Abrasives Market Outlook 2031
- The global abrasives market was valued over US$ 54 Bn in 2020
- It is estimated to expand at a CAGR of 5.5% from 2021 to 2031
- The global abrasives market is expected to cross the value of US$ 97.7 Bn by the end of 2031
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Analysts’ Viewpoint on Abrasives Market Scenario
Significant demand for machinery and increasing activities in logistics & transportation are fueling the demand for abrasive consumables during the ongoing COVID-19 pandemic. However, fluctuating prices of feedstock and abrasive materials are posing as a challenge for manufacturers. Hence, companies should invest in software that deploy predictive analysis of material prices in order to gain a competitive edge over other market players. Data-driven research is emerging as an important strategy to offer innovative products to end users. This research plays a monumental role in broadening the product portfolio of abrasives. As such, manufacturers are increasing the production of bonded abrasives, coated abrasives, and steel abrasives.
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Highly Competitive Automotive & Electronics Industries Fueling Demand for Robust Abrasives
The ever-expanding electronics and automotive industries is generating stable revenue streams for companies in the abrasives market. Applications such as metal fabrication, transportation, and sandblasting are fueling the demand for abrasive products. Technicians in the electronics and automotive industries are using abrasives for cutting hard materials made of steel or concrete, for shaping materials through grinding and to polish finished products.
Since the automotive and electronics industries are highly competitive markets, manufacturers in the abrasives market are ensuring supply of high-quality consumables. Moreover, high ticket-price automobiles and electronics are fueling the demand for high-quality abrasives that play an instrumental role in simplifying production processes for technicians & operators. The expansion of the metal fabrication sector is translating into revenue opportunities for manufacturers.
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Manufacturers Increase Efforts to Shorten Turnaround Time During COVID-19 Pandemic
Companies in the abrasives market are focusing on positive or limited negative industries to establish stable revenue streams during the ongoing COVID-19 crisis. These industries include machinery, metal fabrication, and electrical & electronic equipment. Manufacturers are collaborating with alternative suppliers to ensure stable supply chains. They are establishing a balanced relationship with distributors and ecosystem partners to ensure business continuity.
On-demand products and services are growing prominent in the abrasives market. Due to the reopening of country borders for international trade, companies are increasing efforts to shorten their turnaround times. Manufacturers are maintaining optimum inventory levels to continuously innovate in abrasive products.
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GMP & OSHA Guidelines Dictating Credibility of Abrasives Manufacturers
Asia Pacific holds lucrative value-grab opportunities for companies in the abrasives market. Rapid urbanization and growth of the Industry 4.0 sector are acting as key drivers for market expansion. High volume manufacturing in China is another driver for market growth.
Even though the abrasives market is positioned for favorable growth throughout the assessment tenure, stringent regulations pertaining to silica abrasives are slowing down growth rate. Hence, companies should adopt good manufacturing practices (GMP) and adhere to OSHA (Occupational Safety and Health Administration) guidelines to ensure well-being of workers at manufacturing units. Such compliance helps to bolster credibility credentials of manufacturers. The fragmented nature of the market indicates that small-scale players is posing as a stiff competition to established market players.
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Cleaning & Maintenance Sector Triggering Demand for Abrasive Products
Manufacturers are realizing the importance of investments in R&D and ensuring operational efficiency to broaden their product portfolio. They are making use of diamond for ceramic grinding and high tensile materials to introduce innovative abrasive products in the market. Apart from the automotive sector, manufacturers are unlocking revenue opportunities in the cleaning & maintenance sector, medical devices industry, and power generation sector to generate cash flows.
Abrasives are being used extensively in automotive, manufacturing, and electronics industries for ensuring perfect polish to their surface. They are also being utilized for cutting-hard materials made of steel or concrete, and for removal of surface layers of paint or corrosion.
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