Abrasives Market
The Abrasives Market is estimated to expand at a significant CAGR during the forecast period (2020-2027).
The factors driving the growth of Abrasives Market includes growing demand for pre-engineered buildings & components, rapid growth in the manufacturing sector, increasing sales of electric vehicles around the world and rising emphasis on reducing the carbon emissions. According to the report published by EV Volumes, around 6,75 million units of electric vehicles were sold in the International Markets in 2021, showing an increase of 108% as compared to 2020, which is expected to boost the Global Abrasives Market in the approaching years. Moreover, the increasing application of abrasives in the machinery and metal fabrication industries, rising trend of digitalization, growing construction activities and rapid urbanization, are some of the additional factors supplementing the Abrasives Market share. In addition, the increasing investments by the leading players on research and development, rising disposable incomes and growing population growth rates, are further propelling the Abrasives Market size.
However, the growth of Abrasives Market is hindered attributed to uncertainties in the Global economic climate and increasing cost of raw materials.
The leading players operating in the market are Robert Bosch GmbH, 3M Company, Dupont De Nemours, Inc., Tyrolit Schleifmittelwerke Swarovski KG, BORIDE Engineered Abrasives, Flexovit USA, Inc., Saint-Gobain, Henkel AG & Co. KGaA, Nippon Resibon Corporation, Mirka Ltd., Jason Industries, Inc., Fujimi Incorporated, Asahi Diamond Industrial Co., Ltd., Sankyo-Rikagaku Co., Ltd., Noritake Co., Limited and Tyrolit Schleifmittelwerke Swarovski KG, among others.
Type: Segment Analysis
Based on Type, the coated segment is predicted to capture the largest market share during the forecast period due to its increasing application in the end-use industries such as Automotive, Healthcare and Consumer goods.
End-User: Segment Analysis
Based on End-User, the automotive segment is anticipated to grow at a significant CAGR during the forecast period attributed to increasing demand for electric vehicles and other light commercial vehicles across the globe.
On the other hand, the metal fabrication segment is estimated to lead the market over the forecast period due to increasing use of metal fabrication in the end-use industries such as electronics, aerospace.
Regional: Segment Analysis
As per the Abrasives Market Report, the Asia-Pacific region is estimated to expand at a remarkable CAGR over the forecast period. The growing demand for commercial vehicles in China, Malaysia and India, rising disposable incomes, rapid urbanization and high population growth rates, are some of the important factors influencing the market growth in Asia-Pacific.
Market Segmentation
Segmentation by Raw material
- Natural
- Synthetic
Segmentation by Type
- Coated Abrasives
- Bonded Abrasives
- Super Abrasives
Segmentation by End-Use Industry
- Aerospace
- Automotive
- Machinery
- Metal fabrication
- Electrical & Electronics Equipment
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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