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Abrasives Market to Reach USD 58,363.7 Million by 2028; Increasing Demand from Automotive Sector to Aid Growth

April 28, 2021 | Chemicals & Materials

The global abrasives market size is expected to showcase exponential growth by reaching USD 58,363.7 million by 2028. This information is published by Fortune Business Insights in its latest report, titled, “Abrasives Market Size, Share & COVID-19 Impact Analysis, By Material (Natural and Synthetic), By Product (Bonded, Coated, and Super), By Application (Automotive, Electrical & Electronics, Metal Fabrication, Machinery, and Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 37,317.1 million in 2020 and is projected to exhibit a CAGR of 5.8% between 2021 and 2028. Factors such as the increasing demand from the automotive sector is expected to boost the product’s demand in the forthcoming years.


Sak Abrasives Inc.’s Acquisition of Buffalo Abrasives Inc. to Strengthen its Market Position in USA


In February 2019, Sak Abrasives, a wholly-owned subsidiary of Sak Industries Private Ltd., announced the acquisition of Buffalo Abrasives Inc., a leading U.S-based manufacturer of resin bonded grinding wheels. Buffalo has its presence in the aerospace, oil & gas, automotive, and bearing industries. The acquisition strengthens Sak’s position in the global market.


Kanika Krishna, COO of Sak, informs, "There is a high demand for Made in USA products and our vision is to ensure availability of varied types of products manufactured in different regions for our customers." Such strategic expansion by companies is expected to favor the product’s demand in the forthcoming years.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/abrasives-market-102177


Increasing Demand from Automotive Sector to Augment Growth


According to the data by Down to Earth Organization, by 2030 there will be an addition of around 1.2 billion cars running on roads by 2030. The increasing demand for automotive is expected to boost the product’s adoption worldwide. Abrasives are for deburring, sizing, and cleaning of engine components. Moreover, they are adopted for cleaning inside of pipes and smooth edges for oiling, fitting, polishing, and painting purposes. Therefore, the rising automotive industry is expected to contribute to the growth of the global market in the forthcoming years.


COMPETITIVE LANDSCAPE


Key Players Focus on Facility Expansion to Strengthen Their Market Positions


The global abrasives market growth is experiencing a positive rate due to the presence of major companies that are focusing on expanding their facilities to cater to the growing demand for the product across several industrial applications. Moreover, other key players are adopting strategies such as partnership, merger and acquisition, and collaboration that will contribute to the market growth.  


Industry Development:



  • February 2019 – Brookstone Partners announced the acquisition of Virginia Abrasives (VAC). According to the company, the acquisition is likely to help the company to expand its product offerings and amplify its market position.


List of the Companies Profiled in the Global Market:



  • The 3M Company (U.S.)

  • Saint-Gobain (U.S.)

  • Krebs & Riedel (Germany)

  • Asahi Diamond Industrial Co., Ltd. (Japan)

  • Robert Bosch GmbH (Germany)

  • Fujimi Incorporated (Japan)

  • Henkel AG & Co. KGaA (Germany)

  • Carborundum Universal Limited (India)

  • NIPPON RESIBON CORPORATION (Japan)

  • KWH Mirka (Finland)

  • NORITAKE CO., LIMITED (Japan)

  • Other Key Players


Further Report Findings:



  • Asia-Pacific stood at USD 15,113.4 million in 2020. The region is expected to hold the highest position in the market during the forecast period. This is attributable to the increasing adoption of technology in the product development and the growing construction industry in the region.

  • The market in Europe is expected to showcase considerable growth backed by the presence of established automotive manufacturers that are expected to propel the demand for the product between 2021 and 2028.

  • Based on applications, the metal fabrication segment held a global abrasives market share of about 17.0% in 2020 and is expected to experience substantial growth during the forecast period. This is ascribable to factors such as the increasing demand for metal manufacturing processes from the construction industry worldwide.


Table of Segmentation:














































  ATTRIBUTE



  DETAILS



Study Period



   2017-2028



Base Year



   2020



Forecast Period



   2021-2028



Historical Period



   2017-2019



Unit



   Value (USD Million)



By Material




  • Natural

  • Synthetic



By Product




  • Bonded

  • Coated

  • Super



By Application




  • Automotive

  • Electrical & Electronics

  • Metal Fabrication

  • Machinery

  • Others



By Geography




  • North America (By Application, and By Country)

    • U.S.

    • Canada



  • Europe (By Application, and By Country)

    • France

    • Germany

    • UK

    • Italy

    • Spain

    • Russia

    • Rest of Europe



  • Asia Pacific (By Application and By Country)

    • China

    • India

    • Japan

    • South Korea

    • Rest of Asia Pacific



  • Latin America (By Application and By Country)

    • Brazil

    • Mexico

    • Rest of Latin America



  • The Middle East & Africa (By Application, and By Country)

    • Saudi Arabia

    • South Africa

    • UAE

    • Rest of Middle East & Africa




Abrasives Market
  • PDF
  • 2020
  • 2017-2019
  • 100

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