The global abrasives market valued USD 54.03 billion in the year 2020. By the end of 2031, the abrasive consumption market is expected to attain a value of US$ 97.7 billion, growing at a 5.5% CAGR.
The abrasives business has to be one of the most fundamental enterprises in that it is at the root of many modern materials and products used in building and manufacturing. The makeup of abrasives, their major fields of application, and their vital role in these significant industries are presented in this paper. To emphasize the important role abrasives play in the materials and manufacturing industries, first, the complexities of abrasives have to be understood.
Growth of the Market
The growth of the abrasives market exemplifies its indispensability across industries. Abrasives, with their abrasive particles, become the principal constituents of processes such as grinding, polishing, and cutting. The demand for precision and quality in manufacturing, construction, and other associated applications drives this market's growth. Improvement in productivity and quality of products comes to the forefront, concurrent with advancements in abrasive technologies.
Opportunities
The abrasives market also offers a host of opportunities, particularly where industries are seeking business process innovation and material betterment. Such opportunities could be exploited by companies in the development of higher-end abrasives tailored for specific applications, including superabrasives for high-precision machining and further hardened abrasives for the construction sector. As quality and efficiency remain in the forefront of industries, the abrasives market opens up platforms for innovation and product development.
Key Companies Profiled In This Report
Saint Gobain SA
3M
DuPont
TYROLIT
Henkel AG & Co. KGaA
Abrasive Technology Inc.
Allied High Tech Products Inc.
Almatis GmbH
ARC Abrasives Inc.
Country-wise Insights
The U.S. holds a significant share of the global abrasive market, mainly in the wood and furniture industries. Sandpaper finds more applications in these industries for fine sanding, profile sanding, and polishing due to its sharpness. Expanding demand for wood in residential construction drives market growth. Again, the growth of the automotive sector on account of increased consumer expenditure and an overall trend towards adopting electric vehicles in the United States is likely to boost demand for abrasives. With respect to the size of the abrasives market, China leads the global market, followed by India, due to the presence of high technological innovation coupled with robust demand from various industries like power generation, electronics, medical devices, automobiles, and packaging.
Recent Developments
Some of the recent developments in the abrasives market are as follows. Improvements in the abrasive formulae and applications have developed high-stress materials that can withstand high-stress conditions to ultra-high surface finishes, thereby increasing tool life. Very notable among these are superabrasives, specifically diamond and cubic boron nitride, in the machining of hard materials. Sustainability was also a prime focus as eco-friendly abrasive materials and recycling have been introduced. These developments underline the fact that the abrasives market never rests.
Competitive Landscape
The main strategies that the market players in the abrasives industry have been focusing on include technology launches, acquisitions, and research and development activities. The abrasive manufacturers are either engaged in joint ventures, strategic alliances, or partnerships to increase their production capacities and market reach.
For example, in May 2021, Saint-Gobain Abrasives introduced Norton Quantum Prime Grinding Wheels featuring their new proprietary nano-crystalline ceramic grain. Very high productivity gains are claimed for a wide range of applications, illustrating the commitment of the industry to technological advance and the need to meet market demand.
How big is the abrasives market?
The global abrasives market was valued at USD 54.03 billion in 2020 and is projected to reach USD 97.7 billion by 2031, growing at a CAGR of 5.5%.
What are the different types of abrasives?
The bonded abrasives, coated abrasives, raw super abrasives, steel abrasives, loose abrasive grains, and others such as nonwoven abrasives are the types of abrasives.
What are the major applications of abrasives?
Abrasives are used in machinery, electrical & electronic equipment, transportation, metal fabrication, construction, medical devices, power generation, and cleaning & maintenance.
