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Abrasives Market Growth CAGR of 5.5% Expected Towards US$ 97.7 Billion

03-01-2024 04:12 PM CET | Chemicals & Materials

Press release from: Fact.MR

Abrasives Market Growth CAGR of 5.5% Expected Towards US$ 97.7

In 2020, the global abrasives market (研磨材市場) reached a value of US$ 54.03 Billion. With an anticipated compound annual growth rate (CAGR) of 5.5%, the consumption of abrasives is projected to rise, aiming for a market valuation of US$ 97.7 Billion by 2031's conclusion.

Abrasives are materials used for grinding, polishing, sanding, honing, and other similar processes. They are crucial in various industries such as manufacturing, construction, automotive, and electronics, among others. The global abrasives market is driven by the growing demand for precision grinding in manufacturing processes, increasing use in the automotive industry for polishing and finishing, and the rising construction activities worldwide.

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Market Dynamics

The abrasives market (연마재 시장) is driven by several factors, including the increasing demand for high-quality surface finish in various industries such as automotive, electronics, and metalworking. Abrasives are essential in manufacturing processes that require precision grinding, shaping, and finishing of materials. They are also used in construction for polishing concrete, stones, and tiles.

Another significant factor driving the abrasives market is the rapid growth of the automotive industry, particularly in emerging economies. Abrasives are used in the manufacturing and maintenance of automobiles for polishing, grinding, and finishing purposes. The increasing demand for electric vehicles (EVs) is also expected to drive the abrasives market, as EV components require precision machining and finishing.

Moreover, the growing construction activities worldwide are fueling the demand for abrasives. Abrasives are used for polishing, grinding, and finishing concrete, stones, and tiles in construction projects. The increasing urbanization and infrastructure development in emerging economies are expected to further boost the demand for abrasives in the construction industry.

However, the abrasives market faces challenges such as the fluctuating prices of raw materials and the environmental impact of abrasive materials. The mining and processing of abrasive materials can have a significant environmental impact, leading to concerns about sustainability and environmental regulations.

List of Key Companies Profiled in The Report

Saint Gobain SA
3M
DuPont
TYROLIT
Henkel AG & Co. KGaA
Abrasive Technology Inc.
Allied High Tech Products Inc.
Almatis GmbH
ARC Abrasives Inc.

Market Future Outlook

The global abrasives market is expected to grow at a steady pace in the coming years, driven by the increasing demand from various industries such as automotive, electronics, and construction. The market is also expected to benefit from technological advancements in abrasive materials and manufacturing processes, leading to the development of more efficient and cost-effective abrasives.

Moreover, the growing trend towards automation in manufacturing processes is expected to boost the demand for abrasives, as automated processes require precision grinding and finishing. The increasing use of robotics in manufacturing is also expected to drive the abrasives market, as robots require high-precision components that are manufactured using abrasives.

Market Insights

The abrasives market (Marché des abrasifs) is segmented based on type, application, and region. By type, the market is segmented into bonded abrasives, coated abrasives, and superabrasives. Bonded abrasives are the most widely used type of abrasives and are used for grinding, cutting, and finishing metals, stones, and other materials. Coated abrasives are used for sanding, polishing, and finishing surfaces, while superabrasives are used for high-precision grinding applications.

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By application, the abrasives market is segmented into automotive, machinery, metal fabrication, construction, electronics, and others. The automotive industry is the largest consumer of abrasives, followed by the machinery and metal fabrication industries. The construction industry is also a significant consumer of abrasives, particularly for polishing and finishing concrete, stones, and tiles.

Recent Developments

Market players are concentrating on key strategies such as introducing new technologies, acquiring other companies, and investing in research and development. Abrasive manufacturers are also forming joint ventures, strategic alliances, and partnerships to boost their production capacity and expand their market reach.

For example, in May 2021, Saint-Gobain Abrasives launched Norton Quantum Prime Grinding Wheels. These wheels feature a unique, proprietary nano-crystalline ceramic grain, providing significant productivity advantages across various applications.

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Lawn Care Chemicals Market (잔디 관리 화학제품 시장): https://www.factmr.com/report/4112/lawn-care-chemicals-market

Imaging Chemicals Market (イメージングケミカル市場): https://www.factmr.com/report/imaging-chemicals-market

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