Abrasives Worldwide
Abrasives Market
The global abrasives market was valued at USD 46.4 billion in 2020 and is projected to reach USD 58.0 billion by 2025, growing at 4.5% cagr from 2020 to 2025. The growth of this market is attributed to the growing automotive, metal fabrication, machinery, electronics, electrical, medical, and construction industries have contributed significantly towards the growth of the market. However, factors such as uncertainty in economic conditions and rising raw material costs inhibit the growth of the market.
Abrasives Market Dynamics
In terms of value and volume, the coated segment is projected to lead the abrasives market from 2020 to 2025.
Based on type, the coated segment is projected to account for the higher demand in the abrasives market during the forecast period. Due to the focus on rapid industrialization in emerging economies, and the development of the metal fabrication industry is expected to shift the inclination of both suppliers and consumers towards abrasive. Moreover, increasing demand for coated abrasives in all end-use industries is expected to propel the growth in the abrasives market.
In terms of value and volume, the metal fabrication segment of the end-use industry is projected to grow at the highest CAGR during the forecast period.
The metal fabrication segment is the fastest-growing end-use industry segment in the abrasives market. This growth is attributed to its usage and demand in the metal fabrication for cutting-off and grinding, removing welds and excess material, surface blending, finishing, and polishing.
In terms of both value as well as volume, the Asia Pacific region is expected to account for the largest share in the global abrasives market during the forecast period.
Asia Pacific is the fastest-growing market for abrasives due to its increasing economic growth. owing to the rapid growth in industries such as automotive, machinery and metal fabrication in the region. The growth of this region is supplemented by the increase in the consumption and production of industrial products in developing economies such as India and China. A rise in disposable income, especially in developing countries, has led to an exceptional demand for passenger and commercial vehicles. Thus, this augmented demand for automobiles is expected to indirectly drive the growth prospects of the abrasives market in the coming years. The rise in the sales of electronic devices is likely to boost the demand for coated abrasives in the electronic industry during the forecast period, especially in the consumer goods sector.