The global abrasives market size is projected to grow from USD 46.4 billion in 2020 to USD 58.0 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. The growth of this market is attributed to the growing automotive, metal fabrication, machinery, electronics, electrical, medical, and construction industries have contributed significantly towards the growth of the abrasives market. However, factors such as uncertainty in economic conditions and rising raw material costs inhibit the growth of the market.
In terms of value and volume, the bonded segment is projected to lead the abrasives market from 2020 to 2025. Based on type, the bonded segment is projected to be a faster-growing market during the forecast period.The bonded sector is projected to be the fastest-growing type segment in the next five years.
Due to the focus on rapid industrialization in emerging economies, and development of the metal fabrication industry is expected to shift the inclination of both, suppliers and consumers towards abrasive.Increasing demand in welding, automotive, foundry, jewelry industries is also anticipated to propel bonded abrasives market in next five years.
Market participants are focusing on novel products such as wide belts, flexible belts, nonwoven fabric abrasives, seeded gel abrasives and polyester backed abrasives. This factor is also expected to boost demand over the forecast period.
Increasing demand from the machinery industry coupled with the growing automotive industry is expected to drive the abrasive market. The growth of the abrasives market is driven by the increased demand for automotive and machinery, throughout the world, especially in Asia Pacific due to urbanization and industrialization.Also, the accurate manufacturing features involving various applications (grinding, cutting, polishing, sanding, and others) of the abrasive are attracting the end-use industry significantly.
With the emergence of new technologies, contractors and consumers are looking for advanced and accurate manufacturing, which are driving the market for abrasive globally.
In terms of both value as well as volume, the Asia Pacific region is expected to account for the largest share in the global abrasives market during the forecast period. Asia Pacific is the fastest-growing market for abrasives due to its increasing economic growth.The market for Asia Pacific is projected to grow at the highest rate during the forecast period.
The rise in disposable income, exceptional demand for passenger and commercial vehicles, and rise in the sales of electronic devices are driving the abrasive market. Due to the increasing consumption and production of industrial products in developing economies such as India and China, the abrasive market in these countries is projected to grow at a higher rate than the other Asia Pacific countries.
Break-up of Primaries: •?By Company: Tier 1: 54%, Tier 2: 23%, and Tier: 23% •?By Designation: Managers: 61%, CXOs: 23%, and Executives: 16% •?By Region: Asia Pacific: 33%, Europe: 27%, North America: 25%, Middle East & Africa: 10%, and
South America: 5% The various abrasive companies profiled in the report are as follows: 1. Robert Bosch GMBH (Germany) 2. 3M Company (U.S.) 3. Sak industries (India) 4. Saint-Gobain Abrasives, Inc. (US) 5. Fujimi Incorporated (Japan) 6. Henkel AG & CO. KGAA (Germany) 7. Tyrolit Group (Austria) 8. Asahi Diamond Industrial Co., LTD (Japan) 9. Deerfos Co., Ltd (Korea) 10. Carborundum Universal Limited (India)
Research Coverage The market study covers the abrasives market across various segments.It aims at estimating the market size and the growth potential of this market across different segments based on the raw material, type, end-use industry, and region.
The study also includes in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their positions in the abrasives market.
Key Benefits of Buying the Report The report is projected to help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall abrasives market and its segments and sub-segments.This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
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243 pages •
By Asia Market Information & Development Company
• Apr 2021
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Gross Domestic Product
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