Wilmington, Delaware, United States, March 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global abrasives market is projected to expand at a CAGR of 5.5% from 2021 to 2031, according to the market outlook report by Transparency Market Research (TMR).
Abrasives are used in manufacturing, electronics, and automotive industries in order to provide outstanding polish to surfaces. This aside, abrasives are in high demand owing to their application in cutting hard materials that are manufactured using concrete or steel and in removing surface layers of corrosion and paints. This wide product application is expected to fuel market development during the forecast period.
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Abrasives Market: Key Findings
- Increase in industrialization and urbanization in several developed and developing countries has resulted in a rise in demand for abrasives. Demand for raw super abrasives is likely to rise in the next few years, as abrasive product producers are witnessing a decrease in the sale of loose abrasive grains. According to the TMR research report, the raw super abrasives segment is projected to expand at a CAGR of 7.7% during the forecast period.
- Companies operating in the abrasives market are utilizing alumina and non-ferrous metals in order to develop innovative products. Moreover, several players are increasing efforts to expand their product portfolios. They are increasing investments in R&D activities that focus on the development of a 2-step grinding system intended for angle grinders that offer improved removal rate and therefore finer surfaces. Adoption of such abrasive products has risen in the past few years owing to their ability to save time during manufacturing activities in machinery, electronics, and automobile industries. Demand for abrasive products is anticipated to increase in the next few years due to their rising application in heavy-duty machinery activities.
- Key end-users of abrasive materials include transportation, machinery, electrical & electronic equipment, and metal fabrication. According to market analysis by TMR, the machinery end-user segment held a significant share of the industry in 2020. The electrical & electronic equipment and transportation segments are expected to expand at a rapid pace during the forecast period owing to rise in demand for electrical & electronic appliances and automobiles globally.
Abrasives Market: Growth Drivers
- Rise in logistics and transportation activities across developed and emerging countries across the globe is likely to fuel industry growth during the forecast period
- Increase in demand for abrasives products from electronics and automotive industries is anticipated to drive market development in the next few years
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Growth Restraints
- Government authorities of several countries have implemented stringent regulations pertaining to the usage of silica abrasives. This factor is expected to result in sluggish growth of the global market during the forecast period.
- Players are anticipated to witness decreased growth opportunities owing to unstable prices of raw materials
Regional Analysis
- According to market trends analysis in the TMR research report, players are anticipated to gain significant business opportunities in Asia Pacific during the forecast period. This can be attributed to increase in urbanization and rapid expansion of the Industry 4.0 sector in developing countries such as India and China.
Abrasives Market: Competition Landscape
- Leading industry players are focusing on product launches in order to strengthen their product portfolios
- These companies are adopting strategies, such as alliances, mergers, acquisitions, and investment in product innovation, in order to maintain prominent market positions
Abrasives Market: Key Players
- 3M
- Saint Gobain SA
- DuPont
- Robert Bosch GmbH
- Henkel AG & Co. KGaA
- TYROLIT Schleifmittelwerke Swarovski K.G.
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Abrasives Market Segmentation
Product
- Bonded Abrasives
- Coated Abrasives
- Raw Super Abrasives
- Steel Abrasives
- Loose Abrasive Grains
- Others (including Nonwoven Abrasives)
End-user
- Machinery
- Electrical & Electronic Equipment
- Transportation
- Metal Fabrication
- Others (including Construction, Medical Devices, Power Generation, and Cleaning & Maintenance)
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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