DUBLIN, Sept. 29, 2021 /PRNewswire/ — The «Global Abrasive Market 2021-2028» report has been added to ResearchAndMarkets.com’s offering.
The global abrasive market size is expected to reach USD 47.82 billion by 2028, expanding at a CAGR of 4.2% over the forecast period.
The market is expected to be driven by the rising growth in the metal fabrication industry on account of demand from the end-use sectors, such as automotive, aerospace, agriculture, and medical. Abrasives are tools used for shaping and providing a smooth finish to the surface of the product.
Based on product, the market has been segmented into coated, bonded, and others. The coated segment is anticipated to register the fastest growth rate over the forecast period on account of the increasing application of coated materials in metalworking, where products, such as sandpaper, are used for deburring. China held the largest share of the global market in 2020. The country leads in terms of production as well to cater to domestic demand, as it is also a huge manufacturing hub.
According to the USGS statistics, China was the largest producer of fused aluminum oxide and silicon carbide abrasives in 2019. Rising production in China has compelled other players in the value chain to expand their manufacturing capacities. For instance, in August 2020, Ahlstrom-Munksjo announced to make further investments in its Binzhou plant for producing abrasive backing paper. This investment aims at strengthening the company’s position as a leading producer for abrasive backings across the globe.
Despite the positive market outlook for the future, the market growth plummeted in 2020 on account of the Covid-19 pandemic. Several companies witnessed losses in 2020 as the manufacturing operations were suspended, which impacted both product manufacturing and consumption.
For example, Grindwell Norton Ltd.’s abrasives division reported a drop in sales due to a decline in industrial activity and lockdown in the first quarter of 2020.
Abrasive Market Report Highlights
- The bonded products segment held the largest revenue share of over 43% in 2020 owing to increasing demand for these products from numerous industries including steel, automotive, cutting tools, food processing, and general engineering, among others
- The automotive & transportation application dominated the market with a share of more than 35% in 2020 and will retain the leading position throughout the forecast years
- The growth of this application segment can be attributed to the increasing production of Electric Vehicles (EVs) and the rising number of their charging stations
- Metal fabrication is anticipated to register the fastest CAGR during the forecast period. Metal fabricators look for high-performance abrasive discs and finishing materials to reduce the downtime of fabrication operations
- Asia Pacific is anticipated to register the fastest growth rate of 4.7% over the forecast period on account of rapid growth in the manufacturing sector in the developing economies, such as India, China, and South Korea
- Asahi Diamond Industrial Co., Ltd.
- Bosch Limited
- Henkel AG & Co. KGaA
- SAK ABRASIVES LIMITED
- sia Abrasives Industries AG
- TYROLIT Group
For more information about this report visit https://www.researchandmarkets.com/r/uofadx
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SOURCE Research and Markets