An abrasive is a substance which is rubbed against a surface to produce a desired shape or a surface of desired finish. Abrasives are mineral like materials available in different shapes, sizes and types according to need. They are used to grind, clean, scour, abrade or remove solid material by rubbing action or by impact. Bonded abrasives, coated abrasives, raw superabrasives, steel abrasives, loose abrasive grains and other abrasives are the key product segments of abrasives. Abrasive materials and abrasive products are utilized in several end user industries such as machinery, electrical & electronic equipment, transportation and metal fabrication among others. The revenue generated by the global abrasives market was USD 35,203.6 million in 2012 which is expected to reach USD 51,389.7 million by 2019, growing at a CAGR of 5.5% from 2013 to 2019.
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The bonded abrasives segment accounted for the largest share of the global abrasives market in 2012, followed by coated abrasives and loose abrasive grains. The bonded abrasives segment of abrasives market generated revenue of USD 12,278.3 million in 2012 and is anticipated to reach USD 16,719.7 million in 2019, growing at a CAGR of 4.5% from 2013 to 2019. The raw superabrasives segment is the fastest growing product segment of the abrasives market and in terms of revenue it is predicted to grow at a CAGR of 7.7% from 2013 to 2019. In addition, the loose abrasive grains segment is expected to record strong growth in the next few years due to growing demand for loose abrasive grains from the abrasive product manufacturers.
Machinery segment was the largest end user segment of abrasives in 2012. The machinery segment generated revenue of USD 8,586.7 million in 2012 and is anticipated to reach USD 12,418.5 million in 2019, growing at a CAGR of 5.4% from 2013 to 2019.
The machinery segment was followed by metal fabrication industry which is the other important end user segment of abrasives market. Transportation and electrical & electronic equipment segments are expected to record fastest growth in the coming years due to robust demand for automobiles and electrical and electronic appliances across the globe. Moreover, the demand for abrasives from other end users such as medical devices, power generation, construction and cleaning and maintenance, is predicted to rise significantly in the next few years.
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The global abrasives market is segmented based on region. Asia Pacific represents the largest and the fastest growing market for the abrasives industry and China is the largest producer of abrasive materials and abrasive products. The growing demand for various types of abrasives from transportation, building & construction and other durable goods industries is expected to drive the Asia Pacific abrasives market in the near future. Europe was the second largest market for abrasives followed by North America and RoW. Asia Pacific is expected to be the most attractive market for abrasives in the future. Europe and North America are expected to exhibit sluggish growth as compared to Asia Pacific and RoW.
The rapidly growing demand for abrasives from automotive, electronic equipment and medical device industry across the globe is driving the abrasives market. Bonded abrasives was the largest demanded abrasive product across the world in 2012 which is used in applications such as grinding, forming, sharpening and finishing among others. The growing demand for abrasives from cutting tools industry and other abrasive product manufacturers is anticipated to drive the global abrasives market in the next few years. However, stringent government restrictions on the use of silica abrasives and volatile raw material prices may restrain the market growth in the coming years. Saint Gobain SA, 3M, Robert Bosch GmbH, DuPont, TYROLIT Schleifmittelwerke Swarovski K.G. and Henkel AG & Co. KGaA are some of the key manufacturers of abrasives.
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