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*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Abrasives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
Market Overview:
The global abrasives market reached a value of US$ 43.5 Billion in 2019. Abrasives refer to mineral-based substances that are used for polishing, grinding and cleaning surfaces. They are utilized in ultrasonic machining, abrasive jet machining and magnetic field-assisted polishing. Besides this, as they help remove excess sizing, slicing and material, they are commonly employed in the manufacturing of intricate components or creating ultra-smooth surfaces for machines and aircraft. They also find extensive application in the automotive sector for lowering noise levels, minimizing carbon emissions and manufacturing automotive parts, such as mirrors, valve springs and fuel and de-aeration tanks.
At present, the market is experiencing growth on account of the burgeoning automotive industry. Moreover, the thriving electronics and manufacturing industries act as another growth-inducing factor. Abrasives are used in these industries to scrape the metal in small amounts for manufacturing semiconductors and other electronic equipment with precision. Apart from this, leading players are focusing on various product innovations, such as the development of polyester- and fabric-based abrasives. They are also introducing advanced coated abrasives for metal fabrication, which is propelling the abrasives market growth. Besides this, the growing adoption of super-abrasives, such as industrial diamonds for precision grinding and cutting of hard metals, is also boosting their sales worldwide. However, due to the sudden outbreak of the coronavirus disease (COVID-19), governments of numerous countries have imposed complete lockdowns. This, along with disruptions in the supply chain and the unavailability of labor, has halted the operations of various manufacturing units and negatively impacted the growth of the market. The market will experience growth once normalcy is regained. Looking forward, IMARC Group expects the market value to reach US$ 59.7 Billion by 2025, at a CAGR of 5.4% during 2020-2025.
Rapid urbanization, inflating income levels and the rising global population have boosted the sales of automobiles worldwide. This, along with the increasing utilization of abrasives for reducing CO2 emissions of high-performance engines and noise levels in automobiles, is strengthening the growth of the market. Moreover, the thriving electronics and manufacturing industries act as another growth-inducing factor. Abrasives are used in these industries to scrape the metal in small amounts for manufacturing semiconductors and other electronic equipment with precision. Apart from this, the increasing construction activities are resulting in the escalating demand for super abrasives. The developments in the manufacturing industry have also enabled improvements in precision tooling, which is utilized in the production of smaller components with greater accuracy. This, in turn, is positively influencing the demand for abrasives. Furthermore, the leading players are focusing on various product innovations, such as the development of polyester- and fabric-based abrasives. They are also introducing advanced coated abrasives for metal fabrication, which is propelling the abrasives market growth. The growing adoption of super-abrasives, such as industrial diamonds for precision grinding and cutting of hard metals is also boosting their sales worldwide. However, due to the sudden outbreak of the coronavirus disease (COVID-19), governments of numerous countries have imposed complete lockdowns. This, along with disruptions in the supply chain and the unavailability of labor, has halted the operations of various manufacturing units and negatively impacted the growth of the market. The market is expected to revive once normalcy is regained.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global abrasives market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, type, service, organization size, and verticle.
Report Coverage:
- Historical, Current and Future Market Trends
- Market Breakup by Product Type:
- Bonded Abrasives
- Coated Abrasives
- Super-abrasives
- Others
- Market Breakup by End-Use:
- Machinery
- Metal Fabrication
- Automotive
- Electronics
- Construction
- Others
- Market Breakup by Material Type:
- Natural Abrasives
- Synthetic Abrasives
- Market Breakup by Region:
- Asia Pacific
- Europe
- North America
- Latin America
- Middle East and Africa
Competitive Landscape:
The report has also analyzed the competitive landscape of the market with some of the key players being Robert Bosch GmbH, Dowdupont, Fujimi Incorporated, Compagnie De Saint-Gobain S.A., Henkel, 3M Company, Asahi Diamond Industrial, Carborundum Universal, Tyrolit Group, Nippon Resibon Corporation, Krebs & Riedel, Abrasiflex, Noritake, Deerfos, Sankyo-Rikagaku, etc.
Key Questions Answered in This Report:
The global abrasives market was worth US$ 43.5 Billion in 2019.
The market is presently witnessing growth on account of the increasing utilization of abrasives in the automotive industry for lowering noise levels, minimizing carbon emissions and manufacturing automotive components, such as mirrors, valve springs and fuel and de-aeration tanks.
Leading abrasives manufacturers are Robert Bosch GmbH, Dowdupont, Fujimi Incorporated, Compagnie De Saint-Gobain S.A., Henkel, 3M Company, Asahi Diamond Industrial, Carborundum Universal, Tyrolit Group, Nippon Resibon Corporation, Krebs & Riedel, Abrasiflex, Noritake, Deerfos, Sankyo-Rikagaku, etc.
The abrasives market is anticipated to exhibit a CAGR of 5.4% during 2020-2025.
The market has been analyzed on the basis of the product type into bonded abrasives, coated abrasives, super-abrasives and Others.
On the basis of the material type, the market has been bifurcated into natural and synthetic abrasives.
Based on the industries that use abrasives, that are automobile, mechanical, electrical and aircraft parts.
The global abrasives market value to reach US$ 59.7 Billion by 2025, at a CAGR of 5.4% during 2020-2025.
Leading players are coming up with product innovations, such as polyester- and fabric-based abrasives for wooden products. They are also introducing advanced coated abrasives for metal fabrication, which is propelling the global abrasives market growth.
There is a decline in the sales of abrasives due to the surging cases of the coronavirus disease (COVID-19) and consequent lockdown imposed by governments of different countries to prevent the spread of the pandemic.
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