Jun 29, 2022   SOURCE: BusinessWire

Global Abrasives Market Report to 2030 - Players Include 3M, Saint Gobain, Robert Bosch and Noritake - ResearchAndMarkets.com

The "Abrasives Market by Type, Material, Product Type, End User Industry - Global Opportunity Analysis and Industry Forecast, Market Size, Share, Trends, Forecast, Analysis, Research Report, Growth 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.

The Global Abrasives Market size valued to USD 48.13 billion in 2021, shall witness a growth of USD 73.74 billion by 2030, with a CAGR of 4.8% from 2022-2030.

Abrasives, widely used for grinding, polishing, buffing, honing, cutting, drilling, sharpening, lapping, and sanding; are mostly mineral derived materials, either obtained naturally or synthetically. It works on the principle of difference in hardness between the two substances, where abrasive is harder of the two. The global abrasive market witnessed a notable volumetric sale of 50655.5 kilotons in 2021, which is expected to rise up-to 73529.2 kilotons by 2030, with a CAGR of 4.1% from 2022-2030.

Abrasives are extensively used in a wide variety of domestic, industrial, and technological applications. This gives rise to a large variability in its size, shape, physical composition, and chemical composition. The factors including increasing demand from metal fabrication industry, massive production of electronic components, technological advancements, rapidly growing industry verticals, and reducing cost of synthetic diamonds are majorly driving the global abrasives market.

The automotive segment offers maximum market potential, as abrasives play a vital role in manufacturing automotive components, modifying the operating parameters, machining of components, finishing and maintenance of the body. Besides, factors like increase in disposable incomes, growing demand for passenger and commercial vehicles are anticipated to supplement the market growth in the future.

The upsurge in the construction sector on globe scale are to drive the demand of super-abrasives, in the future. Whereas, the bonded abrasives segment is anticipated to dominate the global market, throughout the forecast period.

However, factors like stringent regulations on usage of silica abrasives, fluctuation in price of raw materials and the requirement of raw materials in larger quantities, may hamper the growth of abrasives market.

Moreover, high growth potential of emerging economies, increasing demand from e-commerce industries, investments in R&D's to derive more sustainable abrasives, and their growing use in the medical sector shall create lucrative opportunities in the global abrasives market in the forecast period.

Companies Mentioned

  • Asahi Diamond Industrial Company Ltd.
  • Carborundum Universal Ltd.
  • Fujimi Incorporated
  • Henkel AG & CO KGAA
  • Krebs & Riedel
  • KWH Mirka
  • Nippon resibon corporation
  • Noritake Co. Ltd.
  • Robert Bosch GmbH
  • Saint Gobain
  • 3M

Market Dynamics

Drivers

  • Increasing Demand from the Automotive Industry
  • Rising Demand in the Woodworking and Fabrication Industry
  • Increase in Demand of Vehicle Brakes

Restraints

  • Lack of Raw Material and Stringent Government Regulations
  • Health Hazards Related to Abrasives

Opportunities

  • Increasing Demand in the Construction Sector
  • Increase in Demand in Medical and Biotechnology Sector

Key Market Segments:

Global Abrasives Market - By Type

  • Bonded
  • Coated
  • Super Abrasives

Global Abrasives Market - By Material

  • Natural
  • Synthetic

Global Abrasives Market - By Product Type

  • Disc
  • Cups
  • Cylinder

Global Abrasives Market - By End User Industry

  • Automotive
  • Machinery
  • Aerospace
  • Metal Fabrication
  • Electronics
  • Construction
  • Others

Global Abrasives Market - By Geography

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • Korea
  • Australia
  • Rest of Asia-Pacific
  • RoW
  • Latin America
  • Middle East
  • Africa

For more information about this report visit https://www.researchandmarkets.com/r/ksh79l