Abrasives Market is projected to be worth USD 59.4 Billion by 2030, registering a CAGR of 4.90% during the forecast period (2021 - 2030).
Abrasives Market Overview
Abrasives Market is projected to be worth USD 59.4 Billion by 2030, registering a CAGR of 4.90% during the forecast period (2021 - 2030). The rise in the use of abrasive materials for cleaning the surfaces and for giving coating has become a global abrasives market trend.
COVID 19 ANALYSIS
The outbreak of the pandemic has brought huge pressure on the abrasives market industry and in some of the business sectors. The government in some of the countries has imposed shutdowns and lockdowns for preventing the spreading of the coronavirus. COVID 19 had deteriorated the supply chain network of the abrasives business. It has hindered the development and growth of the market. It had a huge impact on metal processing, equipment, and the automobile business. COVID played a huge impact on the export and import business of abrasives. The emerging coronavirus led to the lessening of foreign flights which restricted the abrasives market growth. The improvement of lockdown harmed the abrasives market industry. Implementation of strong strategies for manufacturing and procurement of raw abrasive materials has a destructive effect on the abrasive business sector.
Globally, the abrasives market is found to expand regionally and based on a multinational small and medium scale. The main aim of the key players is that they try to achieve a great market share based on new technology and R and D investments. Some of the competitors are
Asahi Diamond Industrial Co. Ltd,
KREBS and RIEDEL,
DEERFOS Co. Ltd,
Carborundum Universal Ltd,
Noritake Co. Ltd,
Schaffner Manufacturing Company Inc.,
Fujimi Incorporated, and many more.
DriversRise in growth for the adoption of more furniture from the furniture industry and more interior raw materials increases the abrasive market size. In most emerging countries, the growth of the automotive business plays a major role in enhancing market growth. Moreover, industrialization and urbanization also help in the size expansion of the abrasives industry. An increase in the indisposable income and the integrated solutions so adopted by the abrasive market has propelled up the market growth in the upcoming years. An increase in the setup of the majority of telecommunication companies has raised the demand for the use of furniture for home and also for the office. This has boosted up the demand for edge finishing and rising the consumption of abrasive furniture. The growth in the production of electronics products has contributed to the boosting up of abrasives market growth. The growth in the metal manufacturing industry has forced the rise of the size of the market. Moreover, the increase in its use in medical sectors has increased the growth opportunities during the market forecast period for the competitors operating in the market at a global scale.OpportunitiesArise in the use of abrasives for various purposes to raise the market size and market growth. These abrasives much more involve themselves for sizing, repairing, auto body cleaning, and also for interior and exterior parts of the engine. Abrasives are much more useful for oiling, smoothly welding, creating smooth edges, fitting purposes, polishing, and painting. It also cleanses the inside walls of the pipes. Growth in automotive types of machinery gives opportunities for the abrasives market industry. In the upcoming years, the rise in investment for R and D activities produces innovative and less harmful abrasive substances which give up opportunities that help in market size and growth. Challengesshortage of labor in the industry is the major challenge faced by the market. Lack of availability of raw materials also acts as a challenging factor. Cumulative growth gives good information about the market value which grows at a high CAGR and occupies a huge position by acquiring high USD value. RestraintsStrict government laws and rules on the usage of silica abrasives and the variation in the costs of raw materials of abrasives have hindered the market size.
By type Globally, as per the abrasives market trends has been divided into the source, material, type, and based on region. Based on the source, the market is divided into both natural and synthetic. In the year 2018, the synthetic segment covers a large area and covers a major 98% abrasives market share. The market value so occupied by the synthetic segment is USD 33.2 billion in 2019. This helps in market growth which raises the use of aluminum oxide and silicon carbide in manufacturing abrasive materials. Based on material, aluminum oxide, silicon carbide, emery, corundum, boron carbide, and many other materials. It is largely used for metalworking and woodworking. The aluminum oxide division covers a major area of 315 during the market forecast period of 2020-2025. Based on type, the market is divided into bonded, coated, super, and many others. It has been used largely in furniture, manufacturing, auto-ancillaries, automobiles, for hand and power tools, sanitary goods, construction purposes, and many others. Globally, it has also been marked that the coated segment occupies a dominant abrasives market share in the year 2018. During the market forecast period, the market segment occupies a CAGR of 4.9 percent.By technology Technology led to the improvement in the industry. It also led to the use of advanced devices which helped in propelling up the business. It brought a huge enhancement in some of the sectors.
The abrasives market share extends to the regions of Asia Pacific, North American region, some of the European region and some other regions which are occupied in the rest of the world. The North American region occupies a dominant position. The factors that contribute to the rise in growth in the North American region as the public here depend much more on the abrasives materials. The regions of the United States and Canada are the regions that occupy high growth and maximum share. Some of the end-user industries which include housing, furniture, automotive units, aerospace sectors, and steel production increase the demand of the aerospace market industry and aerospace market value. Usage of abrasives rises in the upcoming years due to the costs of raw material and rises the scrap surcharges basically in the United States regions.
October 2021- 3M launched 3M Cubitron II Net Abrasives to aid body shops' general productivity, cleanliness, and efficiency. This group of net abrasives is engineered to aid decrease dust in the air from sanding by providing two times the cut-rate and twice the life of other foremost net abrasive families. As body shops progressively center on cleaner workspaces and removing in-air contaminants, these net abrasives developed on two decades of innovation to help allow a cleaner shop environment with the aim to provide the most thorough dust extraction solutions to the collision industry worldwide. 3M Cubitron II Net Abrasives' open net structure offers a virtually dust-free environment. The 3M Hookit (hook-and-loop) attachment enables fresh abrasive portions to be used on the next job.June 2021- The Executive Committee of the Board of Directors of Orient Abrasives Limited recently approved the purchase of 10,000 equity shares of Orient Advanced Materials Private Limited (formerly known as KMM Consultancy Private Limited) (OAMPL) from its existing shareholders, converting OAMPL into a wholly-owned subsidiary of the company. In order to expand its business, the company is creating a new product line, and as a result, it purchased OAMPL, a mineral-based company.December 2020: Nippon Paint India, part of the Nipsea Group, a fully owned subsidiary of Nippon Paint Japan released an update of its domestic aftermarket product portfolio under its 'n-Force' brand, providing a wide variety of non-paint consumables to supplement its collection of automotive paint products such as abrasives, masking tapes, fillers and putties, rubbing compounds, waxes and waxes.November 2020: A new safety resource microsite providing a number of tools to help ensure the safe design, use and usage of Norton abrasive materials was announced by Saint-Gobain Abrasives, Worcester, Mass. Safety data sheets that are obtained by accessing the UPC contained on Norton products contain educational content. For Norton grinding wheels, portable wheels, and coated/nonwoven abrasives, safety guides are provided.Buehler has released a new Polishing Guide which includes various topics with regards to applications and process information of abrasives for metallography lab technicians.Weiler Abrasives Group, an abrasives provider, has announced its decision to expand its operations at its Cresco facility in Pennsylvania.
The report summarises the market scenario and the rise in factors increasing the market growth and abrasives market size. They give detailed information about the market segmentation and the market dynamics that help in boosting up the business. It also summarises the recent developments which have taken place as per the market trends. It also analyzes COVID 19 and gives information about its impact on the environment.
|Market Size||2030: USD 59.4 Billion|
|Forecast Units||Value (USD Billion)|
|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|
Globally, the application segment covers the areas of the automotive sector, metalworking, machinery, electrical along with the electronics sector, construction units, and many more. It has been found that the metalworking segment covers a large abrasives market share of around 28%. This segment's growth contributes to the rise in consumption of abrasive materials which also includes polishing, grinding along with deburring which is used for metalworking purposes.
Setting up more of the industry in the Asia Pacific region covers a large abrasives market share of 62.5% during the market forecast period. The abrasives market value covers USD 59.4 billion and its projects are at a high rate where it expands at a high CAGR value.
In the year 2018, the European region is expected to be the second-largest market where the market occupies a CAGR value of 3.2%. Due to the growth of the North Automotive and the electronics industries, the European region occupies a large area. The European region is very much famous for the presence of the metal processing industry. Moreover, the use of more raw materials in the automotive unit contributes to the rise in consumer growth. Germany counted to the large regional market share where it expands with high CAGR.