Dallas, Feb. 18, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, The global abrasives market is expected to grow from USD 38.87 billion in 2020 to USD 66.71 billion by 2028, at a CAGR of 7.13% during the forecast period 2021-2028.
Abrasives market is witnessing the rapid growth form the past few years. Increasing demand for abrasives in the automotive, aerospace, metal fabrication, and construction industry, driving the growth of the market. The abrasives are mainly used for the cleaning, grinding, and giving the desired shapes to the automotive parts. There are various types of abrasives available in the market, including bonded, coated, and super abrasives. The abrasives are also used for the multiple processes, including coating, printing, polishing, and sanding, among others.
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An abrasive material refers to the material which is used to shape or to finish the workpiece in the various industry verticals. The abrasives are mainly classified into two types, such as natural and synthetic. Both types of abrasive materials are used in the various applications. Abrasive are usually supplies in the paste, powders, gains, and slurries form. The grain form of abrasives are classified on the basis of grain size. From the past few years, the manufacturing of abrasives are shifting from synthetic to naturals. Increasing usage of abrasives for various end-use application is offering growth opportunities in the market.
Global abrasives market is witnessing a rapid growth owing to increasing adoption of abrasives in the automotive industry. The abrasives are mainly used for the cleaning, dusting, sanding, and polishing automotive parts in the industry. In addition to this, the growing demand for abrasives in the metal fabrication sector, further boosting the growth of the market. Furthermore, technological advancement in the abrasive industry are providing the various growth opportunities for the vendors in the market. However, high manufacturing cost may hamper the growth of the market over the forecast period.
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Some of the key players in the global abrasives market are Tyrolit Group, Asahi Diamond Industrial, 3M Company, Robert Bosch GMBH, Compagnie de Saint-Gobain S.A., Henkel, Deerfos, Sak Industries, Fujimi Incorporated, and Carborundum Universal Limited among others. The key players are mainly focusing on the adoption of various strategies such as partnership, merger & acquisition, new product development, and geographical expansion to gain a significant share in the global abrasives market.
• In April 2015, Compagnie de Saint-Gobain S.A. announced that it has acquired the 70% stake in Brazil-based British Indústria e ComércioLtda, which manufactures and sells non-woven abrasives for industrial applications. This acquisition helps to strengthen the position of Compagnie de Saint-Gobain S.A. in market and will help to broaden the customer portfolio.
• In March 2018, Fujimi Incorporated and Cabot Microelectronics Corporation, the supplier of chemical mechanical planarization (CMP) polishing slurries, announced the collaboration for the development of solution for the semiconductor industry.
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The synthetic raw material segment is anticipated to grow at the highest CAGR of 7.8% over the forecast period
The raw material type segment is divided into natural and synthetic. The synthetic raw material segment is anticipated to grow at the highest CAGR of 7.8% over the forecast period. Synthetic raw materials such as silicon carbide, synthetic diamond, and alumina are used for the manufacturing of abrasives. The increasing usage of synthetic raw material abrasives in various end-use industries, driving the growth market.
The bonded abrasives held the dominant market share of 40.38% in the year 2020
The type segment includes coated abrasives, bonded abrasives, and super abrasives. The bonded abrasives held the major market share of 40.38% in the year 2020. Bonded abrasives holds the grains with the help of adhesives and are available in various forms including disc and wheel. High adoption of bonded abrasives in the automotive industry driving the growth of the market.
The metal fabrication industry is projected to register the highest CAGR of 8.1% over the forecast period
The end-use industry segment includes aerospace, automotive, machinery, metal fabrication, electrical & electronics equipment, and others. The metal fabrication industry is projected to register the highest CAGR of 8.1% over the forecast period. The increasing demand for abrasives for various processes including cutting, grinding, polishing, and shaping in the metal fabrication industry driving the growth of the market.
Regional Segment Analysis of the Abrasives Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region accounted for the major market share and valued at USD 20.81 billion in the year 2020. The presence of many local and global key manufacturers across the region is one of the key factor driving the growth of the market. In addition to this, significant infrastructure development in countries such as India and China, further boosting demand for abrasives. China accounted for the major market share in the global and Asia Pacific region, due to the high demand for abrasives in the automotive sector of the country. On the other hand, the North America region is projected to grow at the prominent CAGR of 8.2% over the forecast period. Increasing demand for abrasives in the various end-use sectors such as aerospace, automotive, and metal fabrication industry, driving the growth of the market. Furthermore, the U.S. and Canada are some of the prominent countries for the growth of the abrasives market in the North America region.
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About the report:
The global abrasives market is analyzed on the basis of value (USD billion), volume (kilotons), import (kilotons), and import (kilotons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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