The global Abrasive market size is expected to be worth around US$ 57.82 billion by 2030, according to a new report by Vision Research Reports.
The global Abrasive market size was valued at US$ 44.41 billion in 2020 and is anticipated to grow at a CAGR of 4.10% during forecast period 2021 to 2030.
The market is expected to be driven by the rising growth in the metal fabrication industry on account of demand from the end-use sectors, such as automotive, aerospace, agriculture, and medical. Abrasives are tools used for shaping and providing a smooth finish to the surface of the product.
Based on product, the market has been segmented into coated, bonded, and others. The coated segment is anticipated to register the fastest growth rate over the forecast period on account of the increasing application of coated materials in metalworking, where products, such as sandpaper, are used for deburring. China held the largest share of the global market in 2020. The country leads in terms of production as well to cater to domestic demand, as it is also a huge manufacturing hub.
According to the USGS statistics, China was the largest producer of fused aluminum oxide and silicon carbide abrasives in 2019. Rising production in China has compelled other players in the value chain to expand their manufacturing capacities. For instance, in August 2020, Ahlstrom-Munksjö announced to make further investments in its Binzhou plant for producing abrasive backing paper. This investment aims at strengthening the company’s position as a leading producer for abrasive backings across the globe.
Despite the positive market outlook for the future, the market growth plummeted in 2020 on account of the Covid-19 pandemic. Several companies witnessed losses in 2020 as the manufacturing operations were suspended, which impacted both product manufacturing and consumption. For example, Grindwell Norton Ltd.’s abrasives division reported a drop in sales due to a decline in industrial activity and lockdown in the first quarter of 2020.
The bonded segment dominated the global market in 2020 accounting for the largest revenue share of over 43%. Bonded abrasives include grinding wheels, snagging wheels, mounted wheels, and others, which are used for precision and rough grinding applications due to their high efficiency and enhance operational capability. The coated product segment is expected to register the fastest growth rate over the forecast period. Coated abrasives include roll, sheet, disc, belt, and flap-wheel products. Rising demand for this product type has compelled companies to expand their production capacities.
For example, in March 2020, Carborundum Universal Ltd. invested a sum of ?48 crores (~USD 6.60 million) to double its installed capacity of coated abrasives to cater to the growing demand from the domestic and international markets. The products in this segment have applications in white goods, sanitaryware, furniture, automobile, fabrication, construction, and auto ancillaries. The developments in the stainless steel fabrication and woodworking industries are expected to boost the growth of this product segment over the forecast period.
The automotive & transportation segment held the largest revenue share of more than 35% in 2020. In the automotive industry, abrasives are used for various applications, such as coarse and lacquer sanding. Moreover, super abrasives, in the form of diamond discs, are preferred for grinding and polishing to enhance the surface finish of automotive components.
Heavy machinery is amongst the fastest-growing application segments of the market. The product is widely used in metal cutting applications, grinding & crushing of mining equipment, and others. Growth in the manufacturing sector of developing economies is expected to boost the demand for heavy machinery, thus, augment the product consumption over the forecast period.
For instance, in June 2020, Mahanadi Coalfields Ltd. announced to invest ?60,000 crores (~USD 9.35 billion) by 2025-26 for expanding its coal production capacity to 300 million tons. Such investments are anticipated to increase the demand for heavy machinery and benefit the overall market over the coming years.
Electrical & electronics equipment is another lucrative application for the product, where it is used for slicing and grinding of electronic components and various hard materials, such as glass, silicon, zirconia, and quartz, to produce circuit components and compact discs. Moreover, with ease in restrictions imposed due to the global pandemic across various regions, nations are re-opening their electrical & electronics manufacturing sector, which is also supporting the segment growth. For instance, in May 2020, the electrical and electronics sector resumed its operations in Malaysia.
Asia Pacific dominated the global market in 2020 and accounted for the largest revenue share of more than 54%. The regional market will expand further registering the fastest CAGR from 2021 to 2028. Infrastructural developments, rising investments in the manufacturing sector, and growth in EV production in developing economies of the region are expected to drive the market growth over the forecast period.
Southeast Asian countries are potential markets for abrasives. For instance, Vietnam’s industrial production witnessed an increase of 2.7% in the first half of 2020 from the same period of 2019. The U.S.-China trade war made Vietnam a popular destination for investment in Asia and a compact manufacturing base in the world. Developments in the manufacturing sector of the country have augmented the need for machinery and hence, product demand.
North America is anticipated to witness steady growth over the coming years owing to the rising product demand from the automotive and aerospace & defense industries. Despite the decline in 2020, owing to the pandemic, rising emphasis on the production of EVs in the region, coupled with the resumption of aircraft manufacturing operations, is anticipated to prove beneficial for the market growth in the coming years.
The growth in the metal fabrication and machining industries in North America is also expected to provide lucrative growth opportunities to the manufacturers. For instance, in July 2020, Sargent Metal Fabricators Inc., announced its plan to expand operations in South Carolina, U.S. with an investment of USD 9.5 million. The expansion aims at catering to the growing customer demand. Such investments are expected to augment the product demand in the region over the forecast period.
Asahi Diamond Industrial Co., Ltd.
Henkel AG & Co, KGaA
Automotive & Transportation
Electrical & Electronics Equipment
Central & South America
Middle East & Africa
The Abrasive market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Abrasive market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Abrasive market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Abrasive market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Abrasive market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Abrasive capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Abrasive by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Abrasive market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Abrasive market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Abrasive market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Abrasive industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Abrasive market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Abrasive market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Abrasive market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Abrasive market. These factors have benefited the growth of the global market for Abrasive. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Abrasive. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Abrasive are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: