The global abrasives market size is anticipated to reach USD 59.34 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.9% during the forecast period. Rising automotive production and demand for superabrasives in high performance applications are anticipated to fuel the growth.
Rapidly growing end-use industries are anticipated to propel the global demand for abrasives. These products are used in transportation, electronics, manufacturing, and other end-use industries for smoothening, grinding, and polishing product surfaces. Based on product type, the market is divided into three types — coated, bonded, and superabrasives. Their use is specific to designated applications.
Europe constituted the second largest market share of 19.4% in terms of revenue in 2018. The regional growth is attributed to growing demand for bonded and coated abrasives suitable for precision grinding processes. Ongoing construction projects in Russia, Poland, and Western European countries are expected to offer growth opportunities to synthetic abrasives segment.
Electronic and electrical equipment segment is anticipated to expand at a CAGR of 7.7% in terms of revenue, during the forecast period. Technological advancements coupled with escalating demand for electronic and electrical equipment owing to growing population and consumer spending is expected to have a positive influence on the global market. For instance, according to IBEF, the electrical equipment market in India is expected to reach USD 100 billion by 2022 from USD 21 billion in 2017, due to growth in the power industry of the country.
The abrasives market is competitive in nature owing to presence of significant players such as Saint-Gobain; the 3M Company; NORITAKE CO., INC; Robert Bosch GmbH; and KWH Mirka. Certain manufacturers are horizontally integrated across the value chain. For instance, the 3M Company manufactures abrasives and has its presence in the advanced ceramics business as well.
Several strategic initiatives are taken by the manufacturers to increase their market share, global footprints, and customer base in the market. For example, in February 2019, Sak Abrasives Inc. acquired Buffalo Abrasives Inc.
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Further key findings from the report suggest:
- Natural abrasives segment is forecast to register a CAGR of 5.5% in terms of revenue, due to demand from North American and European countries
- Metal fabrication is expected to register the fastest CAGR of 5.2% in terms of volume over the forecast period to lower the manufacturing cost
- In terms of revenue, bonded segment held a market share of 50.3% in 2018 owing to growing demand for high precision grinding in automotive industry of Asia Pacific and North America
- Asia Pacific is expected to register the highest CAGR of 7.2% during the next seven years abrasives market, due to increasing infrastructural activities and growth in the manufacturing segment of the developing countries in the region
- In March 2018, Bosch developed a two-step grinding system for angle grinders. It consists of an SCM disc, which is used to achieve fine surface