Abrasive Market to exceed US$ 50.99 billion to 2030

    Published on 26-Mar-2024
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    Report : Abrasive Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Material (Natural and Synthetic), Type [Bonded Abrasives (Discs, Wheels, and Others) and Coated Abrasives (Flap Discs, Fiber Discs, Hook and Loop Discs, Belts, Rolls, and Others)], Application (Automotive, Aerospace, Marine, Metal Fabrication, Woodworking, Electrical and Electronics, and Others), and Sales Channel (Direct and Indirect)

    The scope of our recent study on the "Abrasive Market Forecast to 2030 - Global and Regional Share, Trends, and Growth Opportunity Analysis - by Material, Type, Application, and Sales Channel" includes the factors fuelling the abrasive market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.

    The abrasive market size was valued at US$ 34.81 billion in 2022 and is expected to reach US$ 50.99 billion by 2030; it is estimated to register a CAGR of 4.9% from 2022 to 2030.

    Abrasives are used in a variety of applications such as aerospace, automotive, metal fabrication, electrical & electronics, and woodworking, among others. In electronics and photonics, abrasives are used in various applications such as mounting, precision grinding, polishing, production lapping, and wafer polishing. In the electronics industry, mounting devices require high precision to ensure their stability during testing and analysis. Aluminum oxide and silicon carbide are generally used in mounting processes due to their high hardness and dimensional stability. Boron carbide is also used for mounting sensitive components such as ceramics and semiconductor materials due to its low density, high hardness, and chemical resistance. The rising sales of electrical and electronic components due to the transition toward electric vehicles and growing demand for electronic consumer durables have fuelled the demand for high-efficiency materials required for component production.

    On the basis of material, the market is segmented into natural, and synthetic. Synthetic segment held the largest share in the global abrasive market in 2022 and is expected to register a higher CAGR from 2022 to 2030. Synthetic abrasives are also called manufactured or artificial abrasives. Some of the standard synthetic abrasives include boron carbide, silicon carbide, titanium carbide, and aluminum oxide. Synthetic abrasives are manufactured under controlled conditions in a closed electric furnace to avoid the introduction of impurities and to achieve the necessary temperature for the chemical reaction to occur. Further, synthetic abrasives have replaced natural abrasives over the last several decades. Natural abrasives are mined from natural deposits and processed for use with little alteration. Natural abrasives occur in the form of grains or rock-like chunks. The large chunks are ground or crushed into small abrasive grains. Natural abrasives include diamond, corundum, and emery.

    The abrasive market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest abrasive market share in 2022. The market in Asia Pacific is driven by accelerating automotive, marine, aerospace, and construction industries. Asia Pacific is a hub for automotive manufacturing with a large presence of international and domestic players operating in the region. As the maritime trade and transportation sectors expand, there is an increasing need for ship construction and maintenance, stimulating the demand for abrasives in various applications. China, Japan, and South Korea are leading countries in the shipbuilding sector. Asia Pacific's metalworking industry is another major force driving the demand for abrasives due to the diverse and expansive nature of metal-related manufacturing processes across the region. Abrasives are indispensable for precision machining, whether grinding down rough edges, cutting through thick metal sheets, or shaping intricate parts.

    India has become a key player in the global abrasive market with its burgeoning manufacturing, automotive, and infrastructure sectors. The rapid industrialization and modernization in the country significantly drive the market. As industries expand and diversify, the need for abrasives in manufacturing processes has surged. From metal cutting and grinding to surface finishing, abrasives play a crucial role in enhancing the precision and quality of industrial production. The automotive sector, a major contributor to India's economy, is also pivotal in propelling the demand for abrasives. Thus, ongoing developments in various end-use industries fuel the growth of the abrasive market in the Asia Pacific.

    Global Abrasive Market Breakdown - by Region

    The report includes the segmentation of the global abrasive market as follows:

    The global abrasive market is segmented on the basis of basis of material, type, application, and sales channel. Based on material, the market is categorized into natural, and synthetic. Based on type, the market is segmented into bonded abrasives (discs, wheels, and others), and coated abrasives (flap discs, fiber discs, hook and loop discs, belts, rolls, and others). Based on application, the market is segmented into automotive, aerospace, marine, metal fabrication, woodworking, electrical and electronics, and others. Based on sales channel, the abrasive market is bifurcated into direct, and indirect.

    By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific abrasive market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.


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