“Increasing demand from the machinery industry coupled along with the growing automotive industry is expected to drive the abrasives market”
The global abrasives market is estimated at USD 42.34 billion in 2018 and is projected to reach USD 56.59 billion by 2023, at a CAGR of 5.97%. The growth of the abrasives market is driven by the increased demand for automotive and machinery applications, throughout the world, especially in Asia Pacific due to the rapid urbanization and industrialization. Also, the accurate manufacturing features involving various applications (grinding, cutting, polishing, sanding, and others) of abrasives are majorly attracting end-use industries. With the emergence of new technologies, contractors and consumers are looking for advanced manufacturing, which drives the market for abrasives, globally. Factors such as the volatile cost of raw materials coupled with stringent regulations related to the use of abrasives are expected to hinder the growth of the abrasives market in the long term.
“Coated abrasives projected to grow at the highest rate during the forecast period”
The coated segment is projected to be the fastest-growing type in the next five years. Increasing demand from welding, automotive, foundry, and jewelry industries is also expected to propel the coated abrasives market growth in the next five years. Market participants are focusing on novel products such as wide belts, flexible belts, nonwoven fabric abrasives, seeded gel abrasives, and polyester backed abrasives. This factor is also expected to boost the demand during the forecast period.
“Asia Pacific is projected to dominate the abrasives market by 2023”
Asia Pacific accounted for the largest share of the abrasives market and is projected to dominate the market by 2023. This market is projected to grow at the highest rate during the forecast period. The rise in disposable income, exceptional demand for passenger and commercial vehicles, and rise in the sales of electronic devices are driving the abrasive market growth. Due to the increasing consumption and production of industrial products in developing economies such as India and China, the abrasives market in these countries is expected to provide high-revenue growth opportunities during the forecast period.
Breakdown of Primaries
Primary interviews were conducted with a number of industry experts to collect data related to different aspects of the abrasives market. Primary sources include professionals such as opinion leaders, executives, vice presidents, and CEOs of companies in the construction and abrasive industries. The following is the breakdown of primaries:
- By Company Type: Tier 1: 35%; Tier 2: 30%; Tier 3: 35%
- By Designation: C-level: 65%; Manager Level: 35%
- By Region: Europe: 28%, North America: 25%, Asia Pacific: 22%, Middle East & Africa: 15%, South America: 10%
The tier of the companies is defined on the basis of their total revenues, as of 2017.
Tier 1: Revenue > USD 500 Million
Tier 2: USD 100 Million > Revenue > USD 500 Million
Tier 3: Revenue < USD 100 Million
The various abrasive companies profiled in the report are as follows:
1. Bosch (Germany)
2. 3M (US)
3. DowDuPont (US)
4. Saint –Gobain Abrasives(France)
5. Fujimi Incorporated (Japan)
6. Henkel (Germany)
7. Tyrolit (Austria)
8. Asahi Diamond Industrial Co., LTD (Japan)
9. Deerfos (Korea)
10. Carborundum Universal Limited (India)
The segmentation considered for this report is based on material, type, product type, end-use industry, and region that constitute the key markets. In terms of type, coated abrasives held the largest share, while the super abrasives segment is projected to grow at the highest rate. However, in terms of material, the natural segment held the largest share, in terms of value; it is projected to grow at the second-highest CAGR. On the basis of end-use industry, this market has been categorized into automotive, machinery, metal fabrication, electrical & electronics equipment, and others. The growing metal fabrication and machinery segments highlight the demand for abrasives. The automotive industry held the largest share in 2017 due to the rapid urbanization and increased spending power in emerging economies. Significant economic and industrial development, especially in the Asia Pacific region, is also a key factor that augments the need for better transport services, which consequently increases the demand for automobiles.
Reasons To Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the abrasives market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
- The report helps stakeholders to understand the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand their competitors and gain more insights about their position in the business.