The new report by Expert Market Research titled, ‘Global Abrasives Market Growth, Share, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global Abrasives Market assessing the market based on its segments like raw material, type, application, end-user industry, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview 2018-2028
• Historical Market Size (2021): USD 45.2 billion
• Forecast CAGR (2023-2028): 4.90%
• Forecast Market Size (2027): USD 60.1 billion
The abrasives market is being driven by rapid urbanisation, expanding infrastructure development, and favourable trade policies across regions. Growing research efforts to improve the use of abrasives in end-use industries, such as construction, aerospace, and automotive, among others, are expected to drive market growth during the forecast period. Furthermore, the development of synthetic abrasives to meet the rising demand for the product is expected to be a major factor in the market growth. Growing investments in super abrasive research and development, such as in areas involving high-speed, high-performance grinding of hardened steel, are expected to boost market growth over the forecast period.
Abrasives Market Segmentation
Abrasives are hard and rough substances or materials that are used in a variety of industrial or domestic applications to shape, clean, or finish a workpiece through rubbing. Abrasive materials are ideal for cleaning hard surfaces because of their high strength and toughness.
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On the basis of raw material, the market can be segmented into:
• Natural Abrasives
• Synthetic Abrasives
Synthetic abrasives can further be divided based on type into metallic abrasives, silicon carbide and aluminium oxide, among others.
On the basis of its type, the market can be bifurcated into:
• Bonded Abrasives
• Coated Abrasives
• Super Abrasives
On the basis of application, the market can be divided into:
On the basis of end-use industry, the market can be divided into:
• Metal Manufacturing
• Oil and Gas
The regional markets of Abrasives Market:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Abrasives Market Trends
The growing application of abrasives in the metal manufacturing industry is propelling the market growth. Abrasive is an excellent component for metal grinding, drilling, and cutting to produce light sheet metals, metal components, and metal casework, among other things. The global increase in metal demand due to the expansion of various end-use industries such as automotive, construction, electronics, and aerospace, among others, is expected to fuel market growth. Furthermore, the growing demand for high-end equipment in the medical, automotive, and construction industries, among others, to facilitate precise industrial operations is expected to propel the abrasive demand during the forecast period.
Key Market Players
Some Major Players in the Market:
• ARC Abrasives INC.
• Fujimi Incorporated
• Pan Abrasives
• Robert Bosch Power Tools GmbH.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of these market players.
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