Metal Abrasives Market Size, Share & Trends Analysis Report By Material (Steel, Others) By Application (Automotive, Metalworking), By Region, And Segment Forecasts, 2022 - 2030

Metal Abrasives Market Growth & Trends

The global metal abrasives market size is expected to reach USD 8.76 billion by 2030, registering a CAGR of 4.8% during the forecast period, according to a new report by Grand View Research, Inc. High volume production of casting and forging parts is anticipated to augment demand for the product from 2022 to 2030.

Investment in industries such as forging, die casting, and investment casting is likely to benefit the demand for metal abrasives such as steel shots & grits, which are used in the surface preparation process. For instance, in April 2022, India-based forging manufacturer Good luck India announced an investment of USD 25.0 million (INR 2,000 Crore) to expand its production capacity and improve its capabilities during the next 2-3 years. Reportedly, the company installed a new press for forging unit in 2021 at its Ghaziabad plant, which is anticipated to boost production and reduce manual intervention.

Investments in electric vehicle facilities are anticipated to benefit the demand for metal abrasives such as steel shots & grits. For instance, in March 2022, Triton Electric Vehicle, an EV manufacturing company, decided to set up a production facility in Gujarat, India. The facility will be spread over an area of 600 acres and will be 3 million square feet. The company is planning to manufacture SUVs, electric cars, and pickup trucks in the facility.

In addition, metal abrasives find applications in the metalworking industry such as aluminum die casting, forging, etc. Rising investments in the metalworking industry are anticipated to augment the market growth during the forecast period. For instance, in December 2021, General Motors decided to invest USD 51.0 million in installing equipment at its foundry in Indiana, U.S.A. The foundry produces casting parts for the company’s Chevrolet Silverado EV.

Asia Pacific held the largest revenue share in 2021 and the trend is likely to continue during the coming years owing to rising demand for the components from the metalworking sector. Metal forged parts are widely used in various industries and these parts require metal abrasives for cleaning, grinding, and polishing purposes. Investments and mergers & acquisitions in the forging industry are projected to benefit the market growth. For instance, Bharat Forge, a leading forging company in India acquired Sanghvi Forging & Engineering Ltd. in June 2021.

The market is competitive, and the large, as well as small players, engage in various strategies including joint ventures, capacity expansion, and mergers & acquisitions to stay profitable in the business. For instance, in April 2022, VSM Abrasives invested an undisclosed amount in the expansion of its manufacturing plant in O’Fallon, Missouri, U.S.A.

Metal Abrasives Market Report Highlights

• Based on material, steel abrasive held the highest revenue share of more than 90.0% in 2021 and this trend is expected to continue throughout the forecast period. Steel abrasives are widely used in various end-user industries including construction, automotive, and metallurgy
• Based on application, metalworking accounted for the share of more than 46.0% in 2021, and this trend is expected to continue throughout the forecast period, thereby increasing the utilization of metal abrasives for die casting, investment casting, forging, etc.
• The rising production capacity of the foundries by the manufacturers is expected to boost demand for metal abrasives throughout the forecast period. For instance, in February 2021, Waupaca Foundry was acquired by Victaulic, which increased the production capacity of Victaulic by 70.0% in 2021
• Based on region, in 2021, Asia Pacific was the largest regional market with a share of 55.0% in the global metal abrasives market. Rising investments in the metalworking industry and automotive production plants are anticipated to augment the market growth in the region, from 2022 to 2030