Abrasives are widely used in the end user industries such as automobile, building & construction, electronics, and metal fabrication among others. The Global Abrasives Market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. European market of abrasives is set to grow at a steady pace during the forecast period. The presence of the developed automobile sector and the electronic industry are the major factor driving the market growth. Furthermore, the growing metal fabrication industry in Europe is also contributing substantially to the growth of the market.
The global abrasives market size was valued at USD 39.62 million in 2018 and is estimated to witness a CAGR of 5.9% from 2019 to 2025.The growth is majorly driven by the increasing popularity of superabrasives and growing automotive production. The industry is anticipated to witness significant growth on account of growing demand for the product in grinding and polishing applications in end-use sectors such as automotive, Electronic and Electrical (E&E) equipment, metal fabrication, and machinery.
The Global Abrasives Market is segmented into material, product, type and end user industry. On the basis of material, the market is segmented into natural abrasives and synthetic abrasives. On the basis of product, the Global Abrasives Market is segmented into grinding wheels, sandpaper and others. On the basis of type, the market is bifurcated into coated abrasives, bonded abrasives, and super abrasives. On the basis of end use industry, the market is further segmented into automotive, machinery, metal fabrication, electrical and electronics, building and construction, and others.
The worldwide market for Abrasives is expected to grow at a CAGR of roughly 6.2% over the next five years, will reach 16200 million US$ in 2024, from 11300 million US$ in 2019, according to a new study.