Abrasives market is poised to grow at a CAGR of 5.2% over 2023-2029. An abrasive is a substance, frequently a mineral, that is used to shape or finish a workpiece by friction-induced wear and tear on a portion of the workpiece to abrasively cut, polish, shape, and grind other substances. The increased demand for abrasives by the industrial manufacturing and construction sectors for applications like grinding, cutting, shaping, and finishing materials such as metal, concrete, stone, and wood is expected to drive the market. Moreover, the continuous technological advancement in abrasive manufacturing processes, such as superabrasive materials has led to an increase in opportunities for scientists and manufacturers for market development. For instance, in November 2022, IIT Madras developed new-generation multi-point/single-layer superabrasive tools for advanced grinding applications to meet high productivity and energy-efficient material removal requirements. Furthermore, investment in various construction and infrastructure industries by the government along with the introduction of policies also propels the market growth. For instance, the Indian Government launched the “Smart Cities Mission” in 2015 to provide core infrastructure and, a clean and sustainable environment that has led to massive abrasive market expansion in that region. Additionally, the integration of digital technologies, automation, and data analytics into the manufacturing processes of abrasives has been in trend in the market. But the abrasive processes pose health hazards to workers owing to significant waste, dust, fumes, and emissions are bottlenecks of the market. However, the growth in manufacturing and processing industries, increased investments by companies and government, urbanization, and industrialization are anticipated to increase the market growth over the forecasted period.
Fastest Growing Market
The market is expected to rise owing to the wide use of coated abrasives in various industrial sectors. Sandpaper, belts, discs, and sheets made of coated abrasives are made by bonding abrasive compounds to a flexible backing material, such as paper, cloth, or film. When precise sanding, grinding, and finishing are necessary, these items are frequently employed in a variety of industries and applications. For instance, In September 2018, Mirka launched two new abrasives with state-of-the-art coating technology- Iridium and Novastar for the automotive refinishing, wood and manufacturing industries, including marine and vehicle. Because of their flexibility, adaptability, and use, coated abrasives are preferred for both commercial and residential applications. Furthermore, coated abrasives are widely used in woodworking, automotive refinishing, metalworking, paint and coatings along with various DIY and home improvement projects.
The continuous technological advancement in abrasive manufacturing processes, such as superabrasive materials has led to an increase in opportunities for scientists and manufacturers for market development.
The integration of digital technologies, automation, and data analytics into the manufacturing processes of abrasives has been in trend in the market.
3M, Krebs & Riedel, Asahi Diamond Industrial Co., Ltd., Robert Bosch GmbH Limited, Fujimi Incorporated, Deerfos, Carborundum Universal Limited (CUMI), Henkel AG & Co, KGaA, sia Abrasives Industries AG, Saint-Gobain, KWH Mirka, NORITAKE CO., LIMITED, NIPPON RESIBON CORPORATION, SAK ABRASIVES LIMITED, TYROLIT Group are a few companies operating in the abrasives market.