The "Abrasives Market" has been growing in accordance with the global automotive, metal fabrication, and machinery industries. With rapid urbanization and industrialization, the need for new machinery has increased significantly throughout the world, which has played a huge part in providing the necessary momentum to the global abrasives market.
The global abrasives market was valued at USD 40.20 billion in 2017 and is projected to reach USD 56.59 billion by 2023, at a CAGR of 5.97%. The base year considered for the study is 2017, with the CAGR projected from 2018 to 2023.
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The aerospace sector is projected to be the fastest-growing segment in the abrasives market during the forecast period. The automotive segment accounted for the largest share in 2017, in terms of both value and volume. Rapid urbanization and increased spending power in emerging economies propel the growth of the automotive industry.
Growth Drivers:
• Rising Metal Fabrication Industry
• Growing Automobile Market
• Massive Production of Electronics Components
• Growing Medical Devices Market
• Decreasing Cost of Synthetic Diamond
Target Audience:
• Raw material suppliers
• Abrasive manufacturers
• Traders and distributors of abrasives
• Commercial R&D institutions
• Associations and industry bodies
• Regulatory bodies
• End-use industries
Market By End-use Industry:
• Automotive
• Machinery
• Metal fabrication
• Electrical & electronics equipment
• Others
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The segmentation based on type consists of coated, bonded, and super abrasive. The coated abrasives segment is projected to grow at a high growth rate between 2018 and 2023. Based on material, the natural segment was the largest in 2017 as it provides benefits such as cost effectiveness, non-toxicity, low material consumption rate, purity, and high productivity rates
Asia Pacific is the most attractive market for abrasives, owing to the rapid growth in industries such as automotive, machinery, and metal fabrication in the region. The growth of this region is supplemented by the increase in consumption and production of industrial products in developing economies such as India and China.
The next level in the value chain involves the assembly team that is monitored by manufacturers such as Henkel (Germany), Tyrolit (Austria), Asahi Diamond Industrial Co., LTD (Japan), Deerfos (Korea), and Carborundum Universal Limited (India), KREBS & RIEDEL (Germany), Nippon Resibon Corporation (Japan), Sankyo-Raikagaku Co., Ltd. (Japan), Abrasiflex (Australia), and Noritake Co., Limited (Japan).
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