The Global Abrasives Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Global Abrasives market is segmented by Product type (Coated, Bonded, and Others); Application (Automotive and Transportation, Heavy Machinery, Metal Fabrication, Electrical and Electronics equipment, and Others); Region (North America, Europe, APAC, ROW).
Introduction
Abrasives are hard materials, which are used in a wide range of industrial, domestic, and technological applications to shape or finish a workpiece. They are used for grinding, cutting, polishing and drilling of solid surface that can further be used by different end-users such as oil and gas, metal fabrication, aerospace and so on.
Rising demand for abrasives across various end users along with its superior properties are driving the market growth. On the other hand, the fluctuating raw material cost is likely to hamper the market demand.
Despite the current pandemic situation, the ferromanganese producers are recovering their operations in full capacities from 2021 beginning. Along with this, the recovering industrial activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
4.1 Parent Market/ TAM
4.2 Market Outline
4.3 Market Segmentation
Five Force analysis
Market Sizing
Market segmentation
Geographical Landscape
8.1 APAC
8.2 Europe
8.3 North America
8.4 ROW
Growth drivers
6.1 Increasing demand in automotive and aerospace and defence industry
6.2 Growth in the Electric Vehicles (EVs) industry
Key Market Trends
Impact of Covid-19
Challenges
Customer Insights analysis
Major Market Players
9.1 3M
9.2 Asahi Diamond Industrial
9.3 Bosch
9.4 CUMI
9.5 Henkel
9.6 Saint-Gobain
9.7 Deerfos
9.8 SAK ABRASIVES
9.9 TYROLIT Group
Recent Developments
Future Scope
Strategic Recommendations
Market Overview
The Global abrasives market is expected to grow to $48.60 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with 5.89% CAGR.
The metal fabrication segment is expected to grow at rapid pace during the forecast period owing to rising demand for pre-engineered buildings & components.
APAC is dominating the market due to increasing infrastructural developments, growth in EV production in developing economies of the region.
Key Trends
Growing demand from construction activities along with increasing renovation projects are anticipated to propel the demand for the market in the coming years.
In recent times, there is a significant investment in research and development activities which is expected to create lucrative opportunities in the near future.
Key Market Players
Some of the key players in the market are 3M, Asahi Diamond Industrial, Bosch, CUMI, Henkel, Saint-Gobain.
The industry participants are focusing on strategies to tackle the falling demand for the abrasives duea to COVID-19 restrictions across the globe. Many vendors are adopting several strategic initiatives to overcome the situation and retain their competitive position.
Growth Drivers and Challenges
Increasing demand for abrasives from the metal fabrication industry, massive production of electronic components, and reducing cost of synthetic diamonds are driving the global abrasives market.