Abrasive Market Analysis, Size, Share, Growth by 2030

[Research Report] The abrasive market size was valued at US$ 34.81 billion in 2022 and is expected to reach US$ 50.99 billion by 2030; it is estimated to register a CAGR of 4.9% from 2022 to 2030.

Market Insights and Analyst View:

Abrasives are used in various applications such as floor polishing, fabrication, grinding, and precision grinding. These materials are also used for light polishing applications in automotive, furniture, fabrication, and construction industries. The major factors driving the growth of the abrasives market are the rising demand for abrasives from the automotive, metal fabrication, and electrical & electronics industries. Abrasives are used in a broad range of automotive 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. The growth in the utilization of aluminum sheets in the transportation industries and increased demand for lightweight materials have created a demand for efficient tools for grinding, polishing, and cutting applications. Further, the adoption of abrasives in automation and robotic applications is expected to offer lucrative opportunities for the abrasive market growth.

Growth Drivers and Challenges:

The growing automotive and metal fabrication industry and rising demand for abrasives from the electrical & electronics industry are among the key factors driving the market. Abrasives are used in a variety of electronics and photonics applications such as mounting, precision grinding, polishing, production lapping, and wafer polishing. In the electronics industry, mounting devices require high precision to ensure their stability during testing and analysis. Aluminum oxide and silicon carbide are generally used in mounting processes due to their high hardness and dimensional stability. Boron carbide is also used for mounting sensitive components such as ceramics and semiconductor materials due to its low density, high hardness, and chemical resistance. The rising sales of electrical and electronic components due to the transition toward electric vehicles and growing demand for electronic consumer durables have fueled the demand for high-efficiency materials for component production. As per the Parker Hannifin Corporation report, the global market for computer numerically controlled (CNC) machine tools is projected to reach US$ 129 billion by 2026. China is the largest manufacturing hub of electronics in the world. Factors such as low labor costs, availability of skilled labor, and prevalent supply chains are driving the growth of the electronics industry. The government of India is also showing an aggressive approach to promoting the country as an alternative market to China. The growth in the electrical & electronics industry drives the abrasive market.

The volatility in raw material prices can act as a deterrent for the market. Abrasive materials such as aluminum oxide and silicon carbide are subject to price volatility due to factors such as supply chain disruptions, geopolitical tensions, and fluctuations in demand. Raw materials used in abrasives are often traded as commodities in the global markets, subjecting them to commodity market dynamics. Energy costs, particularly for energy-intensive manufacturing processes, can significantly influence raw material prices. Fluctuations in oil prices and other energy sources can affect production costs for abrasive materials and contribute to price volatility. In June 2021, Ningxia Anteli Carbon Material Co Ltd reported an increase in the price of silicon carbide in China. Price hikes in petroleum products and other raw materials can restrain the profit margins on the products, posing a challenge to the abrasive market growth.

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Abrasive Market: Strategic Insights

Abrasive Market

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  CAGR (2022 - 2030)

  4.9%
• Market Size 2022
  US$ 34.81 Billion
• Market Size 2030
  US$ 50.99 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Deerfos Co Ltd
• CUMI AWUKO Abrasives GmbH
• Robert Bosch GmbH
• Tyrolit Schleifmittelwerke Swarovski AG Co KG
• Sun Abrasives Co Ltd
• Compagnie de Saint Gobain SA
• sia Abrasives Industries AG
• RHODIUS Abrasives GmbH
• 3M Co

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Material

• Natural and Synthetic

Type

• Bonded Abrasives
• Coated Abrasives

Application

• Automotive
• Aerospace
• Marine
• Metal Fabrication
• Woodworking
• Electrical and Electronics

Sales Channel

• Direct and Indirect

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Report Segmentation and Scope:

The "Global Abrasive Market Analysis and Forecast to 2030" is a specialized and in-depth study with a significant focus on global market trends and growth opportunities. The report aims to provide an overview of the market with detailed market segmentation by material, type, application, and sales channel. The market has witnessed high growth in the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of abrasives globally. In addition, the global abrasive market report provides a qualitative assessment of various factors affecting the market performance globally. The report also includes a comprehensive analysis of the leading players in the market and their key strategic developments. Several analyses were conducted to identify the key driving factors, abrasive market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

The abrasive market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Further, the ecosystem analysis and Porter's five forces analysis provide a 360-degree view of the market, which helps understand the entire supply chain and various factors affecting the market performance.

Segmental Analysis:

The global abrasive market is segmented on the basis of material, type, application, and sales channel. Based on type, the market is segmented into bonded abrasives (discs, wheels, and others) and coated abrasives (flap discs, fiber discs, hook and loop discs, belts, rolls, and others). The bonded abrasive segment accounted for a significant abrasive market share in 2022. Bonded abrasives are manufactured by combining grains with bonding agents, shaping the mixture, and then firing or baking the resultant product. Bonded abrasives are attached to a binder; the commonly used binders in abrasives are of rubber, glass, resin, or clay. Bonded abrasives are used with a drill or rotary tool. Bonded abrasives are sculpted into grinding wheels, cut-off wheels, segments, cones, and other forms. These types of abrasives are used in various applications, such as floor polishing, fabrication, polishing, off-hand tool grinding, and precision grinding of products, such as crankshafts, balls, and razor blades. These bonded abrasives are used in various industries, including automobile, construction, fabrication, and woodworking.

Based on application, the market is segmented into automotive, aerospace, marine, metal fabrication, woodworking, electrical and electronics, and others. The automotive segment held a substantial abrasive market share in 2022. Abrasives are highly used in every aspect of the automotive industry by manufacturers, repair/mechanic shops, and auto part suppliers. In the automotive industry, automotive abrasives are essentially used for cleaning, grinding, and polishing metal surfaces or parts. Sandpaper, grinding wheels, polishing compounds, and sanding discs are among the abrasives used in the automotive industry to remove paint and rust and polish surfaces. In wheel manufacturing, abrasives are used for surface grinding and finishing, casting and formation, and polishing.

Regional Analysis:

The report provides a detailed overview of the market with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In terms of revenue, Asia Pacific dominated the abrasive market and was valued at more than US$ 20 billion in 2022. With ongoing infrastructure development and urbanization projects, there is an increased requirement for abrasives in construction applications in the region. From shaping and smoothing concrete surfaces to cutting and finishing metal structures, abrasives play a vital role in enhancing the quality and precision of construction projects. In addition, as the maritime trade and transportation sectors expand, there is an increasing need for ship construction and maintenance, stimulating the demand for abrasives in various applications. China, Japan, and South Korea are leading countries in the shipbuilding sector. The intricate and large-scale nature of ship construction requires abrasives that can handle diverse materials used in shipbuilding, including steel and various alloys. All these factors are projected to boost the abrasive market during the forecast period.

Europe abrasive market is expected to reach ~US$ 7 billion by 2030. The automobile industry is among the most important and rapidly growing industries in Europe. The automotive industry contributes notably to the GDPs of several European countries, including Germany, the UK, and Italy. According to the European Commission, Europe is the largest manufacturer of motor vehicles worldwide. In 2022, the European aerospace & defense industry sustained its post-pandemic economic resurgence. In the aviation industry, abrasives are essential for shaping, finishing, and refining various materials such as metals and composites. From cutting steel beams to shaping intricate details in architectural elements, abrasive tools are indispensable for achieving precision and meeting the design specifications in construction projects.

Abrasive Market Report Scope

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Industry Developments and Future Opportunities:

Some of the initiatives taken by the key players operating in the abrasive market are listed below:

• In January 2024, Tyrolit acquired a majority stake in Abrasive Tools Specialists, an importer, wholesaler, and converter of abrasive tools, in order to strengthen its presence in the Australian market, diversify its product offerings, and cater to diverse customer needs.
• In December 2023, Mirka announced a plan to build an innovative circular grain manufacturing plant in Jeppo, Finland. The investment is expected to reduce Mirka’s CO2 footprint by ~5,000 metric ton. Moreover, the first circular abrasive products will be launched in 2026.

Competitive Landscape and Key Companies:

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. The global market players focus on providing high-quality products to fulfill customer demand.