Abrasive Market Likely to Reach Beyond $54.3 Billion by 2027

04/gen/2021 09:18:00 Grand View Research Contatta l'autore

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The global abrasive market size is anticipated to reach USD 54.3 billion by 2027 expanding at a CAGR of 4.4%, according to a new report by Grand View Research, Inc. Use of diamond blades is increasing in the construction & infrastructure sector for applications, such as core drilling, wire sawing, and hand-sawing.

Short-term demand from the construction sector has declined in the recent past. However, governments in various countries have started opening the construction sites, which is projected to boost product demand in the second half of 2020. Products, such as cutting discs and grinding discs, and are widely used in the construction sector.

The Covid-19 pandemic has hampered the demand for abrasives in steel and metal fabrication industries. Thus, in anticipation of declining demand from end-use sectors, U.S.-based producers, such as U.S. Steel and ArcelorMittal, reduced their production capacities by 10 million short tons in total. Overall production of steel in the country witnessed a year-on-year decline of 12.7% in March 2020. In addition, the capacity utilization rate is also observed at a historical low of 71.6%.

Properties including better abrasive wear resistance, anti-adhesion properties, chemical inertness, and low coefficient of friction and Polycrystalline Diamond (PCD) are projected to create a positive impact on the market dynamics. Furthermore, the manufacturing of components at a large scale and increased cutting speed values with greater quality are anticipated to boost the demand for PCD inserts in transportation component manufacturing.

Nowadays, various technologies and processes, such as laser beam, etching, and ion beam, have been established for the manufacturing of micro-structured surfaces and precision parts. However, mechanical processes, such as engraving and diamond machining, play a significant role in the manufacturing of micro-structured and precision parts. Machining processes, such as milling, drilling, and turning, using monocrystalline diamond abrasive products are expected to represent many opportunities over the coming years.

Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/abrasives-market

Abrasive Market Report Highlights

·         The bonded product segment is projected to register a CAGR of 3.9% from 2020 to 2027 on account of increasing investments in the aerospace & defense sector and moderate long-term demand from the automotive industry

·         Automotive & transportation was the largest application segment and accounted for a revenue share of over 35% in 2019

·         Demand for auto component manufacturing in China, India, and Southeast Asian countries is anticipated to provide growth opportunities for the vendors in this application segment

·         Sluggish growth in the end-use industries due to the Covid-19 pandemic is projected to hamper the product demand to some extent

·         The Asia Pacific is projected to remain the largest as well the fastest-growing regional market over the forecast period

·         Large-scale production of automobiles and demand from various components manufacturing industries in China are projected to drive the market in the Asia Pacific

Abrasives Market Segmentation

Grand View Research has segmented the global abrasive market on the basis of product, application, and region:

Abrasives Product Outlook (Revenue, USD Billion, 2016 - 2027)

·         Bonded

·         Coated

·         Others

Abrasives Application Outlook (Revenue, USD Billion, 2016 - 2027)

·         Automotive & Transportation

·         Heavy Machinery

·         Metal Fabrication

·         Electrical & Electronics

·         Others

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