Abrasives Market
The Global Abrasives Market size valued to USD 41.54 billion in 2019, shall witness a growth of USD 84.84 billion by 2030, with a CAGR of 6.6% from 2020-2030.
Abrasives, widely used for grinding, polishing, buffing, honing, cutting, drilling, sharpening, lapping, and sanding; are mostly mineral derived materials, either obtained naturally or synthetically. It works on the principle of difference in hardness between the two substances, where abrasive is harder of the two. The global abrasive market witnessed a notable volumetric sale of 43,738.4 kilotons in 2019, which is expected to rise up-to 84,643.5 kilotons by 2030, with a CAGR of 6.1% from 2020-2030.
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Top Companies: Robert Bosch GmbH, 3M Company, Sankyo-Rikagaku, Abrasiflex, Noritake, Asahi Diamond Industrial, Dowdupont, Deerfos, Tyrolit Group, Nippon Resibon Corporation, Fujimi Incorporated, Carborundum Universal, Compagnie De Saint-Gobain S.A., Henkel, and Krebs & Riedel Schleifscheibenfabrik and others.
The abrasives market share analysis is based on type, material, product type, end user industry, and geography. Based on type, the market is segmented into bonded, coated, and super abrasives. Based on material, the abrasives market covers natural and synthetic. Based on product type, the market is classified into disc, cups, and cylinder. Based on end user industry, the market is divided into automotive, machinery, aerospace, metal fabrication, electronics, construction, and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
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Asia Pacific shall hold the highest market share, dominating the global abrasives market throughout the forecast period. This is attributable to factors such as increasing investments by manufacturers in this region, high demand in construction sector, government initiatives to increase the flow of FDI in the manufacturing sector, rapid growth in various industries such as automotive, machinery, and metal fabrication. North America would witness increasing market size owing to factors such as increasing demand from the furniture and interior-designing industry, higher adoption rate in metal fabrication applications, and rapid industrialization.
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