Abrasives Market Size, Growth Factors, and Forecast for the Industry 2024 to 2032 Emerging Trends

Allied Market Research published a report, titled, "Abrasives Market By Type (Bonded Abrasives, Coated Abrasives, Super Abrasives), By Material (Natural, Synthetic), By End Use Industry (Automotive, Metal Fabrication, Machinery, Electronics, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the abrasives market valued at $42.6 billion in 2022 and is estimated to reach $67.0 billion by 2032, exhibiting a CAGR of 4.7% from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/2155

Prime Determinants of Growth

The global abrasives market is driven by:

- Increased demand from the building and construction sector
- Proliferation of construction and infrastructure projects
- Infrastructure development in emerging economies
- Rising renovation and maintenance activities in the construction sector

However, volatility in raw material prices and intense competition restrain market growth to some extent. Nevertheless, an increased focus on surface quality and growing awareness of sustainability will provide remunerative growth opportunities in the upcoming years.

Drivers

- Escalating demand from the building and construction sector
- Robust demand from the automotive sector
- Rapid establishments of manufacturing and industrial sites
- Rise in demand from metal fabrication and machinery industries

Opportunities

- Increase in focus on surface quality
- Growing awareness of sustainability

Restraints

- Volatility in raw material prices
- Intense competition

However, there is an increased emphasis on sustainable and eco-friendly practices across industries. This trend drives the demand for environmentally friendly abrasives, such as water-based and biodegradable products. Manufacturers in the abrasives market are responding to this demand by developing sustainable solutions, which are expected to contribute to market growth.

Segment Insights

Type

Bonded Abrasives: This segment accounted for the largest share in 2022, contributing nearly two-fifths of the global abrasives market revenue and is expected to rule the roost during the forecast timeframe. The segment is estimated to cite the fastest CAGR of 4.9% from 2023 to 2032. Industries such as automotive, aerospace, construction, metal fabrication, and machinery increase the demand for bonded abrasives for various applications including grinding, cutting, and polishing.

Material

Synthetic: This segment accounted for the largest share in 2022, contributing to more than four-fifths of the global abrasives market revenue and is expected to rule the roost throughout the forecast timeframe. The segment is projected to cite the fastest CAGR of 4.7% from 2023 to 2032. The expansion of industrialization and manufacturing activities globally is a significant driver for the synthetic abrasives segment.

End Use Industry

Automotive: This segment accounted for the largest share in 2022, contributing nearly half of the global abrasives market revenue. The segment benefits from rising global population and urbanization, which increases the demand for automobiles. The metal fabrication segment is expected to cite the highest CAGR of 4.9% from 2023 to 2032.

Regional Insights

Asia-Pacific: This region held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global abrasives market. The region is projected to register the highest CAGR of 5.1% during the forecast period. The Asia-Pacific abrasives market is driven by robust industrial growth, rapid urbanization, and increased manufacturing activities.

Leading Market Players

- 3M Company
- Bullard Abrasives, Inc.
- Carborundum Universal Limited
- Deerfos
- Hindustan Abrasives
- Osborn Lippert India Private Limited
- Robert Bosch Power Tools GmbH
- Saint-Gobain
- SAK ABRASIVES LIMITED
- Sterling Abrasives Limited

The report provides a detailed analysis of these key players in the global abrasives market. These players have adopted different strategies such as new product launches, collaborations, expansions, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report highlights business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/abrasives-market

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