Global Abrasives Market to Surpass US$ 66.71 Billion by 2028, Says The Brainy Insights
NEWARK, N.J., Aug. 1, 2022 /PRNewswire/ -- The global abrasives market is expected to grow from USD 38.87 billion in 2020 to USD 66.71 billion by 2028, at a CAGR of 7.13% during the forecast period 2021-2028. The Asia Pacific region accounted for a major market share of 53.56% in 2020. The presence of many local and global key manufacturers across the region is one of the key factors driving the market's growth. In addition, significant infrastructure development in countries such as India and China further boosts demand for abrasives. On the other hand, the North American region is projected to grow at a prominent CAGR of 8.2% over the forecast period. Increasing demand for abrasives in the various end-use sectors, such as aerospace, automotive, and metal fabrication, is driving the market's growth.
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The natural segment accounted for the significant market and was valued at USD 19.92 billion in the year 2020
The raw material type segment is divided into natural and synthetic. The natural segment accounted for the major market and was valued at USD 19.92 billion in 2020. This share is mainly due to the increasing usage of natural raw materials for manufacturing abrasives. The abrasives made from natural raw materials are used in various end-user verticals, such as the automotive, construction, and metal fabrication. Thus, the high demand for natural raw materials for abrasives drives the market's growth.
The bonded abrasives held the major market share and were valued at USD 15.69 billion in the year 2020
The type segment includes coated abrasives, bonded abrasives, and super abrasives. The bonded abrasives held the major market share and were valued at USD 15.69 billion in 2020. Bonded abrasives hold the grains with the help of adhesives and are available in various forms, including discs and wheels. The high adoption of bonded abrasives in the automotive industry drives the market's growth.
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The automotive segment dominated the global market and held the major market share of USD 15.42 billion in the year 2020
The end-use industry segment includes aerospace, automotive, machinery, metal fabrication, electrical & electronics equipment, and others. The automotive segment dominated the global market and held a major market share of USD 15.42 billion in 2020. With the increasing technological advancement in the automotive industry, the demand for abrasives has increased in the automotive sector.
Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region accounted for the major market of 53.56% in 2020. The presence of many local and global key manufacturers across the region is one of the key factors driving the market's growth. In addition, significant infrastructure development in countries such as India and China further boosts demand for abrasives. On the other hand, the North American region is projected to grow at a prominent CAGR of 8.2% over the forecast period. Increasing demand for abrasives in the various end-use sectors, such as aerospace, automotive, and metal fabrication, is driving the market's growth.
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Competitive Analysis:
Major players in the global abrasives market are Tyrolit Group, Asahi Diamond Industrial, 3M Company, Robert Bosch GMBH, Compagnie de Saint-Gobain S.A., Henkel, Deerfos, Sak Industries, Fujimi Incorporated, and Carborundum Universal Limited among others.
This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2028. The Brainy Insights has segmented the global abrasives market based on below segments:
Global Abrasives Market by Raw Material:
- Natural
- Synthetic
Global Abrasives Market by Type:
- Coated Abrasives
- Bonded Abrasives
- Super Abrasives
Global Abrasives Market by End Use Industry:
- Aerospace
- Automotive
- Machinery
- Metal Fabrication
- Electrical & Electronics Equipment
- Others
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About the report:
The global abrasives market is analyzed on the basis of value (USD billion), volume (kilotons), import (kilotons), and import (kilotons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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