Abrasives Market to Reach USD 60.94 Billion by 2033; Technological Advancement and Product Innovation to Propel Growth

The global abrasives market size is anticipated to grow from USD 38.50 billion to USD 60.94 billion in 10 years. The market will experience rapid growth due to the rise in demand for abrasives in the automotive sector during the forecast period.

Newark, Sept. 09, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 38.50 billion in 2023 global abrasives market will reach USD 60.94 billion in 2033. Abrasive materials are hard crystals, either naturally occurring or manufactured, used for finishing or shaping workpieces through tearing, rubbing, or wear. Common abrasives include boron nitride, silicon, aluminium, diamond, glass, and walnut shells. These materials are especially effective in metalworking, where they can penetrate even the hardest metals and alloys. Due to their hardness, abrasives are suitable for working with a range of materials, including glass, plastics, stones, rubber, and wood. Abrasives are used in various applications, such as shaping (e.g., form grinding and tool sharpening), cleaning surfaces by removing excess material, and precision grinding. They are also applied in corrosion protection within the painting, printing, and coatings industries. Abrasives can be classified into natural and synthetic types, with recent trends showing a shift from synthetic to natural abrasives. They are supplied in various forms, including pastes, powders, grains, and slurries, with grain size determining their classification.

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Scope of Global Abrasives Market

Report Coverage

Details

CAGR

4.7% from 2024 to 2033

Market Size in 2023

USD 38.50 Billion

Market Size by 2033

USD 60.94 Billion

Largest Market

Asia Pacific

Base Year

2023

Forecast Year

2024 to 2033

Historical Year

2020-2022

Segments Covered

Raw Material, Type, End Use Industry, Regions

Regions Covered

North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Key Insight of the Global Abrasives Market

Asia Pacific will dominate the market during the forecast period.

The primary cause of the expansion is the rise in abrasive consumption across a number of end-use industries, including the construction, automotive, and metal fabrication sectors. Furthermore, the existence of numerous domestic and international players in nations like China, Taiwan, and India has increased abrasive manufacturing in the area. Because there are so many domestic manufacturers in China, the country has a significant market share in the Asia Pacific area.

In 2023, the natural segment dominated the market with the largest market share of 51.5% and revenue of 19.82 billion.

The raw material segment is divided into natural and synthetic. In 2023, the natural segment dominated the market with the largest market share of 51.5% and revenue of 19.82 billion.

Coated abrasives segment is projected to grow at the highest CAGR of 5.5% over the forecast period.

The type segment includes coated abrasives, bonded abrasives, and super abrasives. Coated abrasives segment is projected to grow at the highest CAGR of 5.5% over the forecast period.

In 2023, the automotive segment dominated the market with the largest market share of 39.8% and revenue of 15.32 billion.

The end-use industry segment includes aerospace, automotive, machinery, metal fabrication, electrical & electronics equipment, and others. In 2023, the automotive segment dominated the market with the largest market share of 39.8% and revenue of 15.32 billion.

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Advancement in market

A major global technological leader in colour solutions, functional coatings, and speciality minerals, Vibrantz Technologies, Inc., recently announced the acquisition of Micro Abrasives Corporation, a specialist alumina manufacturer situated in Westfield, Massachusetts. Micro Abrasives focusses in producing calcined alumina, which is utilised in the markets for industrial lapping, polishing of optics, and automobile refinishing. With more than fifty workers, the company runs two locations: one in Alexandria, Louisiana, and the other in Westfield, Massachusetts.

Market Dynamics

Driver: Increased Demand in the Automotive Sector.

The automotive industry's technological advancements have led to a higher demand for abrasives. These materials are crucial for manufacturing automotive components, including polishing, coating, sanding, and repair. The automotive sector's growing needs drive the demand for abrasives.

Restraints: High Operating Costs.

The high operating costs associated with abrasive materials can hinder market growth. Importing raw materials for abrasives, combined with their high prices, makes it challenging for vendors to maintain profitability.

Opportunities: Technological Advancements and Product Innovation.

Technological progress and innovation in abrasives offer significant growth opportunities. The need for high-performance abrasives in metal fabrication and metalworking drives the development of abrasives that cut faster and last longer than traditional options.

Challenges: Raw Material Price Fluctuations.

The fluctuating prices of raw materials such as aluminum, steel, and diamonds pose a challenge for the abrasives market. Increased raw material costs lead to higher production expenses, potentially impacting market growth.

Some of the major players operating in the global abrasives market are:

• Robert Bosch GMBH• 3M Company • Compagnie de Saint-Gobain S.A.• Fujimi Incorporated• Henkel• Tyrolit Group• Asahi Diamond Industrial• Deerfos• Sak Industries• Carborundum Universal Limited

Key Segments covered in the market:

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• Others

By Region

• North America (U.S., Canada, Mexico) • Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)• Asia-Pacific (China, Japan, India, Rest of APAC)• South America (Brazil and the Rest of South America)• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.

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