Global Abrasives Market Revenue is segmented by Source, Material, Type and Application.
Based on Source, the global market has been segmented into natural and synthetic. The synthetic segment held an astounding share of 90% in 2018. It was valued at USD 33.2 billion in the same year. This growth can be attributed to the use of aluminum oxide and silicon carbide in the manufacture of abrasives.
Materials in the global market have been segmented into boron carbide, aluminum oxide, emery, corundum, silicon carbide, and others. Among them, the aluminum oxide segment accounted for 31% share in 2018 due to its use in metalworking and woodworking applications.
By Type, it is segmented into super, bonded, coated, and others. The coated segment dominated the global abrasives market in 2018 due to its high usage in polishing applications of hand and power tools, construction, furniture, fabrication, auto-ancillaries, and sanitary ware. The segment is projected to display 4.9% CAGR during the forecast period. On the other hand, super abrasives can grow at a rapid pace due to the use of diamonds for improving the performance of precision and machining tools.
Applications of the Global Abrasives Market are segmented into automotive, metalworking, machinery, electrical & electronics, construction, and others. Among them, the metalworking segment accounted for a share of around 28% in 2018. This can be attributed to the wide consumption of abrasives for applications of deburring, polishing, grinding, and others.
Jason Incorporated, Carborundum Universal Limited, Noritake Co., Ltd, Robert Bosch GmbH, Schaffner Manufacturing Company, Inc., Fujimi Incorporated, Sia Abrasives Industries AG, DEERFOS Co., Ltd, DowDuPont, Inc., Cabot Microelectronics Corporation, 3M, KREBS & RIEDEL, Saint-Gobain Abrasives, Inc., Asahi Diamond Industrial Co., Ltd, and TYROLIT Group are major players of the Global Abrasives Market.
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Global Abrasives Market is projected to display 4.9% over the forecast period. Main applications in coatings and surface cleaning can drive global market demand. The burgeoning automotive sector is a prime end-user of abrasives. Abrasives are utilized in stages of bodywork, automotive finishing coating, and others. The large production of commercial and passenger vehicles is evident of the large potential of the market.
Leaps in technologies in construction and manufacturing sectors are likely to trigger the demand for abrasives greatly. Manufacture of small components as well as enhancements in precision tools can positively impact market demand. However, fluctuating prices of raw materials can impede the global market growth.
Abrasives are hard materials used in polishing, grinding, and smoothening of other materials. Developments in abrasives have led to its low cost and attractive to end-users in metal fabrication firms. Market Research Future (MRFR) has highlighted the applications of abrasives across end-use industries and made a volume and value analysis based on its comprehensive research. The research has been summarized into salient aspects of drivers, trends, opportunities, and threats coupled with predictions for the period of 2019 to 2025 (forecast period).
Global Abrasives Market has been segmented, based on region, into Asia Pacific (APAC), Europe, North America, Latin America, and the Middle East & Africa (MEA).
APAC accounted for close to 65% share of the market in 2018 due to rapid industrialization. It was valued at USD 23.2 billion in 2018 and projected to exhibit a robust growth rate over the forecast period. China and Japan are major contributors to the Global Abrasives Market with the former deemed to display a CAGR over 5.6% during the forecast period.
Europe held the second position in the market and bound to display a CAGR of 3.2% during the assessment period. Germany is one of the biggest consumers of abrasives. Massive demand for coated and bonded abrasives for various ongoing projects can bode well for the market till 2025.
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