Abrasive Market

Global Abrasive Market Size (2024 to 2029)

The size of the global abrasive market was worth USD 31.88 billion in 2023 and is estimated to be worth USD 33.54 billion in 2024 and USD 43.21 billion by 2029, registering a CAGR of 5.2% during the forecast period.

Current Scenario of the Global Abrasive Market

The global abrasive market has been growing steadily over the last few years and is predicted to witness notable growth during the forecast period. Abrasive is a material that is capable of polishing or cleaning hard surfaces by grinding. The abrasives are used for grinding, polishing, or cleaning of the hard surfaces. Abrasives are widely used to grind wood, concrete, ceramic, stone, or mineral as the abrasives provide an elegant and finished look to the products. The global abrasives market has accounted for significant growth in the past years and is projected to have notable growth during the forecast period. The increased usage of these materials in sandpapers, polishes, grinding wheels, pulp stones, and ball mills is augmenting the market growth opportunities in the abrasives market. The abrasives are often used to gain smooth and reflective surfaces by material polishing, contributing to global market growth.

MARKET DRIVERS

Y-o-Y growth in the demand for abrasives in the automotive industry primarily contributes to the global abrasives market growth.

The abrasives are widely used to repair engine parts and auto bodies and help in interior and exterior cleaning. Various non-engine parts and accessories such as steering wheels, brakes, axles, and wheels demand abrasive products, boosting the global market growth. The abrasives are gaining traction in the automobile industry as the abrasive sandpapers are widely used for polishing the interior and exterior of automobiles, leading to market growth opportunities. The rapid expansion of several industries owing to increased demand for abrasives in these industries is driving the market revenue growth.  

The expansion of the metal fabrication, construction, and aerospace industries is creating growth opportunities for the abrasive market owing to increased applications. The growth of the electric vehicles industry is another primary factor boosting the market growth. The enlarging manufacturing sector across Asian countries propels the demand for super abrasives, leading to growth in global market share. The evolving technological advancements, the growing launch of new products, and the increasing investments by the market players to enhance the efficacy of the abrasive products will augment the market growth opportunities in the coming years.

MARKET RESTRAINTS

The lack of raw material availability and accessibility for abrasives is a significant restraint to the abrasive market growth.

The widely used raw materials such as aluminum oxide, silicon carbide, cubic boron nitride, ceramics, and synthetic diamond are obtained from renewable resources, which involve highly challenging procedures leading to higher costs and limited availability. This is the primary factor leading to a restricted market growth rate—the increasing concerns regarding environmental protection limit renewable resource usage, which negatively impacts market expansion. The presence of stringent regulations by government authorities due to environmental concerns is estimated to hinder market growth. The strict regulations regarding the approval of the products given efficacy, which is time-consuming and highly complex, act as challenges to the manufacturers and impede market expansion.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Abrasive Market Analysis By Material

The synthetic material segment accounted for the largest revenue in the global abrasive market in 2023 and is estimated to have a steady CAGR during the forecast period. Synthetic abrasives are products that refine chemical raw materials or precursors. Synthetic abrasives include alumina, silicon carbide, and synthetic diamond, and these can alter purity and control the crystal structure, augmenting the segment growth rate. They can also alter the shape of abrasive grains to meet the requirements of the application, propelling the market growth rate.

The natural segment is expected to witness the highest CAGR in the coming years as natural abrasives are widely used in domestic, industrial, and technological applications. The increasing consumer shift towards organic products, which are processed naturally through mining with lower variation, is boosting the segment growth.  

Global Abrasive Market Analysis By Product Type

The coated abrasives segment dominated the global abrasive market revenue with a significant share of 43.6% in 2023. These abrasives comprise sheet, belt, disc, roll, and flap-wheel products. The increased demand for these abrasives from industries is boosting the segment growth. Coated abrasive products are in high demand for white goods, sanitary ware, furniture, automobiles, fabrication, and construction, propelling the segment revenue growth.

The bonded abrasives segment is expected to grow prominently in the global abrasive market revenue in the coming years. Due to their high efficiency and increased operational capability, these are widely used for precision and rough grinding applications, which is boosting the segment growth. Bonded abrasives include mounted wheels, snagging wheels, and grinding wheels.  

Global Abrasive Market Analysis By Application

The automotive segment accounted for the most significant share, 36.2%, in the abrasive market in 2023. Abrasives are widely used in the automotive industry for coarse and lacquer sanding, propelling the segment growth rate. Diamond discs are the adoptable option for grinding and polishing automotive components to enhance the surface finish, fueling the segment expansion.

The metal fabrication segment is expected to grow at the fastest rate during the forecast period owing to rising demand for metal equipment. This involves fabricating metal structures through bending, cutting, and assembly processes. Other products, such as flip discs and fiber discs, are majorly used for metal grinding and surface smoothing, augmenting the segment's growth opportunities.

REGIONAL ANALYSIS

Asia-Pacific led the abrasives market with a notable share of 57.68% in 2023.

The Asia-Pacific region is expected to maintain a rapid CAGR during the forecast period. The growing infrastructure development that has enhanced the investments in manufacturing systems and the expanding electric vehicle production in developing economies are expected to drive regional market growth. The emerging economies in the southern Asian countries are boosting the regional market growth. The rapid industrialization, expanding metal fabrication, and machinery growth boosted the regional market revenue growth. The expanding manufacturing industry across the region is escalating the demand for the abrasives, providing growth opportunities to the Asia Pacific abrasives market.

The North American region is estimated to have steady growth during the forecast period.

The growth of the North American market is majorly due to the rising demand for automotive, aerospace, and defense products. The rise in the adoption of electric vehicles among the people and the expansion of aircraft manufacturing in the region provide the North American abrasive market with growth opportunities. The strong presence of automotive manufacturers and machinery industries in the United States is another primary factor augmenting the regional market growth.

Europe is likely to hold a considerable share of the global market during the forecast period.

The European region is projected to pick up pace in the coming years owing to the expanding automotive industry. The increased production of automobiles in the European region is enhancing product consumption across the region, leading to regional market share growth. The growing investments in the region's construction industry are creating opportunities for market growth.  

KEY PLAYERS IN THE GLOBAL ABRASIVE MARKET

Companies that play a key role in the global abrasive market include Asahi Diamond Industrial Co. Ltd, Saint-Gobain Abrasives Inc., 3M Company, Fujimi Incorporated, Dronco GmbH, Robert Bosch GmbH, Cabot Microelectronics Corporation, Grupo Cosentino, Tyrolit Group and Sak Industries.

RECENT HAPPENINGS IN THE GLOBAL MARKET

• In October 2023, Tyrolit Group announced the acquisition of Acme Holding Company, a US-based abrasives manufacturer. The primary aim of the acquisition is to integrate the grinding business portfolio with specialty abrasives solutions, which enhances the company portfolio.
• In October 2023, Saint-Gobain partnered with Dedeco Abrasive Product, a specialty abrasives manufacturer. The partnership's primary motive is to market Dedeco's sunburst abrasive line, and the company's primary goal is to deliver abrasive solutions.
• In August 2023, 3M announced the launch of its first abrasive robotics lab in India. This lab is set to enhance the advancements in innovations in material solutions and robotics, leading to technological development and industry leadership.
• In October 2023, Osborn launched a new line of silica-free abrasive compounds that offer increased health, safety, and environmental sustainability compared to conventional silica-based variants.

DETAILED SEGMENTATION OF THE GLOBAL ABRASIVE MARKET INCLUDED IN THIS REPORT

This research report on the global abrasives market has been segmented and sub-segmented by material, product type, application, and region.

By Material Type

• Natural
• Synthetic

By Product Type

• Bonded
• Coated
• Super

By Application

• Automotive
• Electrical & Electronics
• Metal Fabrication
• Machinery
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa