Global Abrasives Market Trends Forecast 2024 - 2033
7 May, 2024
The abrasives market has demonstrated robust growth, surging from $43.12 billion in 2023 to $47.19 billion in 2024, with a commendable compound annual growth rate (CAGR) of 9.5%. This growth is linked to construction and infrastructure development, urbanization, industrialization, increased disposable income, and rising demand for sustainable materials. Looking ahead, the market is anticipated to maintain its strength, reaching $64.9 billion in 2028, driven by increasing demand in heavy-duty applications, aerospace, electronics, safety-focused equipment design, and a heightened emphasis on green building standards. Noteworthy trends include technological advancements, sustainability focus, customization, digitalization, and applications in 3D printing.
Major Driver In The Abrasives Market
The rapid growth of the electric vehicle (EV) industry is driving demand for abrasives, thus propelling growth in the abrasives market. The proliferation of EVs necessitates the development of charging infrastructure, leading to increased demand for stainless steel and related abrasives. With EV sales witnessing a remarkable 160% year-on-year increase, reaching 2.6 million vehicles in the first half of 2021, the demand for abrasives is poised for further escalation. As EVs reshape the automotive landscape, the abrasives market experiences significant growth in tandem with the burgeoning EV industry.
Request A Free Sample Of The Global Abrasives Market ReportAbrasives Market Competitive Landscape
Robert Bosch GmbH, Minnesota Mining and Manufacturing Company, Saint-Gobain Abrasives Inc., Fujimi Incorporated, Henkel AG & CO. KGAA, Tyrolit India Tool Pvt. Ltd., Asahi Diamond Industrial Co. Ltd., Deerfos Co. Ltd., Carborundum Universal Limited, Nippon Resibon Corporation, Krebs & Riedel Schleifscheibenfabrik GmbH & Co. KG, Abrasiflex Pty Ltd., Noritake Co. Ltd., Sankyo-Rikagaku Co. Ltd., Sia Abrasives Industries AG, Jason Incorporated, Schaffner Manufacturing Company Inc., North Industries Group Red Arrow Co. Ltd., 3M Deutschland GmbH, SAK ABRASIVES Inc., ARC Abrasives Inc., Arconic Corporation, DowDuPont Inc., Fiven ASA, Henan Huanghe Whirlwind Co. Ltd., Hermes Schleifmittel GmbH & Co. KG, Imerys S. A, Jowitt & Rodgers Co., Klingspor AG, Grindwell Norton Ltd., Luossavaara-Kiirunavaara AktiebolagMinerals AB, Mirka Ltd., Pferd Pharmaceutical Private Limited, Suhner Holding AG, Vereinigte Schmirgel- und Maschinen-Fabriken AG., Wendt (India) Limited, WINOA IKK JAPAN Co. Ltd., Y. Ikemura & Co. Ltd., Zische Schleifwerkzeuge GmbH
Key Abrasives Market Trend
Strategic partnerships are becoming increasingly prevalent among major companies operating in the abrasives market. This approach involves companies leveraging each other's strengths and resources to achieve mutual benefits and enhance market presence. For example, in October 2023, Compagnie de Saint-Gobain S.A., a France-based company specializing in building materials and high-performance materials, entered into a partnership with Dedeco International Inc. Through this collaboration, Saint-Gobain Abrasives gained the opportunity to distribute Dedeco's sunburst range of thermoplastic-bonded abrasives, which includes brushes and discs utilized for polishing, deburring, cleaning, and finishing various materials. The partnership aims to expand Saint-Gobain Abrasives' product offerings in North America, with Dedeco International Inc. being a US-based manufacturer of specialty abrasives.
Get The Full Global Abrasives Market ReportAbrasives Market Segmentation
The abrasives market market covered in this report is segmented –
1) By Raw Material: Natural, Synthetic
2) By Type: Bonded Abrasives, Coated Abrasives, Super Precision Abrasives, Super Construction Abrasives
3) By Form: Block Form, Powdered Form
4) By Application: Grinding, Cutting, Polishing, Drilling, Finishing, Other Applications
5) By End User: Automotive, Machinery, Aerospace, Electrical & Electronics, Construction, Furniture
By Geography:The regions covered in the abrasives market market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.Asia-Pacific was the largest region in the abrasives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Abrasives Market Global Market Report 2024 furnishes information about the global abrasives market market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.