Abrasive Market Size, Share, and Trends Analysis Report
CAGR :
| Market Size 2023 (Base Year) | USD 42.27 Billion |
| Market Size 2032 (Forecast Year) | USD 65.57 Billion |
| CAGR | 5% |
| Forecast Period | 2024 - 2032 |
| Historical Period | 2018 - 2023 |
Global Abrasive Market Insights
As per the published report by Market Research Store, the global Global Abrasive Market size was estimated at USD 42.27 Billion in 2023 and is anticipated to reach USD 65.57 Billion by 2032, growing at a projected CAGR of 5%. The report provides a detailed analysis of the global market, including market trends, market dynamics, and market opportunities during the forecast period (2024-2032). It delves deeper into several market facets, such as market definition, size, growth, forecast, segmentation, competitive analysis, growth drivers, restraints, financial analysis, SWOT analysis, PORTER’s five force analysis, PESTEL analysis, market share analysis, cost-benefit analysis, challenges, restraints, strategic recommendations, and market players.
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Global Abrasive Market: Overview
Abrasives are materials that provide shape to a workpiece by rubbing and separating the unwanted workpieces. They are utilized in a diverse range of technological, industrial, and domestic application areas for shaping a workpiece. Abrasives can either be in natural form like pumice, corundum, emery, and garnet or in synthetic forms like alumina, silicon carbide, synthetic diamond, and others. There are different types of abrasives like super, bonded, and coated abrasives. Coated abrasives are attached to different materials like resin, cloth, polyesters, paper, and metal. Bonded abrasives are manufactured by clay, rubber, resin, or glass. However, abrasives are available in different shapes and sizes depending upon the requirements.
Global Abrasive Market: Growth Factors
The surging demand of abrasives from the metalworking sector is boosting the growth of the global abrasive market. In metalworking, there is a growing demand for the coated abrasives like sandpaper and stones that are widely utilized for deburring wherein grinding of metal is required. Hard minerals like natural and synthetic diamonds are needed for the polishing purposes of different products. The growing use of reclaimed abrasives is expected to witness a significant boost during the forecast period. Such growth can be attributed to increasing prices of raw materials coupled with the growing surcharges on scrap.
Ballast is made from minute diamond crystals and is highly in demand all across the globe especially in the regions like Brazil and South Africa. Bort is a gray or black colored diamond major utilized in diamond drill bits and thus its growing demand is likely to propel the growth of the global abrasives market during the forecast period. Carbonado is highly adopted in different applications such as wire drawing dies, phonograph needles, hardness testers, cutting tools, and many others. The constantly increasing demand from drilling and cutting applications is likely to positively shape the trajectory of the global abrasives market during the forecast period. These are widely used materials across the different sectors for cleaning the grinding, cleaning, and polishing hard surfaces.
Global Abrasive Market: Segmentation
The global abrasive market can be segmented into end-uses, type, raw materials, and region.
By End-use, the market can be segmented into electrical & electronics, metal fabrication, heavy machinery, automotive & transportation, and others. The metal fabrication segment accounts for the largest share in the global abrasive market owing to its high utilization and demand for removing welds, excess materials, polishing, finishing, surface blending, and cutting off & grinding. The heavy machinery segment is expected to grow significantly during the forecast period.
By Type, the market can be segmented into super abrasives, bonded abrasives, coated abrasives, and others. The bonded abrasives segment accounts for the largest share in the global abrasive market. These are manufactured by gluing it on the tough substrate of the abrasive grains. Moreover, its increasing demand from end-users like automobiles, fabrications, construction, and many more is boosting the growth of the segment. Some of the bonded products are tapered body wheels, depressed center wheels, recessed wheels, and cup-shaped wheels.
By Raw materials, the market can be segmented into synthetic and natural. Synthetic abrasive material holds hegemony over others.
Global Abrasive Market: Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Global Abrasive Market |
| Market Size in 2023 | USD 42.27 Billion |
| Market Forecast in 2032 | USD 65.57 Billion |
| Growth Rate | CAGR of 5% |
| Number of Pages | 115 |
| Key Companies Covered | Agrium Inc., Yara International ASA, Sociedad Quimica Y Minera S.A., and Haifa Chemicals. Other influencing players include Mosaic Company, Sinochem Group, and Potash Corporation of Saskatchewan Inc |
| Segments Covered | By type, By crop type and By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2023 |
| Historical Year | 2018 to 2022 |
| Forecast Year | 2024 - 2032 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Global Abrasive Market: Regional analysis
Asia Pacific accounts for the largest share in the global abrasive market owing to the increasing middle-class population, availability of low cost labor, and high volume production in different sectors in growing economies like India and China.
North America is anticipated to witness growth during the forecast period owing to the rapidly proliferating electronics sectors in the region.
Europe is also expected to grow owing to the growing demand for abrasives for manufacturing auto components.
Global Abrasive Market: Competitive Players
Some of the significant players in the global abrasive market are:
- Deerfos
- Carborundum Universal Ltd.
- Sak Industries
- Asahi Diamond Industrial
- Tyrolit Group
- Henkel
- Fujimi Inc.
- Compagnie de Saint-Gobain S.A.
- Robert Bosch GmbH
- 3M Company.
The global Abrasive Market is segmented as follows:
By End-use
- electrical & electronics
- metal fabrication
- heavy machinery
- automotive & transportation
- and others
By Type
- super abrasives
- bonded abrasives
- coated abrasives
- and others
By Raw materials
- synthetic
- natural
Global Abrasive Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
What Reports Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
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