Preparation Abrasives Market nalysis
According to a recent survey conducted by ChemView Consulting, the Global Preparation Abrasives Market grew at a CAGR of 3.8% between 2017-2021 and is estimated to be US$ 5,876.9 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.2% and is expected to reach a valuation of US$ 8,868.0 Mn by 2032 end.
Materials called abrasives are employed to remove wood, concrete, ceramic, stone, or minerals. These materials offer a refined, completed appearance. The method frequently polishes materials to obtain a smooth, shiny surface. These items give fabrics with matte, satin, or beaded finishes a rougher texture.
The market is expected to increase due to using these materials in tools such as sandpapers, grinding wheels, polishes, honing stones, tumbling and vibratory mass-finishing media, pulp stones, sandblasting, ball mills, and other similar products. The building sector is going through enormous and unheard-of changes supported by economic expansion, which in turn is raising product demand.
INCREASING DEMAND FROM THE AUTOMOTIVE INDUSTRY TO AID MARKET GROWTH
The product is used to repair auto bodies, size engine parts, and clean the interior and outside of vehicles. These items are also used to clean the interior of pipes, welds, edges, and surfaces that will be painted, polished, fitted or cleaned. While grinding wheels are used for cars, coated and non-woven goods refinish auto bodywork. The high demand from various applications directly supports the growth of the automotive sector.
Several abrasive products are employed for non-engine parts and accessories including brakes, steering wheels, wheels, and axles. Brakes have a unique abrasive with a non-directional scratch pattern to gather tools. The brake screech is removed, and heat-sensitive metals’ discoloration is decreased. The interior and outside of cars are prepared and polished with abrasive sandpaper. Additionally, it is anticipated that the market would be severely impacted by the escalating raw material price variations and the state of the economy.
LACK OF RAW MATERIAL AVAILABILITY AND STRINGENT REGULATIONS TO HAMPER MARKET
Aluminum oxide, silicon carbide, cubic boron nitride, synthetic diamond, and ceramics are the basic abrasive materials most frequently used. These raw materials are derived from regenerative resources, like petroleum. The supply of raw materials decreases due to the depletion of these resources, which limits market expansion. Governments have also imposed strict limits on this commodity’s usage as a response to growing concerns over environmental protection and halting the spread of pollution, which has hampered market expansion.
GROWING APPLICATION OF ABRASIVES FOR CONSTRUCTION ACTIVITIES TO CREATE GROWTH OPPORTUNITIES
The main product application throughout the forecast period is anticipated to be constructed. Due to rising urbanization and improved lifestyles, there has been an upsurge in construction activities. Market development is further aided by high levels of renovation activity and economic growth in developing nations. These goods are employed in the construction sector for various purposes, including metal fabrications, components, and woodworking & fabrication.
The building business is expanding dramatically in developing nations like China, India, Japan, and other Asian countries. Due to the increase in residential construction, the expanding population in these nations has favored product consumption.
The effects of the pandemic were felt in every industry, including machinery, metalworking, and the automotive. Large-scale Chinese manufacturing exports have caused disruptions. The lockdown in the United States has also led to plant closures, exerting even more severe pressure on the global supply base and putting businesses and customers in danger. The pandemic has caused a shift in the supply chain worldwide, impacting metalworking, industrial, automotive, and other industries. In turn, this is upsetting the market and driving a downward change in product demand.
Abrasives are frequently discovered in nature through the extraction process underground, including aluminum oxide, silicon carbide, boron nitride, and others. Mining operations have been impacted, which has further impacted product demand. Government restrictions on producing raw materials and the shutdown of the manufacturing industry limit market expansion. With the decrease in the number of cases and market is back on the rise again.
Market Segments Covered in Report
By Product Type:
By Region and Country:
Why is coated segment expected to generate the highest revenue?
The coated sector maintained the largest market share for abrasives. Grain, a backing material, and bonding adhesive make up the covered section.
These elements give the product a distinctive quality that suits it for various uses. Segment growth will be fueled by coated abrasives in consumer goods, fabrication, hand and power tools, general engineering, furniture, and surgical devices.
Why is the automotive segment expected to expand the fastest during the forecast period?
In 2021, the automotive and transportation sector had the highest revenue share—more than 35.0%. Abrasives are utilized in the automotive industry for various tasks, including coarse and lacquer sanding. To improve the surface finish of automobile components, super abrasives—in the form of diamond discs—are also favored for grinding and polishing.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Due to the existence of several small- and large-scale businesses, the global market is extremely competitive and fragmented. Companies are implementing a number of strategic efforts to reduce their losses and achieve a competitive advantage.
These actions have enabled market participants to increase their clientele and revenue. With the increasing demand for Preparation Abrasives in the worldwide industry, market players in the Preparation Abrasives market can anticipate attractive growth prospects in the future.
Some of the key developments that have taken place in the Preparation Abrasives Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Material, Product Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.2%.
An increase in demand from the automotive sector will help the market expand.
Major global Preparation Abrasives Market players are The 3M Company, Saint-Gobain, Krebs & Riedel, Asahi Diamond Industrial Co., Ltd., Robert Bosch GmbH, Fujimi Incorporated, Henkel AG & Co. KGaA, Carborundum Universal Limited, NIPPON RESIBON CORPORATION, KWH Mirka, NORITAKE CO., LIMITED
Lack of raw material availability and stringent regulations hamper the market.
The Asia Pacific Region is expected to account for the largest market revenue share in the Global Preparation Abrasives market.
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