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Growing Electrical Vehicle (EV) Industry Is Driving The Future Of The Abrasives Market : Key Factor Driving The Growth In The Abrasives Market
Abrasives Market
What Is the Expected Abrasives Market Size During the Forecast Period?
Over the past few years, the abrasives market has seen significant growth. The market is forecasted to expand from a valuation of $46.55 billion in 2024 to a staggering $50.72 billion in 2025, with a compound annual growth rate (CAGR) of 9.0%. This remarkable growth in the previous period is likely due to factors such as the growth in construction and infrastructure, increased urbanization and industrialization rates, higher disposable income, and the rising demand for materials that are sustainable and environmentally friendly.
Expect a robust growth in the abrasives market in the coming years, with its size predicted to reach $70.15 billion by 2029 at a compound annual growth rate (CAGR) of 8.4%. The forecasted growth can be accredited to the surge in demand for abrasives in heavy-duty operations, increased application in the aerospace field, a rising need for coated abrasives in the electronics field, growing emphasis on safety and ergonomics in the designing of abrasive equipment, and the escalating acceptance of green building standards. Upcoming trends for the forecast period are the progress in abrasive technology, focus on environmental sustainability, customization, specialization, the digital transition in abrasives, and their application in 3D printing.
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What Are the High-Growth Segments in the Abrasives Market?
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
Subsegments:
1) By Bonded Abrasives: Grinding Wheels, Mounted Points, Abrasive Bricks, Bonded Abrasive Discs
2) By Coated Abrasives: Sanding Discs, Abrasive Belts, Sheets And Rolls, Flap Discs
3) By Super Precision Abrasives: Diamond Abrasives, CBN (Cubic Boron Nitride) Abrasives, High-Performance Grinding Tools
4) By Super Construction Abrasives: Cutting Tools, Specialty Abrasives For Construction Applications, Heavy-Duty Grinding Wheels
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What Key Drivers Are Expected to Influence Future Abrasives Market Growth?
The abrasives market is anticipated to witness significant growth, fuelled by the expanding electrical vehicle (EV) industry that harnesses electric motors and charges at electric hubs, replacing internal combustion engines. The surging demand to establish a vast global network of EV charging stations stems from the unprecedented and protracted upsurge of electric cars. Consequently, the necessity for stainless steel and the associated abrasives for its finishing, chiefly for the purpose of constructing numerous electric vehicle charging stations, will likely witness a sustained rise. As stainless steel generally necessitates at least one abrasive treatment before its tangible application, every stainless-steel weld demands some level of grinding and polishing. Citing a report released by the International Energy Agency, a France-based intergovernmental organization, in April 2024, nearly 14 million electric cars were sold worldwide in 2023, signifying a 35% increase from 2022. Electric cars comprised approximately 18% of all new car sales in 2023, a surge from 14% in 2022 and a mere 2% in 2018. The total number of electric cars on the road hit 40 million by the end of 2023. Therefore, the burgeoning electric vehicle industry has been a strong contributor to the growth of the abrasives market.
Which Companies Hold the Largest Share Across Different Abrasives Market Segments?
Major companies operating in the abrasives market market include 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
What Trends Are Driving Growth in The Abrasives Market?
Major firms in the abrasives industry are capitalizing on strategic collaborations as a growth tactic. Such alliances enable companies to exploit each other's capabilities and resources to reap mutual benefits and rewards. For instance, Compagnie de Saint-Gobain S. A., a French company producing various building materials and high-performance materials, entered a strategic partnership with Dedeco International Inc, a specialist abrasives producer based in the US in October 2023. This collaboration will allow Saint-Gobain Abrasives to distribute Dedeco's sunburst line of thermoplastic-bonded abrasives, including discs and brushes with radial bristles for polishing, deburring, cleaning, and finishing various materials and metals. The objective of this partnership is to expand the range of Saint-Gobain Abrasives' offerings to its North American customers.
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What Are the Emerging Geographies for The Abrasives Market Growth?
Asia-Pacific was the largest region in the abrasives market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the abrasives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Abrasives Market?
2. What is the CAGR expected in the Abrasives Market?
3. What Are the Key Innovations Transforming the Abrasives Industry?
4. Which Region Is Leading the Abrasives Market?
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