Abrasives Market to Reach Valuation of USD 59.0 Billion by 2028 – Rising Demand from the Automotive Sector Drives the Market

In terms of revenue, the Global Abrasives Market is expected to reach USD 59.0 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 3.90% from 2022 to 2028.

One of the main factors propelling the Abrasives market is growth in the metal fabrication industry due to increased demand for pre-engineered buildings & components and advances in the manufacturing industry. The expanding demand from numerous end-use industries, such as the medical, automotive, aerospace, and agricultural sectors, is another factor fueling the expansion of the metal fabrication sector. Additionally, the industry is constantly changing due to shifting technologies and a scarcity of skilled personnel. The U.S. is crucial to the global economy. As developing Asian economies' manufacturing sectors expand, demand for super Abrasives rises.

Key Highlights from Report

· Based on Raw Material, the Synthetic segment dominates the Abrasives market with the most revenue and will continue its dominance in the coming years. For many applications, synthetic Abrasives are preferable because they outperform natural Abrasives in terms of performance and durability.

· Among Types, the Coated Abrasives segment is expected to grow at the greatest CAGR during the projection period because of the variety of end-use industries to which they are applied, including the automotive and transportation, machinery, metalworking, electronics, and woodworking sectors.

· In terms of region, Asia Pacific holds the significant market share within the Abrasives market. Asia Pacific Abrasives market will continue to thrive because of the rising demand from the automotive, manufacturing, and metalworking industries.

Market Dynamics

During the projection period, the global automotive after-market may grow by more than 3.5 percent. The Abrasives business will benefit from a growing automotive sector since it will result in more consumer spending and accessible auto finance. Many companies employ Abrasives to precisely manufacture semiconductors and other electronic equipment out of minuscule amounts of scraped metal. It is projected that demand for Abrasives will rise in the coming years as electric vehicles and charging stations gain mainstream in the United States. In addition, the need for super Abrasives is growing due to the expansion of construction activities. Precision tooling, which is used to produce smaller components with greater accuracy, has improved because of innovations in the manufacturing sector. This, in turn, has a favorable impact on the demand for Abrasives.

Worldwide automobile sales have increased due to rapid urbanization, growing economic levels, and an expanding world population. This is bolstering the market's growth coupled with the use of Abrasives to lower CO2 emissions from high-performance engines and car noise levels. Another aspect that promotes growth is the booming electronics and manufacturing sectors. Leading companies are concentrating on numerous product advancements, including creating Abrasives based on polyester and fabric. Additionally, they are offering cutting-edge coated Abrasives for metal manufacturing, fueling the expansion of the Abrasives market. In addition, the use of super-Abrasives like industrial diamonds for precise grinding and cutting of hard metals is expanding, boosting their sales globally.

Geographically, Asia Pacific market is anticipated to witness significant market growth with the highest growth rate during the forecast period. From 2021 to 2028, the regional market will continue to grow at the fastest CAGR. The massive market demand is fueled by the expanding automotive, construction, aerospace, and electronics industries. Throughout the projection period, market growth is anticipated to be driven by improvements in infrastructure, increased manufacturing sector investments, and an increase in EV production in the region's developing economies. Additionally, the worldwide Abrasives market will be significantly fueled by advances in technology, increased trade, and transportation, particularly in the developing nations of China and India.

The Global Abrasives Market is Segmented as follows

• Raw Raterial
  • Natural
  • Synthetic
• Type
  • Coated Abrasives
  • Bonded Abrasives
  • Super Abrasives
• End-Use Industry
  • Aerospace
  • Automotive
  • Machinery
  • Metal Fabrication
  • Electrical & Electronics Equipment
  • Other (Medical Devices, Consumer Goods, Construction, and Cleaning & Maintenance)
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Abrasives Market is

3M Company (US), Asahi Diamond Industrial Co. Ltd. (Japan), E. I. DU Pont DE Nemours & Company (US), Fujimi Incorporated (Japan), Grupo Cosentino S.L. (Spain), Henkel AG & Co. KGaA (Germany), Murugappa Group (India), Robert Bosch GMBH (Germany), Saint-Gobain (France)

The Global Abrasives Market Scope can be Tabulated as below