Abrasives Market is valued around USD 41.54 Billion in 2019 and expected to reach USD 84.84 Billion by 2030 with the CAGR of 6.6% over the forecast period.
Abrasives are hard material which is widely used for industrial, domestic & commercial purposes to provide smooth surface especially in construction industry. Abrasives are synthetic as well as natural made up of single material or combination of different materials. Abrasives are used for cleaning, polishing, grinding and others available in different shapes and sizes. The properties vary from material to material, as per basic nature it must be harder than the material which has to be polished.
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Global Abrasives Market report is segmented on the basis of type, material, product type, end user and by regional. Based upon type, the abrasives market is fragmented into bonded, coated, and super abrasives. On the basis of material, the market is categorized into natural and synthetic. Based on product type, the market is fragmented into disc, cups, and cylinder. Based on end user, the market is categorized into automotive, machinery, aerospace, metal fabrication, electronics, construction, and others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The abrasives market is mainly driven by the constant rising demand from different industries such as fabrication, automotive, electronic components along with the reducing cost of synthetic diamonds. Rapid growth in construction industry in the developing economies supported by burgeoning manufacturing sector owing to growing population anticipated the market growth. In addition, rapid growth of healthcare industry supported by technological advancements has fueled the growth of abrasives market in the near future. On the other hand, rising disposable income accompanied by rising investment in the market are also likely to enhance the market growth. However, stringent regulatory policy with regards to the use of silica together with fluctuating prices of raw materials may restrain the market growth in near future.
The developing region such as Asia Pacific is likely to hold the major market size owing to the rapid growth in construction industry accompanied by rapid urbanization. In addition, surge in industrialization along with growing disposable income as well as rising investments in the market are also expected to contribute the market growth. The developed regions such as North America holds the second leading market size followed by Europe owing to the surge in fabrication industry along with the development of interior industry as well as wide applications.
The major market players profiled in the abrasives market includes Robert Bosch GmbH, 3M Company, Sankyo-Rikagaku, Abrasiflex, Noritake, Asahi Diamond Industrial, Dowdupont, Deerfos, Tyrolit Group, Nippon Resibon Corporation,Fujimi Incorporated, Carborundum Universal, Compagnie De Saint-Gobain S.A., Henkel, Krebs & Riedel Schleifscheibenfabrik among others.