Fact.MR, a market research and competitive intelligence provider, has conducted a complete analysis on the abrasives market, which is anticipated to increase at a CAGR of 5.5% over the forecast period (2021 to 2031).
An abrasive substance is a type of material that is used to shape or finish a product in a variety of industries. Abrasives are used to machine ferrous and non-ferrous materials due to their high performance grinding capabilities. Abrasives are used in the oil and gas industry to grind wear components. Product demand will be boosted by the expanding oil and gas industry, which will be fueled by rising energy needs.
Abrasives are widely utilized in the medical and healthcare industries for cleaning and imparting a smooth finish to sophisticated medical equipment. Cleaning implants and other materials including needles, catheters, vascular stents, and medical molds requires micro-abrasive blasting. Cleaning using abrasives is precise and efficient.
Increasing manufacturing activities as a result of rising consumer product demand will boost market growth. Super-abrasives, such as industrial diamonds, are seeing increased use for precise grinding and cutting of hard metals, which is boosting their sales globally. Rapid urbanization has also contributed to the global abrasives market gaining traction.
Key Takeaways from Market Study
- Global abrasives market to reach a valuation of US$ 97.7 Bn by 2031.
- Raw super abrasives are projected to record around 7.7% CAGR from 2021 to 2031.
- Market in Asia Pacific holds a share of 50% at present.
“Significant investments in research and development activities related to abrasives are likely to create increased opportunities for manufacturers over the coming years,” says a Fact.MR analyst
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Winning Strategy
Major players are focusing on a diverse range of product offerings and distribution channels. To construct value chains, companies are developing methods to extend their business and enrich their product line.
A range of product advances is being focused on by key companies around the world, including fabric-based abrasive advancements. They’re also introducing enhanced coated abrasives for metal manufacturing, which is projected to propel the abrasives market forward over the coming years.
For instance,
- In May 2021, Abrasive Technology (AT), a manufacturer of super abrasive products for the medical, aerospace, dentistry, and industrial end sectors, received funding from Blue Sea Capital, an abrasive supplier. Blue Sea’s goods will be combined with Abrasive Technology to focus on aerospace & defense, healthcare, and industrial growth.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global abrasives market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of product (bonded abrasives, coated abrasives, raw super abrasives, steel abrasives, loose abrasive grains, and others), by end user (machinery, electrical & electronic equipment, transportation, metal fabrication, and others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemicals industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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