Abrasives Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Abrasives Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LANDON, GREATER LANDON, UNITED KINGDOM, September 16, 2024 /EINPresswire.com/ -- The abrasives market has experienced robust growth in recent years, expanding from $43.12 billion in 2023 to $47.19 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to construction and infrastructure development, increased urbanization, rise in industrialization, rise in disposable income, growing demand for sustainable and eco-friendly materials.
What Is The Estimated Market Size Of The Global Abrasives Market And Its Annual Growth Rate?
The abrasives market is projected to continue its strong growth, reaching $64.9 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to increasing demand for abrasives in heavy-duty applications, growing demand for abrasives in the aerospace industry, growing demand for coated abrasives in the electronic industry, increasing focus on safety and ergonomics in abrasives equipment design, growing adoption of green building standards.
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Growth Driver Of The Abrasives Market
The growing electrical vehicle (EV) industry is expected to propel the growth of the abrasives market. An electric vehicle (EV) uses an electric motor and is charged at electric stations rather than internal combustion. This upswing is coupled with the compelling need to populate the huge worldwide road network with electric vehicle (EV) charging stations, as the meteoric rise of the electric car shows every indication of lasting far into the future. As a result, demand for stainless steel (and the abrasives needed to finish it) to provide numerous electric vehicle charging stations is expected to grow for years. In almost all circumstances, stainless steel will need at least one abrasive treatment to finish before it can be used in any significant fashion in the real world.
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Which Market Players Are Driving The Abrasives Market Growth?
Key players in the abrasives market include Robert Bosch GmbH, Minnesota Mining and Manufacturing Company, Saint-Gobain Abrasives Inc., Fujimi Incorporated, Henkel AG & CO. KGAA, Tyrolit India Tool Pvt. Ltd., Asahi Diamond Industrial Co. Ltd., Deerfos Co. Ltd., Carborundum Universal Limited, Nippon Resibon Corporation, Krebs & Riedel Schleifscheibenfabrik GmbH & Co. KG, Abrasiflex Pty Ltd., Noritake Co. Ltd., Sankyo-Rikagaku Co. Ltd., Sia Abrasives Industries AG, Jason Incorporated, Schaffner Manufacturing Company Inc., North Industries Group Red Arrow Co. Ltd., 3M Deutschland GmbH, SAK ABRASIVES Inc., ARC Abrasives Inc., Arconic Corporation, DowDuPont Inc., Fiven ASA, Henan Huanghe Whirlwind Co. Ltd., Hermes Schleifmittel GmbH & Co. KG, Imerys S. A, Jowitt & Rodgers Co., Klingspor AG, Grindwell Norton Ltd., Luossavaara-Kiirunavaara AktiebolagMinerals AB, Mirka Ltd., Pferd Pharmaceutical Private Limited, Suhner Holding AG, Vereinigte Schmirgel- und Maschinen-Fabriken AG., Wendt (India) Limited, WINOA IKK JAPAN Co. Ltd., Y. Ikemura & Co. Ltd., Zische Schleifwerkzeuge GmbH.
What Are the Key Trends That Influence The Abrasives Market Size?
Major companies operating in the abrasives market are focusing on innovative products to drive revenues in their market. Product innovations in abrasives refer to the development of new abrasive materials, shapes, or technologies that enhance the efficiency and effectiveness of cutting, grinding, or polishing processes.
How Is The Global Abrasives Market Segmented?
1) By Raw Material: Natural, Synthetic
2) By Type: Bonded Abrasives, Coated Abrasives, Super Precision Abrasives, Super Construction Abrasives
3) By Form: Block Form, Powdered Form
4) By Application: Grinding, Cutting, Polishing, Drilling, Finishing, Other Applications
5) By End User: Automotive, Machinery, Aerospace, Electrical & Electronics, Construction, Furniture
Geographical Insights: Asia-Pacific Leading The Abrasives Market
Asia-Pacific was the largest region in the abrasives market in 2023.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the abrasives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Abrasives Market Definition
Abrasives refer to a type of product utilized to finish or shape work parts through rubbing, usually with a mineral, causing wear and tear and being comparable to polishing, which entails roughening the surface as in matte or satin finishes in order to produce a reflecting and smooth surface used in the production of automobiles, airplanes, and space vehicles, as well as mechanical and electrical appliances and machine equipment.
Abrasives Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global abrasives market report covering trends, opportunities, strategies, and more
The Abrasives Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on abrasives market size, abrasives market drivers and trends, abrasives market major players, abrasives competitors' revenues, abrasives market positioning, and abrasives market growth across geographies. The abrasives market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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