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The global abrasives market size was USD 37,317.1 million in 2020. The global impact of COVID-19 has been unprecedented and staggering, with product witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 3% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 39,332.3 million in 2021 to USD 58,363.7 million in 2028 at a CAGR of 5.8% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Abrasives are used to grind away wood, concrete, ceramic, stone, or mineral. These materials provide an elegant, sleek, and finished look. The process is often used for material polishing to gain a smooth and reflective surface. The use of these products is in roughening of materials in matte, satin, or beaded finishes. Usage of these materials in sandpapers, grinding wheels, polishes, honing stones, tumbling and vibratory mass-finishing media, pulp stones, sandblasting, ball mills, and other tools is supporting the market growth. The important physical properties of these materials include hardness, friability, toughness, grain shape and size, and degree of purity, as they have strong binding affinity and withstands heat.
The increasing demand for 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. In manufacturing automotive components, the product plays a vital role in modifying operating parameters such as lowering noise levels and reducing high-performance engine carbon dioxide emissions and component machining.
Momentary Halt in Manufacturing and Trade Activities during COVID-19 Outbreak Affected Market Growth
The impact of the global pandemic has been felt across the sectors such as metal fabrication, machinery, and automotive. Disruption over the exports from large-scale Chinese manufacturing has created interruptions across. Moreover, in the U.S., the lockdown has caused plant closures, 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 for the product.
Abrasives such as aluminum oxide, silicon carbide, boron nitride, and others are often found in nature by the extraction process below the ground. The global shutdown has influenced the mining activities and further has created pressure on the product’s demand. Strict government regulation for raw material production and the shutdown of the manufacturing sector is expected to be the greatest constraints.
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Growing Application of Abrasives for Construction Activities to Create Growth Opportunities
Construction is projected to be the key application for this market over the forecast years. The rise in construction activities has increased due to the rapid increase in urbanization and improving lifestyle. Economic growth in developing countries, along with high renovation activities, is further supporting the market development. These products are used in the construction industry in several applications such as woodworking & fabrication, metal fabrications, and metal components. The construction industry is observing tremendous and unparalleled changes supported by economic growth, which in turn is increasing the demand for these materials. China, India, Japan, and other Asian nations are the major countries witnessing market growth. The rising population in these countries has been mainly affecting the incline of the market due to the expansion of residential construction. Moreover, the high shift of industrialization from the western region to Asia Pacific is directly supporting the growth in the construction industry, which in turn is leading the abrasives industry growth.
Increasing Demand from Automotive Industry to Aid Market Growth
These are used for repairing engine parts sizing, auto body, interior, and exterior cleaning. 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 products are used to refinish auto bodies, whereas grinding wheels are used for automobiles. This high demand from various applications within the automobile industry is directly supporting the industry growth.
Several 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 collect tools. It is used for eliminating the brake squeal and also reducing discoloration on heat-sensitive metals. Sandpapers are used for prepping and polishing the interior and exterior of automobiles. Furthermore, the rising raw material price fluctuations and economic conditions are expected to impact the market significantly.
Lack of Raw Material Availability and stringent Regulations to Hamper Market
The most common raw materials are aluminum oxide, silicon carbide, cubic boron nitride, synthetic diamond, and ceramics. Most of the mentioned raw materials are obtained from renewable resources like petroleum. Depletion of these resources is resulting in lowering raw material availability, thus restricting the market growth. Moreover, rising concern over environmental protection and preventing the spread of pollution has resulted in the government taking action and putting stringent regulations on the use of this product, thus hindering the market growth.
Synthetic Abrasives Segment to Hold a Significant Share
Based on material, the market is segmented into natural and synthetic.
Synthetic abrasive is the product made through the processing of chemical precursors or raw materials. These materials include synthetic diamond, silicon carbide, and alumina. This material has various applications as the shape of grains can be changed as per need, changes can be done in purity, and controlling the crystal structure within the grains. These customizable properties are giving a positive outlook towards the segment’s growth.
Natural abrasive extensive use in a wide range for domestic, industrial, and technological applications due to growing consumer shift towards organic products. These include corundum, diamond, and emery, as they occur naturally, which can be mined and processed for use with less variation. The increasing use of this product in the automotive industry is the major factor driving the market’s demand.
Coated Abrasives is Expected to Generate Highest Revenue
Based on product, the market is segmented into bonded, 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 utilization of coated products in consumer goods, fabrication, hand and power tools, general engineering, furniture, and surgical products will drive segmental growth.
A bonded abrasive is composed through a material kept in a matrix called a binder. The binder is a very fine aluminum oxide abrasive that comprises interred material.
The demand for this material is surging in applications such as precision edging in automotive, construction, and woodworking tools. These products come in the form of grinding wheels or rectification tools used to shape too fragile or too hard materials such as glass in the automotive and construction industry, ceramic compounds, and others.
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Metal Fabrication Segment is Anticipated to Exhibit a Significant CAGR Over the Forecast Period
Based on applications, the market is categorized into automotive, electrical and electronics, metal fabrication, machinery, and others.
The metal fabrication segment is expected to expand at a rapid pace during the forecast period. This type of fabrication is used to manufacture metal structures by bending, cutting, and assembling processes. This product is used as cut-off saws, also called chop saws, having the steel-cutting disks to cut metals into the desired shape. Other metal fabrication products are fiber discs and flap discs, mainly used for grinding down metals and blending the surfaces.
In automotive applications, the product is mainly used as grinding wheels and grinding segments to smoothen or roughen the surface for polishing, fitting, or painting. The increasing applications for cleaning, deburring, and repairing auto parts will lead to segmental growth.
This product has experienced high demand from the machinery and electrical & electronics segments. This is due to the availability of new and attractive types of materials used for insulation and blending of wiring in the electrical and electronics segment. Also, rubber bonded ones are used to manufacture semiconductors and electronic applications such as back grinding, CMP pad dressing, IC die-cutting, wafer slicing, and other manufacturing operations. These have applications as flexible belts, wide belts, seeded gel, and nonwoven fabric for advanced ceramics and metal matrix composites.
Asia Pacific Abrasives Market Size, 2020 (USD Million)
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The market size in Asia Pacific stood at USD 15,113.4 million in 2020. Asia Pacific is expected to hold the highest position in the global market during the forecast period. This is due to advancements in technology, along with the growing construction industry, that will support the product’s demand in China, Japan, and India. China is the major consumer due to the high demand from the metal fabrication and machinery businesses.
Europe is a hub for automobile production, which in turn increases product consumption. Furthermore, a high level of cleaning and maintenance services of these automobiles is a major factor that will boost the growth of the market in the region.
North America is expected to experience exponential growth during the forecast period. Rapid-paced development in precision tooling and machine part manufacturing, along with technological advancement in countries such as the U.S. is expected to contribute to the growth of the market in the region.
In Latin America, Mexico, Argentina, and Brazil are the major countries that will support market growth. This growth in the region can be attributed to the increasing automotive, aerospace, construction, and furniture industries.
The market in the Middle East and Africa is expected to showcase substantial growth during the forecast period. The rising woodworking, solid surface grinding and polishing, metal fabrication for the construction industry in the region will favor the market’s growth in the forthcoming years.
Extensive Product Portfolio of Major Companies to Strengthen their Positions
The major producers present in Europe are 3M, Saint-Gobain, Krebs & Riedel, DuPont, and Robert Bosch GmbH. Krebs & Riedel is a German manufacturing company of grinding wheels. The company offers a varied product range, including cutting discs, conventional grinding wheels, and cup wheels, such as diamond and CBN wheels in vitrified bonds. On the other hand, Saint-Gobain manufacturers products, offering a complete portfolio of high-performance, precise and comfortable solutions for polishing, shaping, and cutting all types of materials.
Other key players in this market have also developed a robust regional presence, varied product offerings, and distribution channels. Companies are forming strategies to expand their business and enhance their product portfolio to create value chains.
An Infographic Representation of Abrasives Market
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The global 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 market 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.
Value (USD Million)
Fortune Business Insights says that the global market size was USD 37,317.1 million in 2020 and is projected to reach USD 58,363.7 million by 2028.
In 2020, the market value stood at USD 37,317.1 million.
Growing at a CAGR of 5.8%, the market will exhibit steady growth during the forecast period (2021-2028).
Based on material, the synthetic segment is expected to be the leading segment.
The increasing demand from the automotive industry is expected to drive the market growth.
Robert Bosch GMBH, 3M Company, Saint-Gobain, Inc., and Fujimi Incorporated are a few of the global market players.
Asia Pacific dominated the global market in 2020.
High demand from the automotive industry for auto parts applications is an important market trend.
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