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Abrasives Market Size
Abrasives Market is expected to experience decent growth from 2024 to 2032 due to the increasing material use in the electrical, automotive, and aerospace industries. There is increasing demand for consumer goods, backed by the improving disposable income of consumers, is estimated to drive manufacturing activities. For instance, in 2022, Europe household consumption expenditure increased by 4.7% than previous year. This boost the demand for abrasives from manufacturing sector.
A rise in construction activities has complemented the demand for natural abrasives. Abrasives such as corundum, diamond, calcite, pumice, and sandstone are used for their hardness and rigidity to smooth welding seams in construction projects like buildings and bridges. Promising growth in the construction sector will facilitate product penetration in the years to come.
Abrasives Market Trends
The abrasive market is experiencing dynamic trends driven by technological advancements. Innovations in materials and manufacturing processes are enhancing abrasives' performance, durability, and versatility across various applications. There's a notable shift towards eco-friendly and sustainable abrasive solutions, reflecting increasing environmental consciousness. Customization and tailored abrasive solutions are gaining traction to meet diverse customer needs effectively. With globalization, emerging economies are becoming significant contributors, reshaping market dynamics. Overall, the abrasive market is evolving towards more efficient, sustainable, and diverse offerings to meet evolving customer requirements.
Abrasives Market Analysis
The synthetic abrasives segment is expected to see significant growth through 2032 as ceramic, borazon, and silicon carbide are used to provide a mirror finish to components in the manufacturing sector. The growing manufacturing sector in India and China, driven by government initiatives, will positively impact the demand for these products.
The coated abrasives segment is expected to see decent growth between 2024 to 2032 as they consist of flexible backing material and are used for polishing and lacquering in the furniture sector. The rising demand for furniture, driven by the expansion of commercial spaces such as malls, hypermarkets, and supermarkets, will contribute to the segment growth.
The bonded abrasives market segment is expected to grow through 2032 as they are used to sharpen edges and hone internal and external surfaces. They are also used in the automotive sector for completing body parts. Rising consumer purchasing power will drive demand for bonded abrasives in the automotive sector.
The automotive application segment is estimated to hold a major share of the abrasives industry by 2032. They maintain the dimensional accuracy of plastic components, air ducts, valve springs, and mirrors in the automotive sector. As per the Forbes stats, the self-driving car market is anticipated to reach USD 13.7 billion by 2030. The growing manufacturing of electric vehicles will boost product penetration in the automotive sector.
The super abrasives market segment is expected to see significant development by 2032. Super abrasives, because of their high-performance grinding properties, are used for machining ferrous and non-ferrous materials. They are used for grinding wear parts in the oil & gas sector. The rising energy demands across European countries will in turn fuel the need for super abrasives.
North America market, led by Mexico, Canada, and the U.S., is expected to experience noteworthy expansion through 2032. These abrasives are used in profile sanding, fine sanding, and polishing use in the furniture and wooden sector. The market growth will be further driven by the increasing demand for wood in the region to construct homes and apartments.
Abrasives Market Share
Global abrasives industry key players include:
- Arc Abrasives, Inc
- 3M
- Fujimi Incorporated
- Saint-Gobain
- DowDuPont
- Robert Bosch GmbH
- sia Abrasives Industries AG.
Companies are focusing on increasing production capacity and expanding their market share by forming strategic alliances, joint ventures, and partnerships.
Abrasives Industry News
· In May 2023, the India-based abrasives manufacturer and distributor, Sak Abrasives, acquired Jowitt & Rodgers Co. The acquisition will allow Sak Abrasives to focus on custom made engineered products and manufacturing complimentary products at their various locations in India and the US.