The global abrasive industry is experiencing noteworthy growth, with a projected increase in valuation from USD 53,622.9 million in 2024 to USD 81,694.6 million by 2034. The market is expected to grow at a CAGR of 4.3% through 2034, driven by increasing demand from industries such as automotive, construction, and metalworking.
The construction industry, in particular, is driving the demand for abrasives due to the surge in infrastructure development and urbanization. With the growing population and urbanization, the use of abrasives in securing blocks and metalwork has become crucial.
The automotive sector is also a significant contributor to the growth of the abrasive market globally. The demand for luxury vehicles and bikes has increased, leading to a surge in the demand for abrasives. The introduction of new and innovative products in the sector has attracted attention to efficiency and profitability parameters. The market is also witnessing technological advancements that are creating advanced abrasives, offering improved performance and durability, making them a popular choice among end-users.
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The market, however, faces uncertainty due to rising raw material costs and increasing competition. Government norms on the use of silica abrasives have also contributed to the attrition of industrial growth in this market.
“The increasing demand for electronic devices and the growing focus on infrastructure development are foreseen to drive soaring expansion of the abrasive market,” – opines an analyst at FMI.
Key Takeaways from the Market Study
- With a share of 48.5% in 2024, bonded abrasives achieved continuous success in the abrasive market.
- Electrical and electronics equipment has experienced significant growth, with a share of 33.4% in 2024.
- The abrasive market in India is poised to experience exponential growth, with a 6.4% CAGR through 2034.
- The abrasive market in China is anticipated to develop at a CAGR of 4.8% through 2034.
- The abrasive market in Spain is projected to surge at a CAGR of 3.2% through 2034.
- The abrasive market in France is predicted to rise at a 3% CAGR through 2034.
- The abrasive market in the United States is estimated to progress at a 2.4% CAGR through 2034.
Competitive Landscape
E.I.du Pont de Nemours and Company, Robert Bosch GmbH, Cabot Microelectronics Corporation, Saint Gobain S.A., Tyrolit Schleifmittelewerke Swaroski K.G., Fugimi Incorporated, and Jason Incorporated are leading brands in the abrasive market. Major brands are launching advanced products to meet the demands of different industries. Mergers are positioning many countries to work together and expand their distribution channels over borders.
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Recent Developments:
- In August 2023, 3M launched its first abrasive robotics lab in Bengaluru, India, which is the 17th of its kind globally.
- Norton | Saint-Gobain Abrasives introduced a new three-pointed curved grain approach in March 2024, which revolutionized abrasive grinding productivity.
- Krebs & Riedel and GYSL collaborated to introduce PROTEUS ABRASIVES in February 2024, aiming to merge German precision with efficient Asian production, setting new industry standards.
Key Segments of Market Report
By Raw Material:
Based on raw material, the sector is bifurcated into natural and synthetic.
By Type:
Coated, bonded, and super abrasives are different types present in the industry.
By End User:
Key end users present in this industry are aerospace, automotive, machinery, metal fabrication, electrical and electronics equipment, and others.
By Region:
A regional analysis has been carried out in key countries of North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.
Related Links:
https://studylib.net/doc/27512751/phosphate-conversion-coatings-industry-size–share–deman…
https://penzu.com/journals/28471436/100276083
https://party.biz/blogs/181731/363038/phosphate-conversion-coatings-industry-size-share-demand
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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