Abrasive Industry Overview
The global abrasive market size was valued at USD 34.41 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028.
Growth in the metal fabrication industry on account of the rising demand for pre-engineered buildings & components and developments in the manufacturing sector is one of the key driving factors of the market. The growth of the metal fabrication industry is also driven by the rising demand from various end-use industries including medical, agriculture, automotive, and aerospace. Moreover, the market is continuously evolving because of the changing technologies and lack of skilled labor. The U.S. holds key importance in the global market.
Although, the country has not witnessed any major growth in the manufacturing sector, due to changing economic priorities affecting tariffs and internal investments; emphasis on domestic production is expected to prove fruitful for market growth over the coming years.
Gather more insights about the market drivers, restrains and growth of the Global Abrasive Market
Growth in the Electric Vehicles (EVs) industry is expected to be another major driving factor for the market. In 2019, the global EV sales reached 2.1 million and the U.S. was amongst the key markets for EVs. According to the IEA, the U.S. electric car stock increased by 29.5% from 2018 to 2019. The demand for EVs and their charging stations is increasing in the U.S., which, in turn, is anticipated to boost the abrasives demand over the coming years.
Moreover, growth in the manufacturing sector of developing economies of Asia is boosting the demand for super abrasives. For instance, in April 2020, the government of India announced production-linked incentives for large-scale electronic goods makers for the next five years to attract investments in mobile phone manufacturing and electronic component units. Such initiatives are contributing to industrial growth in the country, thereby driving the overall market.
However, the market growth is expected to be restrained on account of volatile raw material prices. Mass production of abrasives requires large amounts of raw materials, such as aluminum oxide. The prices of bauxite and other source minerals fluctuate significantly, owing to factors, such as varying transport costs impacted by fuel prices, thereby affecting the production cost and pricing of abrasives.
Browse through Grand View Research’s Advanced Interior Materials Industry Research Reports.
- Super Abrasive Market – The global super abrasive market size was valued at USD 6.8 billion in 2018 and is estimated to progress at a CAGR of 6.3% from 2019 to 2025. The demand for super abrasives is majorly driven by the growing manufacturing sector, thereby creating a need for machining and precision tools.
- Electric Vehicle Market – The global electric vehicle market demand was estimated at 2,373.5 thousand units in 2019 and is expected to witness a CAGR of 41.5% 2020 to 2027. The market is driven by initiatives taken by governments of various countries to promote the manufacturing of electric vehicles (EVs).
Abrasive Market Segmentation
Grand View Research has segmented the global abrasive market on the basis of product, application, and region:
Abrasive Product Outlook (Revenue, USD Million, 2017 – 2028)
Abrasive Application Outlook (Revenue, USD Million, 2017 – 2028)
- Automotive & Transportation
- Heavy Machinery
- Metal Fabrication
- Electrical & Electronics Equipment
Abrasive Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- September 2020: RPM International Inc. acquired Ali Industries, Inc. a leading manufacturer of sandpaper and other products, through its Rust-Oleum business.
- April 2020: the government of India announced production-linked incentives for large-scale electronic goods makers for the next five years to attract investments in mobile phone manufacturing and electronic component units.
Key Companies profiled:
Some prominent players in the global abrasive market include
- Asahi Diamond Industrial Co., Ltd.
- Bosch Ltd.
- Henkel AG & Co, KGaA
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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