New York, June 13, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Abrasives Market by Type, Material, Product Type, End-User Industry – Global Opportunity Analysis and Industry Forecast , Market Size, Share, Trends, Forecast, Analysis, Research Report, Growth 2022 – 2030” – https://www.reportlinker.com/p06285503/?utm_source=GNW
The global abrasives market size, valued at USD 48.13 billion in 2021, will grow USD 73.74 billion by 2030, growing at a CAGR of 4.8% from 2022 to 2030.
Abrasives, widely used for grinding, polishing, polishing, lapping, cutting, drilling, sharpening, lapping and sanding; are mainly materials of mineral origin, obtained naturally or synthetically. It works on the principle of the difference in hardness between the two substances, where the abrasive is the harder of the two. The global abrasives market witnessed a notable volumetric sale of 50655.5 kilotons in 2021, which is expected to reach 73529.2 kilotons by 2030, growing at a CAGR of 4.1% from 2022 to 2030.
Market dynamics and trends
Abrasives are widely used in a wide variety of household, industrial and technological applications. This gives rise to great variability in its size, shape, physical composition and chemical composition. Factors such as growing demand from the metal fabrication industry, massive production of electronic components, technological advancements, rapid growth in industry verticals, and reduction in the cost of synthetic diamonds are mainly driving the market world of abrasives.
The automotive segment offers maximum market potential, as abrasives play a vital role in manufacturing automotive components, changing operating parameters, machining components, refinishing and car body maintenance. Furthermore, factors such as increasing disposable incomes, growing demand for passenger and commercial vehicles are expected to supplement the market growth in the future.
The upsurge in the construction industry globally is expected to drive the demand for super abrasives in the future. Whereas bonded abrasives segment is expected to dominate the global market, throughout the forecast period.
However, factors such as stringent regulations on the use of silica-based abrasives, fluctuating price of raw materials, and requirement for raw materials in larger quantities may hamper the growth of the abrasives market.
Additionally, the high growth potential of emerging economies, growing demand from e-commerce industries, R&D investments to obtain more durable abrasives and their increasing use in the medical sector will create lucrative opportunities in the global abrasives market in the during the forecast period.
Market Segmentation and Scope of the Study:
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 spans natural and synthetic. Based on product type, the market is categorized into disc, cups, and cylinder. Based on the end-user industry, the market is divided into automotive, machinery, aerospace, metal fabrication, electronics, construction, and others. The geographic breakdown and analysis of each of the previously mentioned segments includes regions including North America, Europe, Asia-Pacific and ROW.
Asia-Pacific will hold the highest market share, dominating the global abrasives market throughout the forecast period. This is attributed to factors such as increased investment by manufacturers in this region, strong demand in the 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 an increase in market size due to factors such as growing demand from furniture and home decor industry, higher adoption rate in metal fabrication applications and the rapid industrialization.
The Abrasives market share and insights include comprehensive competitive analysis and market player profiles. Major market players include 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 SA, Henkel, and Krebs & Riedel Schleifscheibenfabrik among others are provided in the Abrasives Market report.
Past efforts and futuristic advancements, summarized to understand the overall market growth.
For example, in January 2020, FEPA, the European Federation of Abrasives Manufacturers, which represents more than 80% of European producers of abrasive products, announced the launch of the SEAM (Sustainable European Abrasive Manufacturers) programme; a new framework dedicated to the sustainability of the abrasives industry. The SEAM program chooses to support and help abrasives manufacturers on the path to sustainable growth and sustainability improvements, primarily in the production and distribution of abrasives.
KEY MARKET SEGMENTS:
• Global Abrasives Market – By Type
o Super Abrasives
• Global Abrasives Market – By Material
• Global Abrasives Market – By Product Type
• Global Abrasives Market – By End User Industry
o Metal fabrication
• Global Abrasives Market – By Geography
o North America
The rest of Europe
Rest of Asia-Pacific
o Right of way
Read the full report: https://www.reportlinker.com/p06285503/?utm_source=GNW
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