Abrasives Market Size to Surpass USD 59.4 Billion by 2030

2022-06-03 23:58:24 By : Ms. Grace Ji

May 24, 2022 07:28 ET | Source: Market Research Future Market Research Future

New York, New York, UNITED STATES

New York, US, May 24, 2022 (GLOBE NEWSWIRE) -- Abrasives Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Abrasives Market Information by Source, Material, Type, and Region - Forecast till 2030”, the market is estimated to grow at a 4.9% CAGR to reach USD 59.4 Billion by 2030.

Abrasives are materials of certain density and hardness that lets other materials be processed with the removal of the material itself. For instance, a common operation that can take place using abrasives is the polishing of a surface. Abrasives are segmented based on their hardness, material, and grain size. Every one of these variables affects the end product.

Get Free Sample PDF Brochure @ https://www.marketresearchfuture.com/sample_request/5391

The important vendors in the abrasives market include

The surging metal fabrication sector due to the heightened demand for pre-engineered buildings and components along with the advances in the manufacturing sector remains one of the top factors propelling the market growth. The metal fabrication industry’s growth is also the result of the escalating demand from numerous end-use industries such as agriculture, medical, aerospace, and automotive. Additionally, the abrasives market is constantly evolving on account of the changing technologies and the shortage of skilled labor.

The notable growth of the electric vehicles industry is anticipated to be another significant factor enhancing the market share. In 2020, the worldwide EV sales touched around 3.1 million, with the U.S. emerging as one of the top markets for EVs. The IEA says that the electric car stock in the US shot up by 30.10 % from 2019 to 2020. The amplified demand for electric vehicles and their charging stations has been surging in the country, which can mean a higher demand for abrasives in the years ahead.

The abrasives market growth can be restrained by the volatile and fluctuating prices of raw materials. Large-scale development of abrasives requires huge amounts of raw materials, including aluminum oxide. The cost of bauxite and various source minerals change frequently, because of various factors, including unstable transport costs owing to varying fuel prices, which affect the production cost as well as the pricing of abrasives.

Browse In-depth Market Research Report (210 Pages) on Abrasives: https://www.marketresearchfuture.com/reports/abrasives-market-5391

The abrasives market can continue advancing rapidly despite the COVID-19 outbreak, given the significant focus on innovations as well as research and development/R&D activities. Following the SARS-CoV-2 onset, there has been a substantial increase in the number of tie-ups between companies, with the common aim to mitigate the financial loss brought on by the pandemic. Although the lockdown has weakened supply chains to a large extent, the demand for advanced abrasives in numerous industries will remain high in the coming time.

The pandemic affected the activities of several end-user sectors in the abrasives market, including construction, metal manufacturing, and others. Numerous industrial activities had to be temporarily shut down due to the lockdown, resulting in a decline in the demand for abrasives. But the construction industry will have a positive impact on the abrasive market in the years to come. The incredible growth of the construction sector in emerging countries will be especially favorable for the abrasive market, despite the COVID-19 outbreak.

Various sources of abrasives are synthetic and natural. In 2018, the highest share was procured by the synthetic segment, which covered a whopping 98% of the abrasives market share. The value of the synthetic segment in 2019 was around USD 33.2 billion. The natural abrasives market share will be growing at a noteworthy pace in the years ahead owing to the soaring construction industry. Calcite, pumice, diamond, sandstone, and corundum are natural abrasives that are in high demand owing to their rigidity and hardness. The natural abrasives help smoothen welding seams to construct bridges and buildings.

Different materials analyzed in the MRFR study are boron carbide, silicon carbide, aluminum oxide, corundum, emery, and many more.

The major types of abrasives in the market are super, coated, bonded, and many others. The coated segment owns the dominant share in the abrasives market. Its growth in the coming years will be at a rate of 4.9 percent, marks MRFR.

Buy Now: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=5391

North America will be ruling the worldwide market all through the review period, considering the significant demand for a variety of abrasives materials. The United States and Canada occupy the biggest share in the region, given the heightened demand for abrasives from a number of end-user sectors including furniture, housing, aerospace sectors, steel production, and automotive units. The market value is also bolstered by the dramatic growth in the use of abrasives in the aerospace sector.

Asia Pacific shall capture the fastest growth rate in the abrasives market between 2020 and 2027, thanks to the improving economic standards. Rapid industrial growth including machinery, metal fabrication and automotive in the region and the surging consumption of industrial products in emerging nations like India and China add to the market worth as well. soaring disposable income has resulted in an exponential demand for commercial and passenger vehicles. This substantial demand for automobiles will foster the growth potential of the abrasives market in the forthcoming years. 

Share your Queries @ https://www.marketresearchfuture.com/enquiry/5391

Discover more research Reports on Chemical Industry, by Market Research Future:

Global Polyvinyl Butyral Market: Information by Application (Films & Sheet, Adhesive, Binders, Coatings, and Others), by End Use (Building & Construction, Automotive, Photovoltaic, and Others), Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)—Forecast till 2030

Medical Adhesives Market: Information by Resin {(Natural (Collagen, Fibrin, and Others), Synthetic & Semi-Synthetic (Acrylic, Cyanoacrylate, Epoxy, Silicone, Polyutherane, and Others)}, by Application (Implant, Tissue Bonding, Wound Closure, Medical Device & Equipment, Dental, Tapes, and Others), by Technology (Water-Based, Solid & Hot Melt and Solvent-Based), Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa)—Forecast till 2030

Fluidizers in Plasterboard Market: Information by Form (Liquid and Powder/Granules), Chemistry (Naphthalene Sulfonates, Lignosulphonates, Polycarboxylates and Melamine Sulfonates), Application (Insulated, Damp Proof, Moisture Resistant, Sound Insulation, Fire Resistant and Others), End Use (Residential and Non-Residential) and Region (North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa) - Forecast till 2030

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.