Global Metal Abrasives Market Insights Forecasts to 2030
- The global Metal Abrasives market was valued at USD 5.90 Billion in 2021.
- The market is growing at a CAGR of 7.3% from 2021 to 2030
- The global Metal Abrasives market is expected to reach USD 11.12 billion by 2030
- The North America is expected to grow the fastest during the forecast period
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The global Metal Abrasives market is expected to reach USD 11.12 billion by 2030, at a CAGR of 7.3% during the forecast period 2021 to 2030. Throughout the forecast period, rising investments in the automotive industry are anticipated to increase demand for metal abrasives. One of the primary drivers of Metal Abrasives' market expansion continues to be the growth of the metal fabrication industry, which is driven by the increased demand for pre-engineered buildings and components and technological advancements in the manufacturing industry.
Abrasives are substances with a specific density and hardness that enable the processing other substances without removing the abrasive. For instance, polishing a surface is a frequent process that can be carried out using abrasives. Abrasives are widely used in numerous residential, industrial, and technological applications. Its size, form, physical composition, and chemical composition are all very variable as a result. The worldwide abrasives market is primarily driven by rising demand from the metal fabrication industry, enormous production of electronic components, technical breakthroughs, quickly expanding industry verticals, and the falling cost of synthetic diamonds. The automobile industry has the largest market potential since abrasives are essential for producing vehicle parts, altering operating conditions, machining components, finishing, and maintaining the body. In addition, it is projected that factors including rising disposable incomes and rising demand for passenger and commercial cars will support market expansion in the future. One of the primary drivers of market expansion continues to be the booming metal fabrication industry, driven by the increased demand for pre-engineered buildings and components and technological advancements in the manufacturing industry. The expansion of the metal fabrication sector is also a result of rising demand from various end-use industries, including agriculture, medicine, aerospace, and the car industry. The market for abrasives is also continually changing due to shifting technologies and a lack of qualified workforce. The automotive industry's moderate to high demand is predicted to drive the market. Applications for metal abrasives include cleaning, descaling, shot peening and demanding various parts produced in various production industries, including investment casting, casting, forging, aluminium die casting, and others. Throughout the forecast period, rising investments in the automotive industry are anticipated to increase demand for metal abrasives.
This research report categorizes the market for global Metal Abrasives based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global Metal Abrasives market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global Metal Abrasives market sub-segments.
Global Metal Abrasives Market Report Coverage
|Market Size in 2021:||USD 5.90 billion|
|Forecast Period 2021-2030 CAGR:||7 .3%|
|2030 Value Projection:||USD 11.12 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||207|
|Tables, Charts & Figures:||106|
|Segments covered:||By Material, By Application, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Abrasives Inc., Vulkan INOX GmbH, Abrasive Shot, 3M India Ltd., Macro Group International, Metaltec Steel Abrasive, W Abrasives, Grind well Norton Ltd, Silcal Metallurgic Ltd., Ervin Industries, Siambrator Co., Ltd., Air blast-Abrasives B.V.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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- In 2021, the Steel segment dominated the market with the largest market share of 88.9% and market revenue of 5.24 Billion.
Based on the Material, the global Metal Abrasives market is categorized into Steel and Others. In 2021, the Steel segment dominated the market with the largest market share of 88.9% and market revenue of 11.12 billion. Steel abrasives are most in demand in the Market due to their properties as hardness, cleanliness, grain size, and toughness. Additionally, its qualities are frequently employed in many different industries, including the petrochemical, construction, and automotive sectors. Many end-use industries make substantial use of steel abrasives as a result of the high demand for steel abrasives.
- In 2021, the Metalworking segment accounted for the largest share of the market, with 27.9% and a market revenue of 1.64 Billion.
Based on the Application, the Metal Abrasives market is categorized into Automotive, Metalworking, Construction, Machinery & Equipment and Others. In 2021, the Metalworking segment accounted for the largest share of the market, with 27.9% and market revenue of 1.64 Billion. During the forecast period, investment in fabrication facilities will likely drive market growth. One of the primary end-use industries for metal abrasives is Metalworking. Various industry investments are anticipated to positively impact demand for the product throughout the projected period.
Regional Segment Analysis of the Metal Abrasives Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific emerged as the largest market for the global Metal Abrasives market, with a market share of around 55.0% and 3.24 Billion of the market revenue in 2021.
- Asia Pacific emerged as the largest market for the global Metal Abrasives market, with a market share of around 55.0% and 3.24 Billion of the market revenue in 2021. In the upcoming years, the demand for metal abrasives in the Asia Pacific region is projected to increase due to the high volume manufacturing of die-cast components backed by the production of vehicles.
- The North American market is expected to grow at the fastest CAGR between 2021 and 2030. The increasing lack of funding for establishing manufacturing centres for machinery and equipment in the American region is predicted to be the main factor driving the growth rate of the Metal Abrasives Market.
The report offers the appropriate analysis of the key organizations/companies involved within the global Metal Abrasives market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- Abrasives Inc.
- Vulkan INOX GmbH
- Abrasive Shot
- 3M India Ltd.
- Macro Group International
- Metaltec Steel Abrasive
- W Abrasives
- Grind well Norton Ltd
- Silcal Metallurgic Ltd.
- Ervin Industries
- Siambrator Co., Ltd.
- Air blast-Abrasives B.V.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In July 2022- Through a machining and forging facility in Bursa, Turkey, Asil Celik, a steel maker, commissioned a manufacturing facility to produce stainless steel, steel, and tool steel. The plant will likely have a 60,000 MT capacity, and the project will cost $150 million. It is projected that the new production facility will replace the nation's imports of steel worth USD 100.0 million.
- In December 2021- Carborundum for USD 6.15 million, Universal purchased Awuko, a market leader in abrasives. The agreement allows the former to purchase fixed assets, brands, buildings, land, and equipment from the latter. The acquisition supports the acquirer's strategy to increase its market share in Europe.
- In October 2021- In its facility in Jamshedpur, India, Ramakrishna Forgings, a provider of forged, rolled, and machined goods, started producing fabrications. Fabrications for excavator parts are mostly produced at the plant.
- In June 2022- Mercedes-Benz AG announced that its factories in Bremen, Sindelfingen, and Rastatt, Germany, will produce high-end EVs. By the end of this decade, the corporation intends to move to electric vehicles.
- In May 2022- Plant in "Haryana", India, Maruti Suzuki India Limited decided to build a production facility to produce 250,000 automobiles annually. The company plans to start producing cars by 2025, and the investment is approximately USD 1.42 billion.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Metal Abrasives market based on the below-mentioned segments:
Global Metal Abrasives Market, By Material
Global Metal Abrasives Market, By Application
- Machinery & Equipment
Global Metal Abrasives Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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