Abrasives Market to Reach US$ 97.7 Bn by 2031, Transparency Market Research, Inc.

Monday, 19 December 2022 01:33 PM

Topic:

Company Update

WILMINGTON, DE / ACCESSWIRE / December 19, 2022 / An increase in the utilization of various abrasive materials in metal fabrication, transportation, and sandblasting applications is likely to generate significant revenues for vendors in the Abrasives Market. Recent Abrasives Market trends indicate that businesses are adopting good manufacturing practices (GMP) and adhering to OSHA (Occupational Safety and Health Administration) safety guidelines.

The Abrasives Market is projected to grow at a CAGR of 5.5% from 2021 to 2031. Manufacturers are likely to gain an abrasive market share by offering quality abrasive materials to meet demands in the automotive and electronics industries. Equipment manufacturers are adopting high-quality consumables. They are utilizing diamonds for grinding technical ceramics in order to achieve optimal surface texture and finishes in electronic and automobile components.

The cleaning & maintenance sector is anticipated to witness significant usage of abrasive materials, which is likely to expand the Abrasives Market outlook. Abrasive product manufacturers are likely to use super-raw abrasives extensively in the next few years. The raw super abrasive segment is expected to grow at a CAGR of 7.7% from 2021 to 2031. The TMR study found that usage of abrasive products is likely to rise in medical devices, construction, and power generation applications.

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Key Findings of Study

Abrasive Product Manufacturers Adopting Loose Abrasive Grains: The TMR study found that abrasive product manufacturers are preferring loose abrasive grains. Vendors are incorporating non-ferrous metals and alumina in their product range to attract demand from various end-use industries. Heavy-duty machinery is making substantial use of abrasives. Significant demand from machinery applications is expected to fuel the Abrasives Market development.
Demand from Automotive and Electronics Industries Likely to Generate Significant Revenues: Increase in the usage of abrasives in automotive and electronics industries is likely to propel the Abrasives Market growth. Abrasives are extensively used in polishing automotive surfaces. Growth of the transportation sector is likely to contribute significantly to increasing the Abrasives Market value in the next few years. Technicians and operators in the electronics industry are adopting high-quality abrasives in angle grinders.

Key Drivers

A rise in applications of Industry 4.0 in the manufacturing sector is a key market driver
The increase in demand for industrial machinery is spurring the usage of abrasive products among machinery manufacturers
Expansion of the transportation & logistics sector is likely to propel the demand for abrasive materials among metal finishing technicians & operators

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Regional Growth Dynamics

Asia Pacific held the major share of the Abrasives Market industry in 2021. The outlook of the regional market is fueled by the growth of the manufacturing sector, especially in China. The market in Asia Pacific is projected to expand at an attractive growth rate during the forecast period. The rapid pace of organized urbanization in emerging economies is expected to open up revenue streams in the near future.

Global Abrasives Market: Competition Landscape

Key companies in the Abrasives Market are undertaking product line extensions in order to consolidate their positions. Key players in the global market are

Henkel AG & Co. KGaA,
DuPont,
3M,
Robert Bosch GmbH, and Saint Gobain SA.

Small-scale players are likely to pose stiff competition to larger incumbent players in the market.

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Abrasives Market Segmentation

Product

Bonded Abrasives
Coated Abrasives
Raw Super Abrasives
Steel Abrasives
Loose Abrasive Grains
Others (including Nonwoven Abrasives)

End-user

Machinery
Electrical & Electronic Equipment
Transportation
Metal Fabrication
Others (including Construction, Medical Devices, Power Generation, and Cleaning & Maintenance)

Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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Transparency Market Research, a global market research company registered in Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analyzed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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SOURCE: Transparency Market Research Inc.

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