Growing Automotive and Metal Fabrication Propels Abrasive Market Growth
According to the latest market study on “Abrasive Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Material, Type, Application, and Sales Channel,” the market was valued at US$ 34.81 billion in 2022 and is projected to reach US$ 50.99 billion by 2030; it is anticipated to record a CAGR of 4.9% from 2022 to 2030. The report highlights key factors contributing to the abrasive market size and prominent players along with their developments in the market.
Abrasives are mined from natural deposits and processed for use with little alteration. Natural abrasives occur in the form of grains or rock-like chunks. The large chunks are ground or crushed into small abrasive grains. Natural abrasives include diamond, corundum, and emery. They are mainly used in honing stones and grinding wheels. The artificially produced abrasives are known as synthetic abrasives, which include a range of products such as boron carbide, silicon carbide, titanium carbide, and aluminum oxide. Synthetic abrasives such as silicon carbide and aluminum oxide are significantly cheaper than diamonds used as abrasives. Aluminum oxide and silicon carbide are extremely hard and brittle. Brittle abrasives such as silicon carbide and aluminum oxide are mainly used in finish grinding and precision applications.
Abrasive Market Breakdown – by Region
Abrasive Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Material (Natural and Synthetic), Type [Bonded Abrasives (Discs, Wheels, and Others) and Coated Abrasives (Flap Discs, Fiber Discs, Hook and Loop Discs, Belts, Rolls, and Others)], Application (Automotive, Aerospace, Marine, Metal Fabrication, Woodworking, Electrical and Electronics, and Others), and Sales Channel (Direct and Indirect)
Abrasive Market Analysis, Size, Share, Growth by 2030
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The development of sustainable abrasives is expected to remain one of the growing abrasive market trends. Several European countries have implemented regulations to encourage the utilization of sustainable materials for manufacturing products in processing industries, including chemicals & materials, to ensure environmental protection. These regulations are set to reduce greenhouse emissions and compel manufacturing companies to increase investments in developing naturally derived raw materials. Rising awareness regarding greenhouse gas (GHG) emissions and environmental pollution is projected to surge the demand for bio-based and sustainable products. Therefore, the development of sustainable abrasive is expected to drive the abrasive market growth during the forecast period.
Abrasives are used in light sheet metal fabrications and welding applications. A wide range of abrasives are available for the metal fabrication application. The selection of the right abrasive for metal fabrication applications and welding results in maximizing productivity and minimizing cost. In recent years, there has been a growth in the use of aluminum in the transportation industries, surging the need for new tools for working with the material. Aluminum alloys provide an improved strength-to-weight ratio as compared to traditional steel alloys. In the transportation industry, lightweight trends are driving the expanded usage of aluminum globally. These trends are resulting in the need for fast and efficient tools for grinding aluminum and driving the design of new abrasives for aluminum.
Abrasives are used in automotive component production for a broad range of applications such as surface grinding, deburring, polishing, and casting for wheel manufacturing; cutting & grinding body components; weld removal and edge chamfering; plating & surfacing in automotive rack processing, and shaping. According to a 2022 report by the International Energy Agency, in 2021, the sales of electric cars doubled in the US; with 6.6 million units, the sales share increased by 4.5%. According to the International Trade Administration data released in 2022, Mexico was the seventh largest global passenger vehicle producer, manufacturing ∼3 million vehicles yearly. Moreover, 90% of vehicles produced in Mexico are exported, of which ∼76% are exported to the US.
According to a report by Germany Trade & Invest, in Europe, Germany is a major automotive market. The market in this country recorded a foreign market revenue of US$ 289 billion (a 10% rise from 2020) from passenger car and vehicle original equipment manufacturers in 2021. According to the India Brand Equity Foundation, the automotive component industry revenue was valued at US$ 69.7 billion between 2022–2023. The domestic original equipment manufacturer supplies contributed ~66% to the industry’s revenue, followed by domestic aftermarket and exports in fiscal year 2023. Metal fabrication industries consist of services such as metal stamping, cutting, punching, forming, folding, shearing, welding, and machining. The automotive industry is one of the major consumers of sheet metal fabrication services. Thus, all these factors are likely to have a positive impact on the abrasive market.
The abrasive market analysis is carried out by identifying and evaluating key players operating in the market across different regions. 3M Co, Saint-Gobain, Sia Abrasives Industries AG, Deerfos, Tyrolit, INDASA, Mirka Ltd, Cumi Awuko Abrasives Gmbh, Bosch Limited, Hermes Schleifmittel Gmbh, VSM AG, and SAIT Abrasivi SpA are among the key players profiled in the abrasive market report.
Abrasive Market Report Segmentation:
The global abrasive market is segmented on the basis of material, type, application, and sales channel. Based on material, the market is bifurcated into natural and synthetic. Based on type, the market is divided into bonded abrasives (discs, wheels, and others) and coated abrasives (flap discs, fiber discs, hook and loop discs, belts, rolls, and others). Based on application, the market is segmented into automotive, aerospace, marine, metal fabrication, woodworking, electrical and electronics, and others. Based on sales channel, the market is bifurcated into direct and indirect.
Based on material, the synthetic segment accounted for the largest abrasive market share in 2022. Synthetic abrasives such as silicon carbide and aluminum oxide are significantly cheaper than diamonds used as abrasives. Aluminum oxide and silicon carbide are extremely hard and brittle. Brittle abrasives such as silicon carbide and aluminum oxide are mainly used in finish grinding and precision applications.
Based on sales channel, the indirect segment held the largest abrasive market share in 2022. Indirect sales channels include sales of abrasive products through dealers, sub-dealers, wholesalers, distributors, retailers, and different online portals. Abrasive manufacturers prefer selling their products through indirect sales channels for wider reach. Direct sales channels include the sale of abrasive products from abrasive manufacturers through their supply agreements with manufacturers from various end-use industries. The direct sales channel also includes the sale of abrasive products from the websites of abrasive manufacturers.
The abrasive market scope is broadly segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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