Expanding Electric Vehicle Industry Boosts Growth in the Global Abrasives Market with a CAGR of 5.56% through 2028

DUBLIN, Sept. 28, 2023 /PRNewswire/ — The “Global Abrasives Market: Analysis By Material, By Type, By Application, By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028” report has been added to ¬†ResearchAndMarkets.com’s offering.

Research_and_Markets_Logo

The global abrasives market, valued at US$52.34 billion in 2022, is on track to reach US$72.42 billion by 2028, with a projected compound annual growth rate (CAGR) of 5.56% during the forecast period of 2023-2028.

Abrasives: Essential for Surface Treatment

Abrasives, mineral-based materials, play a crucial role in polishing, grinding, and cleaning surfaces across various industries. They are used in processes like ultrasonic machining, abrasive jet machining, and magnetic field-assisted polishing. The demand for abrasives is strongly driven by key user industries such as automotive, metals, construction, railways, aerospace, fabrication, and general engineering.

Key Factors Driving Market Growth

Several factors are contributing to the expansion of the global abrasives market:

  1. Increasing Use of Furniture and Interior Raw Materials: The rising demand for furniture and interior raw materials is expected to fuel market growth.
  2. Growth in Electronics and Industrial Sectors: The expanding electronics and industrial sectors will contribute to market growth.
  3. Emerging Trends: Emerging trends like the use of abrasives in blasting sand cleaning and water jet cutting technology in industrial applications are gaining significant traction, further boosting demand for abrasives.

Market Segmentation Analysis

The global abrasives market is segmented based on several factors:

  • Material: Divided into synthetic and natural materials, the synthetic segment dominated the market in 2022, primarily due to increased industrialization and manufacturing activities globally. The synthetic segment is expected to have the fastest CAGR, driven by its growing use in the automotive sector, particularly in India and China.
  • Type: Categorized into bonded, coated, and super abrasives, the bonded segment held the majority of the market share in 2022. It is primarily driven by the demand for bonded abrasives from construction industries, followed by the metal industry, aerospace, marine, airports, railways, and more. The bonded segment is also expected to have the fastest CAGR.
  • Application: The market is segmented into automotive, metal fabrication, machinery, electrical and electronics, construction, and other applications. The automotive segment led the market in 2022, with the increased production of electric vehicles driving product penetration. However, the metal fabrication segment is expected to grow the fastest due to its ability to allow for accurate and intricate metal shaping, where abrasives are used to remove extra material and produce intricate shapes with precision.
  • Region: Geographically, the report covers North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific dominated the market in 2022, driven by significant growth in the automotive, manufacturing, and metal fabrication industries. The region’s leading players are focusing on product innovations and mergers and acquisitions.

Impact Analysis of COVID-19 and the Way Forward

The COVID-19 pandemic had a negative impact on the abrasives market, disrupting global supply chains and causing disruptions across industries such as metal fabrication, machinery, automotive, and more. Abrasive producers relying heavily on global supply networks faced shortages, delayed deliveries, and increased costs. This prompted the industry to rethink supply chain strategies, emphasizing regional sourcing and more resilient supply networks. However, the pandemic also drove innovative adjustments, such as digital transformation and a shift toward hygiene-related products, opening up new revenue opportunities.

Competitive Landscape and Recent Developments

The global abrasives market is fragmented, with the top 10 global players commanding 45% market share. Key players in the market include Robert Bosch GmbH, 3M Company, Noritake Co., Limited, Saint-Gobain S.A., Mirka Ltd., Hermes Schleifmittel GmbH, Deerfos Co., Ltd, SAK Abrasives, Fujimi Incorporated, Tyrolit, and Krebs & Riedel Schleifscheibenfabrik GmbH & Co. KG.

These industry leaders continue to invest in strategic initiatives, such as new product launches and expansion into emerging markets, to maintain their competitive edge. For example, Saint-Gobain Abrasives recently announced a partnership with a robotics company to develop automated grinding and polishing systems. In addition, 3M acquired Alpha Abrasives, a Canadian manufacturer of abrasive products, in August 2022.

Market Dynamics

Growth Drivers

  • Growth in the Electric Vehicles (EVs) Industry
  • Rapid Urbanization
  • Amplified Disposable Income
  • Expansion of the Manufacturing Sector
  • Growing Demand from the Construction Industry
  • Rising Production of Metals
  • Heavy Engineering

Challenges

  • Growing Supply-Demand Gap
  • Lack of Skilled Labor

Market Trends

  • Adoption of Artificial Intelligence (AI) and Automation
  • Technological Advancement and Product Innovation
  • Electrominerals

For more information about this report visit https://www.researchandmarkets.com/r/40zmko

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]¬†
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://www.miningstockeducation.com/wp-content/uploads/2023/09/Research_and_Markets_Logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/expanding-electric-vehicle-industry-boosts-growth-in-the-global-abrasives-market-with-a-cagr-of-5-56-through-2028–301941559.html

SOURCE Research and Markets

Comments are closed.

Free newsletter for stock pics, interview transcripts & investing ideas