WASHINGTON, Dec. 11, 2022 (GLOBE NEWSWIRE) -- The Global Abrasives Market is valued at USD 46.1 Billion in 2021 and is projected to reach a value of USD 59.0 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.2% over the forecast period 2022-2028.
One of the most significant economic areas is the Abrasives business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses current trends and anticipated changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Abrasives, including rising investment requirements, developing technology, and new laws.
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Abrasives Market Overview
According to Vantage Market Research, some of the key factors anticipated acceleratingthe Abrasives Market growth over the forecast period. Many elements influence the Abrasives Market. These include the expansion of the automobile and aerospace sectors, the rise in spending on home improvements, and the expanding use of Abrasives in metalworking. The Abrasives Market is primarily driven by the aerospace and automotive industries.
We forecast that the automotivecategory in the Abrasives Marketsales will account for more than 30% of total sales by 2028. Abrasives are utilized in the automotive industry for various tasks, including coarse and lacquer sanding. To improve the surface finish of automotive components, super Abrasives—diamond discs—are also preferred for grinding and polishing.
Asia Pacific dominates the market, and this trend of dominance will continue throughout the projection period. The market growth is anticipated to be driven by improvements in infrastructure, rising manufacturing sector investments, and an increase in EV production in the region's developing economies.
Abrasives Market Dynamics
Growing Use of Abrasives in Construction Activities to Open Up New Markets
Construction is planned to begin on the primary product application during the forecast period. Increased urbanization and better lives have led to an increase in building activity. High levels of renovation activity and economic growth in developing countries also contribute to market development. These products are used in the construction industry for a variety of tasks, such as woodworking and fabrication, metal fabrications, and component manufacturing. Due to the expansion of residential construction, the rising population in these nations has positively impacted product consumption.
Market Expansion would be Aided by Rising Demand from the Automotive Industry
The substance is used to clean the inside and exterior of automobiles, size engine parts, and repair auto bodywork. The inside of edges, pipes, welds, and surfaces that will be painted, polished, fitted, or cleaned are also cleaned using these tools. Car bodywork are refinished using coated and non-woven compounds, while grinding wheels are utilized for autos. The automobile industry's expansion is directly fueled by the increasing demand from several applications.
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Global Abrasives Market Segmentation
By Raw Material
- Natural
- Synthetic
By Type
- Coated Abrasives
- Bonded Abrasives
- Super Abrasives
By End Use Industry
- Aerospace
- Automotive
- Machinery
- Metal Fabrication
- Electrical & Electronics Equipment
- Other (Medical Devices, Consumer Goods, Construction, and Cleaning & Maintenance)
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Top Trends in Global Abrasives Market
- One trend that Vantage Market Research (VMR) expects to see in the industry is the rising demand for natural Abrasives. Due to the potential health and environmental risks associated with synthetic Abrasives, natural alternatives are becoming more popular.
- Another trend that VMR predicts will continue in the Abrasives industry is the automotive industry's expansion. In the automotive industry, Abrasives are widely used for various tasks like grinding, polishing, buffing, lapping, and honing.
Top Report Findings
- Based on raw material, most of the Abrasives Market's revenue is dominated by the synthetic category because end-use industries like aerospace, automotive, and construction are increasing their demand for synthetic Abrasives.
- Based on type, most of the Abrasives' revenue is controlled by the coated Abrasives category. The vast range of uses for coated Abrasives in numerous end-use industries, including automotive & transportation, metal fabrication, and woodworking, can be ascribed to their strong demand.
- Based on end use industry, most of the Abrasives Market's revenue is controlled by the automotive category. This is a result of the rising demand for cars and other vehicles on a global scale. Abrasives are used in the automotive sector for several tasks, including finishing, polishing, and grinding.
Top 10 Players Generates More Than 45% of the Global Abrasives Market Revenue
The report also found that the largest players in the Abrasives Market are technology providers such as 3M Company (US), Asahi Diamond Industrial Co. Ltd. (Japan), E. I. DU Pont DE Nemours & Company (US), Fujimi Incorporated (Japan) and Grupo Cosentino S.L. (Spain). These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new products. Other major players include 3M Company (US), Asahi Diamond Industrial Co. Ltd. (Japan), E. I. DU Pont DE Nemours & Company (US), Fujimi Incorporated (Japan), Grupo Cosentino S.L. (Spain), Henkel AG & Co. KGaA (Germany), Murugappa Group (India), Robert Bosch GMBH (Germany), Saint-Gobain (France) and others..As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Coated AbrasivesCategory inAbrasives Market to Generate Over 30% Revenue
Abrasives is an expensive investment. Vantage Market Research has analyzed the market for Abrasives to understand its current state and potential future growth factors. For better understanding, based on the application, the Abrasives Marketis divided intocoated Abrasives, bonded Abrasives, and super Abrasives.
During the forecast period, the market for Abrasivesis anticipated to experience the highest CAGR for the coated Abrasives category. Grain, a bonding adhesive make up the coated section. These components give the product a unique quality that makes it suitable for a variety of uses.
On the other hand, the bonded Abrasivescategory is anticipated to grow significantly over the forecast period.An ingredient kept in a matrix known as a binder makes up a bonded abrasive. The binder, which consists of extremely fine aluminum oxide abrasive and is used to sand and polish metal products, is composed of interred material.
Top Players in the Global Abrasives Market
- 3M Company (US)
- Asahi Diamond Industrial Co. Ltd. (Japan)
- E. I. DU Pont DE Nemours & Company (US)
- Fujimi Incorporated (Japan)
- Grupo Cosentino S.L. (Spain)
- Henkel AG & Co. KGaA (Germany)
- Murugappa Group (India)
- Robert Bosch GMBH (Germany)
- Saint-Gobain (France)
Regional Analysis:
Asia Pacific market is likely to witness significant market growth with the highest growth rate during the forecast period. From 2022 to 2028, the regional market will continue to grow at the fastest CAGR. The massive market demand is fueled by the expanding construction, automotive, aerospace, and electronics industries.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Abrasives Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 46.1 Billion |
| Revenue Forecast by 2028 | USD 59.0 Billion |
| CAGR | 4.2% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | 3M Company (US), Asahi Diamond Industrial Co. Ltd. (Japan), E. I. DU Pont DE Nemours & Company (US), Fujimi Incorporated (Japan), Grupo Cosentino S.L. (Spain), Henkel AG & Co. KGaA (Germany), Murugappa Group (India), Robert Bosch GMBH (Germany), Saint-Gobain (France) and others. |
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