The global abrasive market is expected to reach US$51.36 billion in 2023, increasing at a CAGR of 4.16%, for the duration of 2019-2023. The factors, such as, escalating production of automobiles, increasing construction expenditure on global scale, accelerating demand for consumer electronics, growing urbanization and rising usage of abrasives in the medical industry, are likely to drive the growth of the market. However, the market growth would be challenged by the volatile process of raw materials, constraints of raising high capital amounts and regulatory framework. A few notable trends include, accelerating deployment of industrial robots, expanding furniture industry across the world, rapid development in the e-commerce trading platforms, and increasing application of abrasives in surface cleaning.
The global abrasives market has three major product types – bonded abrasives, coated abrasives and super abrasives. Bonded abrasives are the highly used abrasives on the global scale due to the increased demand from automotive, machinery and metal fabrication industries. Whereas, the market shares of bonded abrasives as well as super abrasives are also growing gradually, owing to the rapid demand from various emerging countries.
The fastest growing region is Asia-Pacific, owing the rising production and application of abrasives in various emerging countries, including China, India and Korea. Growing demand for abrasives from the automotive industry is the key driving factor in the rising product demand. Whereas, the development of precision tooling and sophisticated machine part manufacturing units is driving the market growth in Europe and North America.
Scope of the report:
The report provides a comprehensive analysis of the global abrasive market, further segmented on the basis of Material Type, Product Type and End-Use Industries.
The major regional markets (Asia-Pacific, Europe, North America and Middle East), along with the country coverage of China, India, Korea and the U.S. have been analyzed.
The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
The competitive landscape of the market, along with the company profiles of leading players (Robert Bosch, Saint-Gobain, the 3M Company, Noritake, Asahi Group, Fujimi Incorporated) are also presented in detail.
Key Target Audience:
Raw Material Suppliers
End Users (Automotive, Aerospace, Metal Fabrication, Construction and Machinery)
Government Bodies & Regulating Authorities