ID: MRFR/CnM/3948-CR | September 2019 | Region: Global | 210 pages
According to MRFR, the Global Abrasives Market was valued at USD 36.8 Billion in 2019 and is poised to mature at a CAGR of around 4.9% during the forecast period. Increased use of abrasive for surface cleaning and coating preparation is a rising global trend.
The epidemic of communicable coronavirus has placed tremendous pressure on businesses and sectors across the globe. The governments in many countries have introduced a lock-up to deter the transmission of this infectious disease. These proposals have contributed to delays in the development and supply chain. The coronavirus adversely impacted the metal processing, equipment, and automobile industries. The interruption of export and import operations due to limitations on foreign flights would further restrict the market's development. The disruption caused by the lockdown would have a negative impact on the market. Strong strategies for the manufacture and procurement of raw materials would have a destructive effect on the abrasive industry.
Growing Adoption from the Furniture and Interior Industry Drives the Market
In developing economies, the growing automotive industry is significantly driving the global market for abrasives, as abrasives, among others, provide finishing to automotive metal body parts throughout various stages of automotive finishing, coating, and bodywork. The growing furniture and interior industries are also contributing to the growth of the global abrasive market. In addition, rising modernization and urbanization, along with the continued growth of furniture and interior markets in emerging economies around the globe, are projected to fuel demand for abrasive in the coming years. Rising disposable income and an increasing number of telecommunications companies have increased demand for home office furniture, which in turn, has boosted demand for edge finishing and increased consumption of abrasive furniture. Also, the growing production of electronics products also promotes the growth of the market. The growing metal manufacturing industry is also the driving force behind the global market. In addition, increasing use in the medical sector is expected to provide growth opportunities during the forecast period for players operating in the global market for abrasives.
Growing Adoption from the Automotive Industry Creates Opportunities for the Key Players
Increased use of abrasives in the automotive industry can be an important factor in increasing market growth. They are used for sizing, repairing, cleaning auto body, interior and exterior engine parts. The surfaces for oiling, smooth welds, smooth edges, fitting, polishing, or painting as well as the insides of pipes are also cleaned. Also, the inflation of automotive demand for abrasives will generate lucrative business opportunities for the market. In the coming years, significant investment in R&D activities to produce innovative and less hazardous abrasives is expected to provide future growth opportunities that are likely to generate market opportunities.
Fluctuations in Raw Material Prices Likely to Impede the Market Growth
Strict government regulations on the use of silica abrasives and fluctuations in the price of raw materials, however are some key factors that are expected to impede market growth in the near future.
Global Market for Abrasives has been categorized according to Source, Material, Type, Application, and Region.
The global market has been segmented into natural and synthetic, based on sources. In 2018, the synthetic segment held its largest share of 90 percent and was valued at USD 33.2 billion in 2019, a growth that can be attributed to the increasing use of aluminium oxide and silicon carbide in abrasive manufacturing.
Based on the material, aluminium oxide, silicon carbide, emery, corundum, boron carbide, and others have been segmented into the global market. Among them, due to its predominant use in metalworking and woodworking applications, the aluminium oxide segment accounted for the largest share of 31 percent in 2019.
The global market has been classified into bonded, coated, super, and others by type. Due to its high use in polishing applications of furniture, manufacturing, auto-ancillaries, automobiles, hand and power tools, sanitary goods, and construction industries, among others, the coated segment dominated the global abrasive market in 2018. During the forecast period, the segment is projected to register a CAGR of around 4.9 percent.
The global market for abrasives has been segmented into automotive, metalworking, machinery, electrical & electronics, construction, and others, based on application. Among them, in 2019, the metalworking segment accounted for the largest share of around 28%. This segment's growth can be attributed to the wide consumption of abrasives, including polishing, grinding and deburring, in metalworking applications.
Four major regions, including the Asia Pacific, North America, Europe, and the rest of the world, have been given a geographical overview of the global market.
North America to Lead the Market with Established End-Use Industries
The dominant region for the abrasive market is North America. The key factor contributing to the growth of the market is the developed end-user industries, coupled with the increasing adoption of abrasives. The U.S. and Canada are the major countries contributing to this growth. Considering the growth of end-use industries, such as housing, furniture, automotive, aerospace, and steel production, abrasive demand in the U.S. is estimated to increase. The use of reclaimed abrasives is expected to increase in the coming years due to rising raw material prices and increasing scrap surcharges in the region.
Favorable Government Regulations in APAC to Drive the Market
Owing to fast industrial growth in the region, Asia-Pacific accounted for the largest market share of 62.5 percent in 2018. The regional market in 2018 was estimated at USD 23.2 billion and is projected to expand during the forecast period at the fastest CAGR. It is anticipated that the emerging end-user industries in the country, such as construction and automotive, will drive demand growth. In addition, the favourable government regulation has led to a change in the Asia Pacific manufacturing base, which has further propelled business expansion. India, China and Japan are the main countries that are responsible for abrasive development in this area.
Growing Application from the Automotive Industry to Drive Europe Abrasives Market
In 2018, Europe was the second largest market in the global market for abrasives and is expected to rise at a CAGR of about 3.2% over the forecast period. The European market for abrasives is powered largely by the advanced automotive and electronics industries. In addition, the growing use of abrasives in the metal processing industry, combined with the increasing demand from the automotive sector, is anticipated to contribute further to consumer growth during the forecast years. Germany accounted for the regional market's largest market share and is likely to expand at the highest CAGR in the coming years.
Growing R&D Investments to Improve Market Scope
The global market is characterised by the presence of regional and multinational small- and medium-scale businesses. The main tactics adopted by the majority of business players to achieve greater market share are the production of new technologies and R&D investments.
The research seeks to explain the dynamics of the global market for abrasives, layout them by defining and evaluating market segments and predicting the global market size. The study provides an overview of the effect of the lockdown of COVID-19 on the profits of business holders, backers and disruptors. Since lockdowns have been introduced differently in various regions and nations, the effect of lockdowns is often different across regions and segments. The study covered the existing short-term and long-term market effect, as well as helping decision-makers to draught short-term and long-term plans for businesses by region.
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Source, Material, Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Asahi Diamond Industrial Co., Ltd, Saint-Gobain Abrasives, Inc., 3M, Robert Bosch GmbH, Cabot Microelectronics Corporation, Fujimi Incorporated, TYROLIT Group, Jason Incorporated, Noritake Co., Ltd, DowDuPont, Inc., Schaffner Manufacturing Company, Inc., DEERFOS Co., Ltd, Sia Abrasives Industries AG, Carborundum Universal Limited, KREBS & RIEDEL|
|Key Market Opportunities||Growing Adoption from the Automotive Industry Creates Opportunities for the Key Players|
|Key Market Drivers||Growing Adoption from the Furniture and Interior Industry Drives the Market|
Frequently Asked Questions (FAQ) :
The abrasives market is predicted to grow at a 4.9% CAGR between 2017-2025.
Asia Pacific is expected to dominate the abrasives market.
Key competitors in the abrasives market include KREBS & RIEDEL, Carborundum Universal Limited, Sia Abrasives Industries AG, DEERFOS Co., Ltd, Schaffner Manufacturing Company, Inc., DowDuPont, Inc., Jason Incorporated, Noritake Co., Ltd, TYROLIT Group, Ltd, Fujimi Incorporated, Cabot Microelectronics Corporation, Robert Bosch GmbH, 3M, Saint-Gobain Abrasives, Inc., and Asahi Diamond Industrial Co., Ltd.
Key players have adopted strategies such as agreements, product launches, mergers and acquisitions, and capacity expansions to maintain their dominance in the abrasives market.
Volatile raw material costs may hinder the abrasives market growth.