08 January 2020
Visiongain’s new report Abrasives Market Report 2020-2030: Forecasts by Material (Natural, Synthetic), Type (Bonded, Coated, Super), Product Type (Cups, Cylinder, Disc), End User (Automotive, Aerospace, Electrical & Electronics, Machinery, Metal Fabrication), and by region and analysis of leading companies operating in this industry.
The global abrasives market is anticipated to surpass USD 70 billion by 2030 while growing at a lucrative CAGR of 5.7% during the forecast period from 2020 to 2030.
Growing demand from the automotive industry for abrasives is the key driver of rising demand for the global abrasives market. In the manufacturing of automotive components, abrasives play a vital role in modifying operating parameters such as lowering noise levels and reducing carbon dioxide emissions. In the year, the global production of cars and commercial vehicles has increased by over 9% since 2013, according to the International Organization of Motor Vehicle Manufacturers (OICA). This factor is expected to have a positive impact on the automotive industry's product demand.
Also, it is anticipated that the growth of the construction sector across the globe will drive demand for abrasives, particularly super abrasives. The development of the manufacturing industry has made it possible to improve precision tooling, which is useful in manufacturing smaller components with greater precision, thus boosting abrasive consumption used in the process.
However, strict regulations & the cost of raw materials are expected to restrict the demand for the product. There are some limitations to the product's manufacturing process, which can cause output obstruction. Production of abrasives demands large amounts of raw materials, and the concentration of raw materials is limited and that too in few regions which is anticipated to affect distribution strategies coupled with additional transportation costs.
The automotive segment offers maximum market potential in the abrasive market owing to growing disposable incomes per capita and growing demand for commercial & passenger vehicles, particularly in developing economies such as India, Indonesia, Russia, and China among others.
In the year 2018, Asia Pacific dominated the global abrasives market capturing over 40% of the global abrasives market. China dominated the Asia Pacific abrasives market owing to the presence of several players & abundant availability of raw materials.
In the Asia Pacific region, it is projected that the demand for abrasives is steady due to the increase in the construction and manufacturing sectors. Also, it is anticipated that the emerging countries in the region that acquire advanced technology to produce customer-specific abrasives will capture the Asia Pacific abrasives market. An increase in disposable income has led to exceptional demand for commercial & passenger vehicles, particularly in developing nations. Thus, over the forecast period, the growing demand for cars is expected to indirectly drive the abrasive market's growth prospects. Also, it is anticipated that the growing electronic industry is likely to fuel demand for coated abrasives, thus boosting the overall growth of the global abrasive market.
Strict regulations and fluctuating raw material prices are the major constraints on the market for abrasives. Acquisitions and new product innovations are effective approaches that have been implemented in recent years by many automotive companies.
Some of the key abrasives market players include 3M, Abrasiflex, Asahi Diamond Industrial Co., Ltd., Carborundum Universal, Deerfos, Dowdupont, DRONCO GmBH, FUJIMI INCORPORATED, GRUPO COSENTINO, S.L. (COSENTINO S.A), Henan Huanghe Whirlwind Co., Ltd., Henkel AG & Company, KGaA, Krebs & Riedel Schleifscheibenfabrik, KWH Mirka, NIPPON RESIBON CORPORATION, Noritake, Robert Bosch GmbH, ROBERT BOSCH GMBH, Saint-Gobain S.A., TYROLIT Schleifmittelwerke Swarovski KG among other prominent players.
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