New York, NY, Sept. 06, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Superabrasive Market By Material (Diamond, Cubic Boron Nitride, and Others) and By End-User (Electrical & Electronics, Automotive, Oil & Gas, Building & Construction, Aerospace & Defense, and Medical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, then global superabrasive market was USD 2,800 million in 2018 and is expected to reach around USD 4,466 million by 2025, growing at a CAGR of 6.9% between 2019 and 2025.
Superabrasive is a material that exhibits superior grinding characteristics with an exceptionally long lifecycle. Superabrasive materials are coated on various tools, such as grinding wheels to improvise their grinding productivity. They are widely popular due to their peculiar characteristics like high scale hardness, entrenched lifecycle, and superlative performance. Superabrasives can be employed in a diverse range of forms, such as powder, coarse particles, grits, or coatings on the tool as per operational needs.
Browse through 71 Tables & 24 Figures spread over 110 Pages and in-depth TOC on “Global Superabrasive Market Size & Share 2018 Report: By Type, Trends, Demand, Growth, Analysis, and Forecast to 2025”.
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The key factor driving the superabrasive market globally is the increasing awareness about the high-end technology and its benefits and the rapid growth of the automotive industry, which is a key end-user of superabrasives. Improved diversity of applications of superabrasive materials has also stimulated the global superabrasive market. However, the excessive cost of these materials that result in a high cost of production for various end-user industries and price volatility of superabrasive products due to the fluctuating raw material prices may limit the superabrasive market globally.
The global superabrasive market is fragmented on the basis of material and end-user. By material, the market is divided into diamond, cubic boron nitride, and others (wire dies and new crystals). The diamond segment held the largest share of around 70% of the global market in 2018. Diamond superabrasives are further divided into polycrystalline diamond, mesh diamond, and others (nanodiamond and chemical vapor deposited diamond). Diamonds are the hardest known materials and have a diverse range of applications from cutting concrete and stone to abrasive coatings on grinding wheels and coating on high grinding tools. Cubic boron nitride further includes polycrystalline cubic boron nitride, mesh cubic boron nitride, and chemical vapor deposited cubic boron nitride. Cubic boron nitride materials are projected to show a higher CAGR, due to its superior thermal stability as compared to diamonds. Cubic boron nitride is primarily used for grinding of non-ferrous metals.
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On the basis of end-user, the market includes automotive, oil and gas, building and construction, aerospace and defense, electrical and electronics, and medical. The electrical and electronics industry accounted for the largest share of superabrasive market. Delicate components of electronic devices require careful and superior finishing which is effectively provided by superabrasives. Furthermore, exponential growth in the use of electronic gadgets across emerging economies and Asia Pacific region has bolstered the market share of the electronic device industry in the global superabrasive market. The automotive industry is projected to show the highest CAGR in the future, owing to the rapidly rising demand for automotive in the emerging economies.
The Asia Pacific accounted for the largest share, of over 50%, of the global superabrasive market. This dominant market position can be attributed to the rising number of construction and infrastructural activities, elevated disposable income and purchasing power of consumers across the emerging economies of China and India and rapid growth in industrial output of key end-user industries, such as automotive, building and construction, etc. The electric and electronics industry held the largest share of this regional market in 2018, as it requires careful and precise finishing of delicate integral components with the help of superabrasive materials. Superabrasive materials are used for crushing stones and concrete used for construction activities. The exponential growth of the region’s automotive industry has also triggered this market’s growth, as these materials are employed for car body operation, mounting of cam lobes on hollow engine shaft, and steering mechanism. China accounted for a major share of the Asia Pacific market in 2018. India is projected to exhibit tremendous growth in the region’s superabrasive market over the forecast time period, owing to the growing emphasis on manufacturing industry.
Browse the full “Superabrasive Market By Material (Diamond, Cubic Boron Nitride, and Others) and By End-User (Electrical & Electronics, Automotive, Oil & Gas, Building & Construction, Aerospace & Defense, and Medical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”Report at https://www.zionmarketresearch.com/report/superabrasive-market
North America ranked second in the superabrasive market in 2018 and is estimated to sustain its position over the forecast time period. Robust construction activities, growing medical applications of superabrasives, and rising regional oil and gas production are expected to stimulate the superabrasive market in the future. The U.S. accounts for a major share in this regional market and has recently earned investment by Element Six for the production of synthetic diamonds to be used as a superabrasive material.
Europe accounted for the third-largest share of the global superabrasive market in 2018, due to the highly industrialized economies of Germany, the U.K., Spain, Russia, and France are slated to hold distinct positions in this regional market. Key market players, such as Element Six, Action Super, and Duratec are headquartered in Europe.
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Latin America and the Middle East and Africa are projected to experience modest growth in the superabrasive market. Furthermore, a major share of the regional market is controlled by GCC countries and South Africa.
Some major players of the global superabrasive market are Element Six, Hyperion Materials & Technologies, Iljin Diamond, Showa Denko KK, Huanghe Whirlwind, Saint-Gobain, and ZZDM Superabrasive.
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This report segments the global superabrasive market into:
Global Superabrasive Market: Material Analysis
Global Superabrasive Market: End-User Analysis
Global Superabrasive Market: Regional Analysis
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