Abrasives Market Size, Share & Trends Analysis Report By Product (Coated, Bonded), By Application (Automotive & Transportation, Heavy Machinery, Metal Fabrication, Electrical & Electronics Equipment), By Region, And Segment Forecasts, 2024 - 2030

Abrasives Market Size, Share & Trends Analysis Report By Product (Coated, Bonded), By Application (Automotive & Transportation, Heavy Machinery, Metal Fabrication, Electrical & Electronics Equipment), By Region, And Segment Forecasts, 2024 - 2030

Abrasives Market Growth & Trends

The global abrasives market size is anticipated to reach USD 52.59 billion by 2030, expanding at a CAGR of 5.0% from 2024 to 2030, according to a new report by Grand View Research, Inc.The market growth is expected to be driven by the rising metal fabrication industry on account of the demand from automotive, aerospace, agriculture, and medical, among other end-use sectors. Abrasives are the tools used for shaping and providing a smooth finish to product surfaces.

Based on product, the coated segment is anticipated to register the fastest CAGR over the forecast period, due to the increasing applications of coated materials in metalworking, where products like sandpaper are used for deburring. China held the largest revenue share of the global market in 2023, leading in terms of production and making it a huge manufacturing hub.

Based on application, automotive & transportation acquired the largest revenue share in 2023. This trend is estimated to continue during the forecast period. This is due to the rising global production of vehicles, especially in developing nations. As a result, major abrasive manufacturers are aggressively engaging in expansion projects in emerging economies such as India, China, and Southeast Asian countries. According to the USGS statistics, China was the largest producer of fused aluminum oxide and silicon carbide abrasives in 2022. Rising production in China has compelled other players in the value chain to expand their manufacturing capacities.

The competitive landscape of the market reflects key companies engaging in capacity extensions in order to enhance their market position and supply to meet the demands of a steady growing market. For instance, in September 2023, Hermes Abrasives, a Germany-based company announced an investment of USD 5.6 million in Virgina Beach, U.S. to expand its existing facility to integrate and increase production capabilities.

Abrasives Market Report Highlights

• Based on product, bonded abrasives dominated the market with more than 43.0% revenue share in 2023. Increasing demand for bonded abrasives from numerous industries, including steel, automotive, cutting tools, food processing, and general engineering, among others is contributing to this segment’s growth
• Based on application, the automotive & transportation segment is expected to grow at a CAGR of 4.7% and retain the leading position from 2024 to 2030. This growth can be attributed to the increasing production of electric vehicles (EVs) and rising number of charging stations
• The metal fabrication segment is anticipated to register the fastest CAGR from 2024 to 2030. Metal fabricators look for high-performance abrasive discs and finishing materials to reduce downtime of fabrication operations
• Asia Pacific dominated with a revenue share of over 55.0% in 2023 and is expected to register the fastest CAGR over the forecast period. This growth is anticipated to be driven by the developments in construction and infrastructure in countries such as India and China
• In May 2023, SAK ABRASIVES LIMITED announced acquisition of Jowitt & Rodgers, a Philadelphia-based company, to expand its business footprint in the U.S. Strategic approach is a part of company’s aim to focus on custom-made engineering products at various locations and enhance combined capacity of product line making it a stronger industry player in global bonded abrasive market

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