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The global abrasives market size was valued at USD 42.08 billion in 2019 and is projected to reach USD 63.98 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period.
Abrasives is a material or mineral which is used to shape a workpiece through the process of rubbing. The process is often used for material polishing to gain a smooth and reflective surface. It also involves the roughening of materials in matte, satin, or beaded finishes. They are used in the form of sandpapers, grinding wheels, polishes, honing stones, tumbling and vibratory mass-finishing media, pulp stones, sandblasting, ball mills, and other tools.
The important physical properties of this material include hardness, friability, toughness, grain shape and size, and degree of purity, as it should have strong bonding affinity and should withstand heat. Natural minerals used for production are bauxite, diamond, corundum, diatomite, whereas synthetic ones are made from carborundum, silicon carbide, fused aluminum oxide, and others. Sometimes, ceramics are also used for cutting, grinding, and polishing of materials.
Increasing demand in grinding and polishing applications in end-use industries such as automotive, metal fabrication, electronics and electrical (E&E) equipment, and machinery is expected to boost the market. Growing demand from the automotive industry is a major factor for driving the market. In the manufacturing of automotive components, these products play a vital role in modifying operating parameters such as lowering noise levels and reducing high-performance engine carbon dioxide emissions and component machining.
Impact on Abrasives Market due to COVID-19 Outbreak
The impact of the global pandemic has also integrated into sectors such as metal fabrication, machinery, automotive, and others. Disruption over the exports from Chinese large-scale manufacturing has created interruptions across. Moreover, in the U.S., the lockdown has caused plant closures which are adding to intense pressure on the global supply base where companies and consumers are at risk. The pandemic has created a global shift in the supply chain that is affecting the metal fabrication, machinery, automotive, and others industry, which in turn is leading to disruption and downshift in demand. Abrasives such as aluminum oxide, silicon carbide, boron nitride, and others are often found in nature by extracting from below ground. The global shutdown has influenced the mining activities and thus creating pressure on the demand. Strict government regulation for raw material production and shutdown of manufacturing units is expected to be the greatest constraints.
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Increasing Demand for Super Abrasives in High-Performance Applications
Super abrasives are instruments which are used to grind precision on account of their extraordinary strength, unparalleled durability, and longevity properties. To make super ones, grinding plates and materials are connected to a plate. Industrial diamonds belong to this family, an industrial diamond is a non-gem quality small diamond for cutting and drilling devices.
These grinding wheels have more than extraordinary strength, unparalleled durability, and longevity as their benefits. Research and development are currently under way in the areas such as an increasing number of industries, custom built "hard to grind" materials, creep or deep feed grinding, high-speed, high-performance hard steel grinding, forms grinding in high-precision, high-removal and high-surface efficiency applications, often with electroplating, and others.
Rising Demand from Automotive Industry Will Aid the Market Growth
The automotive industry is expected to drive the global market growth. They are also used for repairing, engine parts sizing, cleaning of auto body, interior, and exterior. These products are also used to clean the insides of pipes, smooth welds, smooth edges and surfaces for oiling, fitting, polishing or painting. Coated and non-woven, both are used to refinish auto bodies, whereas grinding wheels are used for engine of automobiles. This high demand from various applications within the automobile industry is directly supporting industry growth.
Additionally, many such products are used for non-engine parts & accessories such as brakes, steering wheels, wheels, and axles. Brakes have a special abrasive with non-directional scratch pattern fitting to collet tool. It is used for eliminating the brake squeal and also reducing discoloration on heat-sensitive metals. Sandpapers are used for prepping and polishing of the interior and exterior of automobiles. Furthermore, rising raw material price fluctuations and economic conditions are expected to impact the market significantly.
Rising Price of Coated Abrasives Likely to Restrict Market Growth
The cost of raw materials for coated products, labor force, energy sources, and environmental governance increased, placing great pressure on industry enterprises. CMTBA's Coated Sub-Association specially convened 13 domestic manufacturing firms, and held a meeting in Zhengzhou to examine the situation and study the countermeasures. At the conference, summarized three major problems faced by manufacturers of coated products. First, the prices of raw materials and auxiliary materials, labor costs and logistics costs have all increased significantly. Second, the effect of China's strict environmental protection policies on enterprises, some raw materials manufacturing companies suspended output or reduced production. Third, the manufacturing sector's systemic overcapacity resulted in a severe competition market.
Synthetic Abrasives Segment to Hold a Significant Share of the Global Market
Based on material, the market is segmented into natural and synthetic. Synthetic ones are the product made through the processing of chemical precursors or raw materials. These materials include synthetic diamond, silicon carbide, and alumina. These can be used for various applications due to changeable grain shape, making changes in the purity, and by controlling the crystal structure within the grains. These customizable properties are giving a positive outlook on market growth.
Natural abrasives are extensively used in a wide range of domestic, industrial, and technological applications. These include corundum, diamond, and emery, as they occur naturally, which can be mined and processed for use with less variation. The increasing use in the automotive industry is the major factor driving market demand.
Coated Abrasives is Expected to Generate the Highest Revenue during the Forecast Period
On the basis of product, the market is segmented into bonded abrasives, coated, and super. The coated segment held the major Abrasives Market share. Coated ones consist of grains, a backing material, and bonding adhesive. Each of these components gives the product a unique quality making it suitable for various applications. The grain contains aluminum oxide, zirconia alumina, and others, also backing material includes papers or cloth. Utilization of coated products in consumer goods, fabrication, hand and power tools, general engineering, furniture, surgical products such as implants & prosthetics will drive the market growth.
Additionally, super abrasive segment demand is increasing in applications such as precision edging in automotive, construction, and woodworking tools. These products come in the form of grinding wheels or rectification tools that are used to shape too fragile or too hard materials such as glass in the automotive and construction industry, ceramic compounds, and others. A rise in demand from the automotive and construction sectors is expected to contribute to an increase in the market size considerably.
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Metal Fabrication Segment is Anticipated to Exhibit a Significant CAGR During the Forecast Period
On the basis of applications, the market is categorized into automotive, electrical and electronics, metal fabrication, machinery, and others. Metal fabrication is expected to expand at a rapid pace during the forecast period. Metal fabrication is used to manufacture metal structures by bending, cutting, and assembling processes. These are used as cut-off saws, also called as chop saws, having the steel-cutting abrasive disks for cutting of metals into the desired shape. Other products for metal fabrication are fiber discs and flap discs, mainly used for grinding down metals and blending the surfaces.
In automotive applications, these are mainly used as grinding wheels and grinding segments to smoothen or roughen the surface for polishing, fitting, or painting. Increasing applications in for cleaning, deburring, and repairing the auto parts will lead to a growth of the market.
Abrasives have also witnessed high demand from the machinery and electrical & electronics segments. This demand has been caused due to new unique and attractive types. They are used for insulation and blending of wiring in the electrical and electronics segment, also rubber bonded ones are used in the manufacturing of semiconductors and electronic applications such as back grinding, CMP pad dressing, IC die-cutting, wafer slicing, and other manufacturing operations. In addition, these have application as flexible belts, wide belts, seeded gel, and nonwoven fabric for advanced ceramics and metal matrix composites.
North America Abrasives Market Size, 2019 (USD Billion)
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The market size in North America stood at USD 4.94 billion in 2019. Asia Pacific accounted for the highest market share in terms of revenue and is likely to maintain this trend during the forecast period due to advancement in technology along with growing construction industries may support the growing need in China, Japan, and India. China is the major consumer due to high demand from the metal fabrication and machinery business, which will boost the market demand.
Europe is a hub for automobile production, which in turn increases product consumption. Furthermore, high level of cleaning and maintenance of these automobiles is also a major factor increasing the market in the region.
North America is expected to expand at considerable pace during the forecast time period. U.S. market is growing owing to the rapid development of precision tooling and machine part manufacturing, along with technological advancement in the region is expected to promote market growth in the forthcoming years.
In Latin America, Mexico, Argentina, and Brazil are the major countries that will support the market to drive the growth. This growth in the region can be attributed with the increasing automotive, aerospace, construction, and furniture industries.
The Middle East & Africa market, driven by Saudi Arabia and South Africa is expected to observe a substantial growth during the forecast timeframe. Rising woodworking, solid surface grinding and polishing, metal fabrication for construction industry in the region indicates the increasing demand that will lead to the overall market growth.
Key Market Players Are Expected to Strengthen the Market Position by Offering Abrasives to the Automotive Industry
The major producers are present in Europe. Some of the key market players are 3M, Saint-Gobain, Krebs & Riedel, DuPont, and Robert Bosch GmbH. Krebs & Riedel is a German manufacturing company of grinding wheels. The company offers various product range including cutting discs, conventional grinding wheels, cup wheels, and super abrasives production such as diamond and CBN wheels in vitrified bonds. On the other hand, Saint-Gobain manufacture products, offering a complete portfolio of high-performance, precise and comfortable solutions for polishing, shaping and cutting all types of materials. Similarly, other key players in the market have developed strong regional presence, distribution channels, and product offerings. Companies are forming strategies to expand their business and enhancing product portfolio to create opportunities in the value chain.
KEY INDUSTRY DEVELOPMENTS:
An Infographic Representation of Abrasives Market
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The abrasives market report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, applications, and types. Also, the report offers insights into abrasives industry trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
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Value (USD Million) and Volume (KT)
Fortune Business Insights says that the global abrasives market size was USD 42.08 billion in 2019 and is projected to reach USD 63.98 billion by 2027.
In 2019, the market value stood at USD 42.08 billion.
Growing at a CAGR of 5.7%, the market will exhibit steady growth in the forecast period (2020-2027).
The synthetic segment is the leading segment on the basis of material
Rising Demand from Automotive Industry Will Aid the Market Growth
Robert Bosch GMBH, 3M Company, Saint-Gobain Abrasives, Inc., and Fujimi Incorporated are few of the leading players in the global market.
Asia Pacific dominated the global market in 2019.
Rising demand from automotive industry for auto parts application is an important market trend.
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