USD 45.3 billion
Abrasive Tools Market Size, Share, Growth Analysis, By Source(Natural, and Synthetic.), By Product Type(Bonded, Coated, Super, Steel), By Material(Aluminum Oxide, Silicon Carbide, Emery, Corundum), By Application(Machinery, Electrical & electronics equipment, Automotive, Metal fabrication), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2050 |
Region:
Global |
Published Date: February, 2024
Pages:
247
|Tables:
124
|Figures:
76
Abrasive Tools Market Insights
Abrasive Tools Market size was valued at around USD 45.3 billion in 2019 and is expected to reach a value of USD 62.9 billion by 2031, at a CAGR of 5.62% over the forecast period (2024-2031).
The market is influenced by a variety of factors, including the expansion of the metal fabrication industry as a result of rising demand for pre-engineered structures and components and technological advancements in the manufacturing industry. The growing demand from numerous end-use industries, such as the medical, agriculture, automotive, and aerospace industries, is another factor fueling the rise of the metal fabrication industry. Moreover, the industry is constantly changing as a result of changing technologies and a scarcity of skilled labour. The U.S. is important to the global market.
Due to shifting economic objectives that have an impact on tariffs and domestic investments, the manufacturing sector has not seen any major advancement in the country, but putting more emphasis on local production is expected to have positive market growth over the coming years.
Moreover, the growth of Asia's developing economies' industries is driving increased demand for super abrasives. For instance, the Indian government announced production-linked incentives for large-scale electronic products makers for the ensuing five years in April 2021 in order to promote investments in mobile phone manufacturing and electronic component plants. Such initiatives are encouraging the nation's industrial growth, which is strengthening the market as a whole.
However, due to fluctuating raw material prices, market expansion is expected to be limited. Mass amounts of raw materials, including aluminum oxide, are needed for the mass manufacture of abrasives. Bauxite and other source minerals' costs differ enormously due to factors such changing transport costs that are influenced by fuel prices, that have an impact on the cost of production and pricing.
US Abrasive Tools Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Natural
Fastest Growth
Natural
Growth Rate
5.62% CAGR
Global Abrasive Tools Market ($ Bn)
Country Share for North America Region (%)
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Abrasive Tools Market Segmental Analysis
Global Abrasive Tools market is segmented on the basis of Source, Product Type, Material, Application, and region. By Source, the market is segmented into Natural, and Synthetic. By Product Type, the market is segmented into Bonded, Coated, Super, Steel, Others. By Material, the market is segmented into Aluminium Oxide, Silicon Carbide, Emery, Corundum, Boron Carbide, Others. By Application, the market is segmented into Machinery, Electrical & electronics equipment, Automotive, Metal fabrication, Aerospace, Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Abrasive Tools Market Analysis by Source
The market for abrasive Tools is controlled by synthetic abrasives. A chemical precursor treatment product or raw material is referred to as a synthetic abrasive. These substances include alumina, silicon carbide, and synthetic diamonds. Natural abrasives are widely employed in a variety of home, industrial, and technological processes as a result of the expanding consumer movement towards organic produce. These include corundum, diamond, and emery, which may be mined and processed for usage with minimal fluctuation because they naturally occur. The primary element fueling market growth is the expanding use of this kind of product in the automotive industry.
Abrasive Tools Market Analysis by Application
Due to the rising need for metal equipment, the metal fabrication market will expand and see a sizable CAGR. According to the applications they are utilized for, markets are segmented into metal fabrication, electrical & electronics, automotive, mechanical, and other. During the forecast period, the metal fabrication sub-segment is anticipated to increase quickly. The bending, cutting, and assembly procedures utilized in this fabrication are used to create metal structures. With the help of a steel cutting disc, this instrument is used as a cutting saw to shape metal into the appropriate shape. Fiber and flip discs, which are also available, are typically used for surface-smoothing and metal grinding.
Global Source Market By Vehicle Type
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Abrasive Tools Market Regional Insights
Due to the increasing product demand from the automotive and aerospace & military industries, North America is predicted to experience consistent expansion over the next years. Increasing emphasis on the production of EVs in the region, along with the restart of aircraft manufacturing operations, is predicted to prove favorable for market growth. Manufacturers can expect to benefit greatly from the expansion of the metal fabrication and machining sectors in North America. For instance, Sargent Metal Fabricators Inc. stated in July 2020 that it will invest USD 9.5 million in South Carolina to expand operations there. The growth is intended to satisfy rising client demand. Over the projected period, it is expected that these investments will increase product demand in the region.
In 2021, Asia Pacific dominated the global market and generated more than 54% of all revenues. From 2022 to 2028, the regional market will continue to grow at the fastest CAGR. Over the course of the projection period, market growth is anticipated to be driven by improvements in infrastructure, increased manufacturing sector investments, and an increase in EV production in the region's developing economies. Abrasives may find a market in Southeast Asian nations. For instance, the first half of 2020 saw a 2.7% growth in Vietnam's industrial production compared to the same period in 2019. Vietnam has become a popular Asian investment destination and a small industrial hub as a result of the U.S.-China trade spat. The country's manufacturing industry has undergone changes that have increased the demand for items and, therefore, the need for machinery.
Global Abrasive Tools Market By Region
- Largest
- Fastest
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Abrasive Tools Market Dynamics
Abrasive Tools Market Drivers
Increasing use of abrasives in commercial and industrial applications
- Abrasives are widely employed in a variety of industrial, technological, and industrial applications. This causes a lot of variances in terms of size, form, physical makeup, and chemical makeup. The market for abrasive materials is primarily being driven by factors such as rising demand from the metal fabrication sector, mass production of computerized components, high-tech developments, rapid growth in the vertical, and decline in the price of synthetic diamonds.
Growing use of abrasives in the automotive industry
- The automobile industry has the most market potential since abrasives are used extensively in the production of vehicle parts, changing operating conditions, machined components, finishing, and body maintenance. In the future, it is anticipated that factors including rising disposable income and rising demand for commercial and personal automobiles will support market expansion.
Abrasive Tools Market Restraints
Volatile raw material costs
- Due to the unpredictability of commodity prices, market growth is anticipated to be constrained. Abrasives must be produced using advanced technology, which uses a lot of raw materials. Bauxite and other mineral resources' prices are subject to extreme fluctuations because of things like transportation expenses, which are affected by fuel costs, which influence production expenses, and abrasive prices.
Lack of skilled labor
- The central concern that the market players are facing is a shortage of competent workers in the abrasives sector. The quality of the finished products is affected due to a lack of skilled labor, that could decrease sales of the company's resources.
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Abrasive Tools Market Competitive Landscape
Due to the presence of various small- and large-scale competitors, the global market is extremely competitive and fragmented. Because automotive operations were stopped, there was a decrease in demand for abrasives, which resulted in revenue losses for the enterprises in 2021. Consequently, businesses are implementing a number of strategic efforts to recover from their losses and acquire a competitive advantage.
Abrasive Tools Market Top Player’s Company Profiles
- Robert Bosch GmbH (Germany)
- NIPPON RESIBON CORPORATION (Japan)
- Saint-Gobain (U.S.)
- Asahi Diamond Industrial Co., Ltd. (Japan)
- Fujimi Incorporated (Japan)
- Carborundum Universal Limited (India)
- The 3M Company (U.S.)
- Henkel AG & Co. KGaA (Germany)
- Krebs & Riedel (Germany)
- KWH Mirka (Finland)
- NORITAKE CO., LIMITED (Japan)
- Asahi Diamond Industrial Co., Ltd.
- Bosch Ltd.
- DuPont de Nemours, Inc.
- Henkel AG & Co.
- TYROLIT Schleifmittelwerke Swarovski KG
- Abrasiflex Pty Ltd.
- DEERFOS.COM
- Sankyo-Rikagaku Ltd. etc.
Abrasive Tools Market Recent Developments
- In June 2022, Diamond Productions Inc. is acquired by 3M, according to the company. Super abrasive diamonds, CBN (cubic boron nitride) wheels, and tools for dimensioning and finishing difficult-to-grind materials are all produced by the company.
- In February 2022, Carborundum Universal Ltd announced buying a 100% share in RHODIUS Abrasives. This acquisition will broaden the company's geographic base and provide market-strengthening potential on the international scene.
Abrasive Tools Key Market Trends
- Worldwide sales of automobiles have risen as a result of rapid urbanization, growing income levels, and a growing high population. This, along with the increasing the use abrasives for reducing CO2 emissions from high-performance engines and noise levels in automobiles, is bolstering the market's growth. In addition, the growing manufacturing and electronics industries aid growth. In these industries, abrasives are utilized to precisely manufacture semiconductors and other electronic equipment by scraping the metal in small amounts. The need for super abrasives also is increasing as a result of the expansion of construction activities. Due to increased R & D spending on abrasives, the global market may also experience growth prospects in the years to come.
Abrasive Tools Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Abrasive Tools Market analysis, the demand for abrasives is expected to increase during the forecast period due to the increasing use of abrasives in the construction and automotive sectors. It is expected that the growth of the metal fabrication industry and the focus on rapid industrialization in developing nations may change suppliers' and customers' choices for the abrasive market. The main challenges to watch for in the global abrasives market are the government rules on the use of silica abrasives as well as the unstable costs of raw materials used in the manufacture of abrasives.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 45.3 billion |
| Market size value in 2031 | USD 62.9 billion |
| Growth Rate | 5.62% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Abrasive Tools Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Abrasive Tools Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Abrasive Tools Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Abrasive Tools Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Abrasive Tools Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Abrasive Tools Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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