Heightened Demand in Industrial Sector will Drive Abrasives Market at a CAGR of 4.3% & hit a Stupendous Revenue During Forecast Period of 2022-32 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Asia Pacific holds the biggest market share in the abrasives market. High Manufacturing Costs & Health Hazards Associated with Abrasives Hampering Market Growth. In the worldwide abrasives market, there are two types of abrasives: synthetic and natural
DUBAI, United Arab Emirates, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The global abrasives market is predicted to grow at an average CAGR of 4.3% from 2022 to 2032. Valued at US$ 45 Bn in the year 2020, the target market will present significant growth during the forecast period. A commonly used material across multiple industry verticals for cleaning, grinding wheel, and polishing purposes, the abrasive market will register standard demand due to their application in the industrial space.
A frequently used material in the industrial space, abrasive is generally used for functions like cleaning the hard surface, grinding wheels, and polishing. An abrasive helps to deliver a surface finish and shape for the product. Abrasives are mineral-like materials that are available in different sizes, and shapes depending on the requirement. There are two types of abrasives available in the global market- synthetic and natural. However, there’s a preference for synthetic abrasives over natural ones owing to their consistent characteristics which are needed in industrial applications. With applications across various industries, the abrasive market is expected to witness steady growth during the projected period.
The abrasives market includes a broad range of materials that are used extensively in different industry verticals such as transportation, metal fabrication, machinery, and electronic equipment. The typical application of abrasive material involves grinding wheels, cutting wheels, tool sharpening, tumbling media, and metal cleaning. The abrasive market, thus, observes heightened demand from the automotive, manufacturing, and metal fabrication sectors. This rising demand will fuel the growth of the global abrasives market during the forecast period.
“Rapid industrialization in emerging economies along with the development of the metal fabrication sector will likely have a positive impact on the global growth of the abrasives market over the forecast period,” says an FMI analyst.
Key Takeaways:
Government regulations in the production of abrasives may pose a challenge to the overall market growth.
By product type, the bonded abrasive segment will dominate the global abrasive market space.
Super abrasives will be the fastest-growing segment with a strong CAGR.
By use, machinery and Norton grinding wheels lead the overall market during the forecast period.
The metal fabrication segment will be the fastest-growing end-use segment during the forecast period.
The abrasive market in the Asia Pacific region will generate great revenue with a double-digit CAGR.
Competitive Landscape
E. I. du Pont de Nemours and Company, Robert Bosch GmbH, Cabot Microelectronics Corporation, Saint Gobain S.A, Tyrolit Schleifmittelewerke Swaroski K.G, Fugimi Incorporated, and Jason Incorporated among others are some of the major players in the abrasives market profiled in the full version of the report.
In a competitive market, the key market participants are concentrating on entering markets in emerging economies to expand their manufacturing facilities. These businesses are keen on releasing and developing new products.
In its latest report, FMI offers an unbiased analysis of the global abrasives market, providing historical data from 2014 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of raw material (natural, synthetic), type (coated abrasives, bonded abrasives, super abrasives), end user (aerospace, automotive, machinery, metal fabrication, electrical and electronic equipment, others), and region.
According to the latest FMI reports, based on segmentation, the bonded abrasives segment is predicted to register heightened demand during 2022-2032. This segment will continue to dominate the overall market space while super abrasives will become the fastest-growing segment. In terms of use, the machinery segment will contribute substantially to the global abrasive market over the forecast period.
Based on region, the abrasive market in the Asia Pacific region will exhibit impressive growth over the forecast period. With a double-digit CAGR, this region will dominate the international market space. The rising automobile sector, expanding the electronic, medical devices, and packaging industry, particularly in India and China, will propel the regional abrasive market growth during 2022-2032. Besides, Western Europe and North America will also present notable growth in the abrasive market during the projected period.
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