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Global Abrasives Market to Reach US$ 57.5 Billion by 2024, Spurred by Burgeoning Automotive Sector

According to the latest report by IMARC Group, titled “Abrasives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global abrasives market size reached US$ 41.2 Billion in 2018. Abrasives are sharp, mineral-based materials that are majorly used to offer finishing to both hard and soft materials. They are hard crystals that are either found in nature or can be synthetically manufactured. They are widely utilized to clean surfaces and to remove excess material coarsely. Apart from this, they are also employed for shaping in form grinding, sizing in precision grinding, tool sharpening, blast cleaning, separating in slicing operations, roughening in matte finishes and in the manufacturing of intricate components. As a result, they are gaining widespread preference among various end users such as the automobile, electrical and mechanical industries.

Global Abrasives Market Trends:

The global market is primarily driven by significant growth in the automotive industry. These materials are widely utilized for the manufacturing of various automotive parts, such as mirrors, air ducts and fuel tanks. Additionally, abrasives are crucial for minimizing carbon dioxide emissions and lowering noise levels in automobiles. Rapid urbanization, increasing global population and inflating per capita income levels have provided a boost to the sales of automobiles across the globe, thereby catalyzing the demand for abrasives. Moreover, the demand for these materials for metal fabrication is also providing a thrust to the market growth. Since they are utilized for surface blending as well as for removing welds, the emergence of automation in metal fabrication is expected to provide a stimulus to the market growth. Furthermore, extensive research and development (R&D) have led to the introduction of the next generation of non-woven abrasives in the market. Also, these materials provide minimal smearing issues, enhanced versatility and faster cut-rate, which is further contributing to their widespread preference across industries. On account of the aforementioned factors, the market is expected to reach a value of US$ 57.5 Billion by 2024, expanding at a CAGR of 5.6% during 2019-2024.

Market Summary:

  • Based on the product type, the market has been categorized into bonded abrasives, coated abrasives, super-abrasives and others.
  • On the basis of the end use, the market has been divided into machinery, metal fabrication, automotive, electronics, construction and others.
  • Based on the material type, the market has been bifurcated into natural abrasives and synthetic abrasives.
  • On the geographical front, the market has been segregated into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has been studied, with the detailed profiles of the key profile operating in the market. Some of these include Robert Bosch Power Tools GmbH, DuPont de Nemours, Inc., Fujimi Inc., Saint-Gobain Group, Henkel AG & Co. KGaA, 3M, Asahi Diamond Industrial Co., Ltd., Carborundum Universal Limited., TYROLIT Schleifmittelwerke Swarovski KG, NIPPON RESIBON CORPORATION, Krebs & Riedel Schleifscheibenfabrik GmbH & Co. KG, Abrasiflex Pty Ltd., Noritake Co., Limited, DEERFOS.COM, and Sankyo-Rikagaku Ltd.

 

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