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At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Abrasives Market. We are working diligently to help companies take rapid decisions by studying:
- The impact of COVID-19 on the Abrasives Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
- The rapid shifts in the strategies of the Top 50 companies in the Abrasives Market
- The shifting short-term priorities of the top 50 companies' clients and their client's clients
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According to the recent report "Abrasives Market by Raw material (Natural & Synthetic), Product type (Coated, Bonded, and Super), End-use Industry (Automotive, Machinery, Aerospace, Metal fabrication, Electrical & electronics equipment, Others), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Abrasives Market size is projected to grow from USD 46.4 billion in 2020 to USD 58.0 billion by 2025, at a CAGR of 4.5% from 2020 to 2025.
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The market is projected to witness significant growth in the next few years with the growing automotive, metal fabrication, electronics, electrical, medical, and construction industries. Abrasive is a material or substance such as pumice, sandpaper, or emery, which is used for grinding, cleaning, polishing, and smoothing. Abrasives are used in a wide range of domestic, industrial, and technological applications.
In terms of value and volume, the synthetic segment is estimated to be the fastest-growing raw material in the abrasives market during the forecast period.
The synthetic segment, by raw material, is projected to be a faster-growing segment in the abrasives market owing to its sturdiness and durability property.
The machinery segment is estimated to be a larger end-use industry in the abrasives market in 2019.
The machinery segment, by end-use industry, accounted for a larger market size for abrasives in 2019, in terms of both value and volume. Development in machinery and equipment utilized in manufacturing the components of machines, which is expected to be one of the significant factors providing opportunities in the abrasives market. Moreover, rising demand for heavy machinery will spur the demand for industrial abrasives in the machinery industry such as alumina zirconia oxide. Manufacturers are expected to modernize and replace obsolete conventional machinery to increase the level of automation and improve product quality and consistency. These factors dominate the machinery industry in the abrasives market.
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The Asia Pacific region is projected to account for the largest share in the abrasives market during the forecast period.
The growth in the Asia Pacific region is driven by factors such as the augmented demand for automobiles, rise in the sales of electronic devices, efforts towards standardization, expanding application segments, increasing urbanized population in China and India, along with the growth in disposable income in these countries are driving the growth of the Asia Pacific abrasives market.
At a global level, companies such as Robert Bosch GMBH (Germany), 3M Company (US), Saint-Gobain Abrasives, Inc. (US), and Fujimi Incorporated (Japan) are providing abrasive products. Large construction players such as LafargeHolcim (France), Balfour Beatty PLC (UK), Kier Group PLC (UK), and Carillon PLC (UK) have scope to enter into abrasive services. Other players in the market include Henkel AG & CO. KGAA (Germany), Tyrolit Group (Austria), Asahi Diamond Industrial Co., LTD (Japan), Sak Industries (India), Deerfos Co., Ltd (Korea), and Carborundum Universal Limited: (India).
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