Abrasives Market to Reach $67.0 Billion, Globally, by 2032 at 4.7% CAGR: Allied Market Research

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20 Jul, 2023, 15:30 BST

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The global abrasives market is driven by an increase in demand from building and construction sector, proliferation of construction and infrastructure projects, infrastructure development in emerging economies, rising renovation and maintenance activities in the construction sector.

PORTLAND, Ore., July 20, 2023 /PRNewswire/ -- 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 for $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.

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Prime determinants of growth

The global abrasives market is driven by an increase in demand from 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 the market growth to some extent. Nevertheless, an increase in focus on surface quality and growing awareness of sustainability will provide remunerative growth opportunities in the upcoming years.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$42.6 billion

Market Size in 2032

$67.0 billion

CAGR

4.7 %

No. of Pages in Report

550

Segments covered

Type, Material, End Use Industry, and Region.

Drivers

Escalating demand from building and construction sector

Robust demand from 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

Covid-19 Scenario

The bonded abrasives segment to maintain its lead position during the forecast period

Based on type, the bonded abrasives segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global abrasives market revenue and is expected to rule the roost during the forecast timeframe. The same segment is estimated to cite the fastest CAGR of 4.9% from 2023 to 2032. The overall growth and expansion of industries such as automotive, aerospace, construction, metal fabrication, and machinery increase the demand for bonded abrasives. These industries rely on bonded abrasives for various applications, including grinding, cutting, and polishing, to meet their manufacturing needs. Moreover, bonded abrasives offer efficient material removal and are designed for high productivity. They enable manufacturers to achieve accurate shape, precise grind, and improved surface finishes, thereby enhancing manufacturing efficiency.

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The synthetic segment to maintain its lead position during the forecast period

Based on the material, the synthetic 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 same segment would cite the fastest CAGR of 4.7% from 2023 to 2032. The expansion of industrialization and manufacturing activities globally is a significant driver of the synthetic abrasives segment. Industries such as automotive, aerospace, electronics, metalworking, and construction rely heavily on synthetic abrasives for grinding, cutting, polishing, and surface preparation. The increase in demand for precision components, advanced materials, and high-quality finishes in these industries fuels the need for synthetic abrasives; thus, boosting the market growth.

The automotive segment to maintain its lead position during the forecast period

Based on the end use industry, the automotive segment accounted for the largest share in 2022, contributing to nearly half of the global abrasives market revenue. The global population continues to grow, leading to an increase in demand for transportation. Urbanization is also on the rise, with more people moving to cities and requiring reliable means of transportation. These trends drive the demand for automobiles, contributing to the growth of the automotive sector. More ever, the metal fabrication segment would cite the highest CAGR of 4.9% from 2023 to 2032.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global abrasives market and is projected to register the highest CAGR of 5.1% during the forecast period. The Asia-Pacific abrasives market is the largest and fastest-growing market globally. The region's robust industrial growth, rapid urbanization, and increase in manufacturing activities drive the demand for abrasives. Emerging economies like China and India play a crucial role in the growth of the market. Moreover, the demand for abrasives in Asia-Pacific is driven by various industries. The automotive sector, including both OEM manufacturing and automotive aftermarket, is a significant consumer of abrasives for metal grinding, finishing, and polishing applications.

Leading Market Players: -

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, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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SOURCE Allied Market Research