The Abrasives Market Is Estimated To Record a CAGR of Around 5.14% During The Forecast Period
Market Highlights
The Global Abrasives market is projected to be valued at USD 67.54 Billion by 2033, recording a CAGR of around 5.14% during the forecast period. The Abrasives Market refers to the industry that produces and sells materials used for grinding, cutting, polishing, and drilling of solid surfaces across various end-user industries such as automotive, machinery, aerospace and defense, metal fabrication, building and construction, medical devices, oil and gas, electrical and electronics, and others. The market is segmented by raw materials (natural and synthetic), type (coated abrasive, bonded abrasive, super abrasive, and others), product (disc, cups, cylinder, and others), form (block form and powdered form), application (grinding, cutting, polishing, drilling, finishing, and others), and end-user. The market is expected to grow at a CAGR of 5.5% from 2021 to 2028, with Asia Pacific holding the largest market share. The market is driven by the increasing demand for abrasives in the electronics industry and the benefits associated with their use in the medical industry.
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The Abrasives market experienced a positive impact due to the COVID-19 pandemic. Due to supply chain disruptions brought on by the COVID-19 pandemic, there are now shortages or decreased demand in the abrasives industry. Spending by consumers and businesses has decreased significantly as a result of the travel restrictions and social distancing measures, and this trend is expected to persist for some time. The epidemic has altered end-user trends and tastes, leading manufacturers, developers, and service providers to implement several measures in an attempt to stabilize their businesses.
Segmental Analysis
The global Abrasives market has been segmented based on Material, Type and End User
Based on the Material, the market is segmented based on Natural and Synthetic. In 2021, the synthetic category accounted for approximately 50%-52% of the total revenue generated by the abrasives market, holding the dominant position. Conversely, alumina, silicon carbide, and synthetic diamond are examples of raw minerals or chemical precursors that go through a lot of processing to become synthetic abrasives.
Based on the Type, the market has been divided into Bonded Abrasives, Coated Abrasives and Super Abrasive. In 2021, the bonded sector accounted for approximately 40%–42% of the total revenue generated by the abrasives market, holding the dominant share. Resin-bonded abrasives are extensively used in the automotive industry to machine a range of driveline, suspension, body, and chassis components.
Based on End User, the market has been divided into Automotive, Metal Fabrication, Machinery, Electronics, Construction and Others. In 2021, the Automotive segment held a dominant position in the market. It is anticipated that over the projection period of 2022-2030, the Metalworking segment will develop at a quicker rate. This is because market leaders are seeing explosive growth. Industries that rely on metal fabrication, such aerospace, defense, and agriculture, are all growing steadily. All of these indicators suggest that the industry has a promising future.
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Regional Analysis
The Abrasives market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. Asia-Pacific dominates the Abrasives market due to several factors. Asia-Pacific Abrasives market accounted for USD 29.2 billion in 2021 and is expected to exhibit an 6.25% CAGR during the study period. This is explained by the region’s majoe economies’ strong growth in the metalworking, automotive, and other industries, which is driving up demand for abrasives. The North America region has been witnessing remarkable growth in recent years. The second-largest market share is held by the abrasives market in North America. In terms of both car production and sales, the US is currently the second-largest market in the globe. Because North American supply chains are so well-integrated, almost 40% of the raw materials used to make automobiles in the majority of the countries come from the US and Canada. Between 2005 and 2020, the United States’ exports of automotive parts and components more than tripled.
