Abrasives Market: Current Analysis and Forecast (2021-2027)

Abrasives Market: Current Analysis and Forecast (2021-2027)

The global abrasives market is expected to register a CAGR of around 4% over the period of 2021-2027. Abrasives are materials that are repeatedly scraped against softer substances in order to polish them or to reduce the roughness of their surface. They are utilized in a variety of processes, including grinding, polishing, lapping, honing, pressure blasting, and others. Depending on the quantity of material to be removed, they come in a variety of particle or grit sizes. The global abrasives market growth of this market is attributed to the growing automotive, metal fabrication, machinery, electronics, electrical, medical, and construction industries that have contributed significantly to the growth of the abrasives market. In the upcoming years, it is projected that the need for abrasives would rise as electric vehicles and their charging stations become more popular. For example, In February 2022, a memorandum of understanding (MoU) was signed between electric two-wheeler company Ather Energy and Electric Supply Companies (ESCOMs) of Karnataka for setting up 1,000 fast charging stations across the state.

Some of the major players operating in the market include Robert Bosch GMBH, 3M Company, Saint-Gobain Abrasives, Inc, Fujimi Incorporated, LafargeHolcim, Balfour Beatty PLC, Kier Group PLC, Carillon PLC, Tyrolit Group and Asahi Diamond Industrial Co.
 
Insights Presented in the Report
"Amongst material, the synthetic abrasive sector accounted for a notable share in the market”

Based on material, the market is classified into natural and synthetic. A considerable market share is held by the synthetic abrasive sector. Contrary to natural abrasives, which are mined, many synthetic abrasives are comparable to natural minerals but are produced artificially. This makes it far easier to alter the structure, size, and shape of grains. Furthermore, natural minerals lose some of their effectiveness due to impurities, making artificial abrasives a better option.
"Amongst type, the coated sector is anticipated to see substantial CAGR.”

Based on type, the market is classified into bonded, coated, and super. The coated category holds a sizeable market share and is used in a number of sectors, including manufacturing, machine tools, furniture, and medical items. However, bonded abrasives are also anticipated to expand significantly throughout the anticipated period as they hold superior surface finishes in high precision edging sectors such as automotive, construction, and woodworking.
"Amongst end-user, metal fabrication is expected to witness significant CAGR growth during the forecast period”

Based on end use industry, the market is classified into Construction, Electronics, Automotive, Metal fabrication, and Others. Metal fabrication commands a sizeable market share, which is mostly due to its continuous and escalating use in developing countries like China and India to make metal parts through bending, cutting, and assembly procedures. Polishing, cleaning, debuffing, and mending automotive parts are among the automotive applications that are emerging along with the automobile sector.
"APAC to witness significant growth during the forecast period”

Asia-Pacific is expected to show the highest CAGR growth in the abrasives market. The major contributors to the growth of this market are China and India. It is projected that the abrasives market would expand more swiftly in countries like India and China due to rising development activities and accelerated economic expansion. Due to their enormous populations, these countries provide a sizable client base as well. The rising demand from the construction and automotive sectors is expected to drive up demand in the metal and chemical industries, leading to a growth in the APAC abrasives market. Since, abrasives are heavily used throughout chemical and metal processing operations in these industries, which stimulate the demand.

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