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

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).

Due to the presence of various small- and large-scale competitors, the 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. '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.'

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.

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 market may also experience growth prospects in the years to come.

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.