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Global Abrasives Market to Grow at a CAGR of 4.90% During 2022-2027, Aided by the Thriving Automotive Industry

According to a new report by EMR titled, ‘Global Abrasives Market Report and Forecast 2022-2027’, the global abrasives market stood at a value of around USD 45.2 billion in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 4.90% to reach USD 60.1 billion by 2027.

Rising application of abrasives in the automotive industry is driving the market growth. Abrasives are crucial components for the machining of suspension, driveline, chassis, and body components, as these components require precise, smooth, and polished surfaces. Over the forecast period, the anticipated increase in demand for commercial and passenger automobiles, owing to the rising disposable incomes and increasing population is anticipated to augment the market in the forecast period.

In terms of region, North America is anticipated to witness a considerable growth in the forecast period. The growing expansion, coupled with technological advancements in the major end-use industries of abrasives is driving the market in the region. The presence of key market players owing to the increasing consumer base in the region due to rising trading activities in the region is likely to provide impetus to the market in the forecast period. Furthermore, the growing R&D activities and innovations in the aerospace industry in the United States of America is likely to boost the demand for abrasives in the forecast period.

In September 2020, RPM International Inc. (NYSE: RPM) announced the complete acquisition of Ali Industries LLC in order to expand the product portfolio of the company.

Market Breakup by Raw Material, Type, Application, End-User Industry, and Region:

  • The market is segmented on the basis of raw material into natural abrasives and synthetic abrasives. Among these, the synthetic abrasives can further be segmented into metallic abrasives, aluminum oxide, and silicon carbide, among others.
  • Based on type, the market is divided into bonded abrasives, coated abrasives, and super abrasives.
  • The significant applications of abrasives include grinding, cutting, polishing, and drilling, among others.
  • Different end-user industries included in the market are metal manufacturing, electronics, construction, automotive, aerospace, medical, oil and gas, among others.
  • Region-wise, the global market for abrasives can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for abrasives is driven by the wide range of applications of the product in several end-user industries.
  • The increasing inclination of metal manufacturers towards synthetic abrasives owing to the ability of synthetic abrasives to provide superior finish is anticipated to augment the market in the forecast period.
  • In addition to this, the rapid urbanisation and infrastructural development in the emerging economies is likely to boost the demand for the product in the forecast period.
  • The market will further be aided by the mergers and acquisitions by the major market players in order to provide better quality abrasive materials for various end use sectors.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for abrasives for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the raw materials, types, applications, end-user industries, and regions of abrasives.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global abrasives market are 3M, ARC ABRASIVES, INC., Abrasive Technology, Fujimi Incorporated., Saint-Gobain, Pan Abrasives, and Robert Bosch Power Tools GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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