Published by Jessica Weisman-Pitts
Posted on March 13, 2023
The global abrasives market is estimated to grow two-fold in terms of market revenue, with a double-digit CAGR for the forecast period. As of 2013, the Asia-Pacific abrasives market dominated the global abrasives market in terms of volume followed by Western Europe and North America.
NEWARK, Del: 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.
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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:
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Competitive Landscape
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.
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More Insights into Abrasives Market Report
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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Table of Content
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
Explore FMI’s Extensive Ongoing Coverage on Chemicals & Materials Domain
Bonded Abrasives Market Outlook: The bonded abrasives market globally is set to register a standard CAGR of nearly 5% during the forecast period. Abrasives are usually minerals that are often available in a wide range of shapes, sizes and types.
Antimicrobial Nanocoatings Market Size: The antimicrobial nanocoatings market is expected to witness steady growth at a CAGR of 20.3% from 2022 to 2032. It is further expected to top a valuation of US$ 5,893.7 Mn by the end of 2032.
Acrolein Market Demand: According to Future Market Insights’ most recent market analysis, the global Acrolein market will be valued at US$ 1,231.9 Million in 2023. And Acrolein sales are anticipated to expand steadily at a pace of 3.2% and reach a worth of US$ 1,687.9 Million by 2033.
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