are some of the top players operating in the global abrasive tools market.
Asia Pacific is expected to hold the highest market share in the global abrasive tools market.