Global Statistics Representing Abrasive Market Scenario
Abrasive is a hard material which is used to shape or finish a workpiece. It can be use in a wide range of domestic, industrial, and technological applications. These abrasives are classified into natural abrasives such as garnet, emery, corundum, and pumice abrasives including synthetic diamond, silicon carbide, and alumina among others. Abrasives can be either bonded or coated. Bonded abrasive is attached to a matrix which is known as a binder. Binders can be made of clay, glass, resin, or rubber. The coated abrasive is fixed to a backing material such as cloth, paper, polyester or metal.
Growing environmental concerns pertaining to increasing vehicular emissions are being raised by vehicle manufacturers across the world. Automotive manufacturers are aiming at vehicle downsizing to reduce environmental footprint and enhance overall vehicle performance. The growing consumer preference for vehicles with superior polished surface finish and improved aesthetical look may raise the demand for abrasives in the coming years. Additionally, increasing per capita income of people and growing demand for passenger and commercial vehicles, especially in the developing countries such as China, India, and Russia are likely to further promote the use of abrasives during vehicle manufacturing.
Furthermore, the increasing industrialization coupled with the need for improved precision during industrial production may raise the demand for different types of abrasives used in commercial processes. However, strict government norms on the usage of silica abrasive and fluctuation in raw material price are few factors which may hamper the market growth during the review period 2019–2026.
Global abrasive market accounted for over USD 40.35 billion in 2018 and is expected to grow at a CAGR of 6.3% during the forecast period, 2019–2026.
The global abrasive market is segmented into type, material, and end user industry.
Depending on the type, the market is segmented into bonded, coated, and super. The bonded abrasives segment is expected to witness fastest growth owing to its ability to remove a variety of surface materials including metal, ceramics, glass, plastics, and paint, coupled with its application in both grinding wheels and abrasive stones.
On the basis of material, the market is segmented into natural, and synthetic. The natural segment is expected to witness noteworthy growth due to its additional benefits such as non-toxicity, purity, cost effectiveness, and high productivity rates. Furthermore, the ease of manufacturing, low maintenance and improved quality of final product may encourage the use of natural abrasive materials in the near future.
On the basis of end-user industry, the market is segmented into automotive, metal fabrication, machinery, electronic construction, and others. The automotive segment is expected to witness a significant growth during the forecast period, 2019–2026. This is attributed to an increase in disposable income of people, especially in developing countries, and increasing preference of people towards self-possession of cars. Increasing applications of coated abrasives in transportation sector for finishing and grinding is likely to provide growth prospects for abrasives market.
Geographically, the global abrasive market is segmented into majorly five region Asia Pacific, Europe, North America, Latin America and Middle East & Africa.
Asia Pacific is expected to hold the major share in the global abrasive market during the forecast period, 2019-2026. This is attributed to the growing demand for abrasives from different end-use industries such as automobiles, electronics and metal fabrication, among others. In addition, growing urbanization in China and India, along with growing disposable income of people in emerging countries may raise the demand for abrasives in the near future. Moreover, shift of various manufacturing plants and huge investment in research and development by key manufacturers are likely to positively contribute to the growth of the market in the region.
North America is expected to witness a considerable growth in the global abrasive market. This is attributed to the increasing consumption of electronic and electrical components. Moreover, increasing demand for high-quality electronic products and increasing trend of digitalization in electronics is likely to further encourage the use of abrasives.
Europe is expected to witness a significant growth in the abrasives market owing to the rising environmental concern regarding vehicular emissions by the leading automobile manufacturers and growing trend of vehicle downsizing in the region. In addition, the increasing efforts being undertaken by automotive manufacturers to produce components and assemblies of high quality through long term contracts with abrasive manufacturers is expected to propel the growth of abrasive market further.
Latin America is expecting noteworthy growth in the abrasive market owing to the gradual growth of automotive industry in the region. For instance, leading automotive manufacturers such as Volkswagen have shifted their focus towards Brazil for setting up their production facilities in the country.
Middle East & Africa are expected to witness a steady contribution during the projected period, 2019-2026. This is attributed to increasing construction activities in the region. For instance, there are currently at least 16 certified LEED projects in Saudi Arabia, including the King Abdullah Financial District, which is the world’s largest LEED-registered project. Also, the NEOM city project was announced by Crown Prince Mohammed bin Salman in 2017, which is a 26,500 square kilometer economic and innovation zone to be built on the Red Sea coastline.
Some of the prominent players in the global abrasive market are Bosch (Germany), 3M (US), DowDuPont (US), Saint-Gobain Abrasives (France), and Fujimi Incorporated (Japan) LafargeHolcim (France), Balfour Beatty PLC (UK), and Henkel (Germany), Kier Group (UK), Asahi Diamond Industrial Co., LTD (Japan), Tyrolit (Austria), Deerfos (Korea), and Carborundum Universal Limited (India).
Abrasives Market Segmentation
By End Users