Abrasives Market Size, Share & Trends, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Abrasives Market


The global Abrasives market size is projected to reach US$ 62.67 billion by 2026, from US$ 44.43 billion in 2020, at a CAGR of 5.9% during 2021-2026. The growth is majorly driven by the increasing popularity of superabrasives and growing automotive production. The industry is anticipated to witness significant growth on account of growing demand for the product in grinding and polishing applications in end-use sectors such as automotive, Electronic and Electrical (E&E) equipment, metal fabrication, and machinery.

Growing demand for abrasives from the automotive industry is the key driving factor for the rising product demand. Abrasives play a vital role in manufacturing automotive components in modifying operating parameters such as lowering the noise levels and reducing the carbon dioxide emissions of high-performance engines, and machining of components. According to OICA, the global cars and commercial vehicles production grew by 9.2% in 2018 from 2013. This factor is anticipated to positively influence the product demand from the automotive industry.

Expansion of the construction sector on global scale is also expected to drive the growth in demand for abrasives, especially superabrasives. Evolution of the manufacturing industry has enabled improvement in precision tooling, which is useful in manufacturing smaller components with greater accuracy, in turn boosting the consumption of abrasives used in the process.

The product demand is however, expected to be restrained by stringent regulations and cost of raw materials. There are certain restrictions with regard to the manufacturing process of the product, which can cause obstruction in production. Abrasives production requires raw materials in large amounts and concentration of raw materials in limited number of nations is anticipated to affect the distribution strategies coupled with additional costs such as transportation and fuel among others.

Market Segmentation, Outlook & Viewpoint: Global Abrasives Market

Material Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  
Natural
  
Synthetic
  
Ceramic
  
Bonded
  
Coated
  
Others

Product Type Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  
Bonded
  
Coated
  
Superabrasives

End Use Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  
Automotive
  
Machinery
  
Metal Fabrication
  
E&E Equipment
  
Others

Key Players, Recent Developments & Regional Insights: Global Abrasives Market

Based on product type, the market is segmented into bonded, coated, and superabrasives. Bonded was the largest segment in 2018, accounting for a volume share of 74.3%. Bonded abrasives are available in different forms like wheels and discs and they find application in precision and rough grinding. The growth of automotive industry is anticipated to boost the segment growth over the forecast period.

Coated abrasives consist of thin layer of grains, attached to a substrate like paper or cloth with the help of adhesives, for example, sandpaper. These are available as rolls, discs, belts, and sheets, among others. The product growth is attributable to its growing demand from Asia Pacific, especially in China and India where these are used in applications such as grinding, polishing, and sanding various types of materials including leather, rubber, wood, ceramics, and others.

Superabrasives segment is forecast to expand at an estimated CAGR of 6.4% during the next seven years, in terms of revenue. These are used for hard materials to provide high quality surface finish. Growth in manufacturing sector across the globe is anticipated to boost the consumption of the product over the forecast period.

Regional Insights

Asia Pacific was the largest regional segment and accounted for a volume share of 51.1% in 2018 of the global market. The demand for abrasives is estimated to be steady owing to the surge in construction and manufacturing sectors. The emerging economies in the region acquiring high-end technology for the manufacturing of customer-specific abrasives is also expected to augment the market growth.

China held the largest share in Asia Pacific accounting for a volume share of 42.9% in 2018.The market in China is mature with the presence of numerous unorganized players and abundant raw material availability. As per a 2018 report published by the U.S. Geological Survey, China was one of the largest producers of fused aluminum oxide and silicon carbide globally.

North America is expected to expand at a CAGR of 4.9% in terms of revenue, over the forecast period. The regional demand is led by U.S., which is expected to witness significant gains in terms of market share over the forecast period. The development of precision tooling and sophisticated machine part manufacturing units in North America is expected to promote market growth in the forthcoming years.

Abrasives Market Share Insights

Competition in the market is intense as most of the products are priced similarly, even though each companys products may have slightly different characteristics. The 3M Company, Saint-Gobain, Robert Bosch GmbH, NIPPON RESIBON CORPORATION,DRONCO GmbH, and KWH Mirka are among the key manufacturers. New product development is one of the major strategic initiatives adopted by the players. For example, in November 2019, Mirka launched a new WPF Next Gen paper abrasive that is suitable for both dry and wet hand sanding.

Key Insights Covered: Global Abrasives Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Abrasives industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Abrasives industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Abrasives industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Abrasives industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Abrasives industry.

Research Methodology: Global Abrasives Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other