Press release
Abrasives Market Market 2024 - Conducting Business Analysis, Delving into Development Outlook, Formulating Regional Strategies, and Offering a Forward Outlook Till 2033
Abrasives Market Market
The Business Research Company offers in-depth market insights through Abrasives Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The abrasives market size has grown strongly in recent years. It will grow 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.
The abrasives market size is expected to see strong growth in the next few years. It will grow to $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. Major trends in the forecast period include advancements in abrasives technology, focus on sustainability, customization and specialization, digitalization in abrasives, application in 3d printing.
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Market Segmentation:
The abrasives market market covered in this report is 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
Major Driver - Growing Electrical Vehicle (EV) Industry Is Driving The Future 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. Every stainless-steel weld, for example, necessitates some degree of grinding and polishing. According to ""Power Technology"", EV sales have surged, with increases in all three major car markets including China, the United States, and Europe. In the first half of 2021, sales climbed by 160 percent year over year to 2.6 million vehicles, accounting for 26 percent of new vehicle sales worldwide. Therefore, a rise in the electric vehicle industry the driving the growth of abrasives market.
Competitive Landscape:
Major companies operating in the abrasives market market report are 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
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Top Trend - Strategic Partnership Enhances Abrasives Market Through Saint-Gobain And Dedeco International Join Forces
Major companies operating in the abrasives market are adopting strategic partnerships approach to expand in the market. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in October 2023, Compagnie de Saint-Gobain S.A. a France-based company involved in the production of various building materials and high-performance materials, partnered with Dedeco International Inc. With this partnership, Saint-Gobain Abrasives will be able to sell Dedeco's sunburst range of thermoplastic-bonded abrasives, which includes brushes and discs with radial bristles for polishing, deburring, cleaning, and finishing metals and other materials. The goal of this collaboration is to increase the selection of abrasives that Saint-Gobain Abrasives provides to its clientele in North America. Dedeco International Inc. is a US-based manufacturer of specialty abrasives .
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Abrasives Market Characteristics
3. Abrasives Market Trends And Strategies
4. Abrasives Market - Macro Economic Scenario
5. Abrasives Market Size And Growth
…..
27. Abrasives Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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