The global Super Abrasives Market is forecast to reach USD 11.48 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest for precision and machining tools for the production of motor vehicles and construction activities. In the construction industry, the product is used to manufacture drilling, sawing, and cutting tools to machine concrete, bricks, and stones. However, increasing complexity of super abrasive technology in high-performance applications and high initial costs make it difficult for small-scale and medium-scale companies to compete with the global market leaders and hence, will be hampering the demand of the market.
Rapid urbanization has changed the way of life of individuals and, thus, has expanded the pervasiveness of the construction sector for commercial purposes over a broad aspect; therefore, augmenting the demand for the market product. For ensuring smooth finishing of parts, the product is used as a grinding tool in the manufacturing of automobile parts such as steering mechanism, gear shaft, injection systems, and cam/crankshaft. Increasing motor and electric vehicle production anticipated boosting the market demand for the product in the coming years. The diamond segment is expected to grow significantly, owing to the increasing demand for precision tooling from the automotive and aerospace industries.
Increasing understanding of the high-end technologies and advantages of super abrasives has contributed to an increased inclination towards super abrasives. They are used widely in brake production and manufacture, suspension structures, tires, motors, wheels, and rubber, among others. The automobile product industry and auto OEMs (original equipment manufacturers) account for most of the market for super abrasive products. The automobile industry’s robust development is likely to fuel the expansion of the global demand for super abrasives. Moreover, the product spectrum of super abrasives is continually widening, coupled with growing R&D activities expected to accelerate the growth of the global super abrasive industry. On the downside, the high costs associated with them may impede the growth of the worldwide market of super abrasives. Compared with traditional abrasives, the prices of super abrasive grinding wheels are very high. Market growth could also be hampered by a lack of expertise, a limited understanding of consumer needs, and many others. Consequently, the prices of the raw materials used for the manufacture of super abrasives are subject to natural variability, which could hinder demand growth over the forecast period.
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Key participants include Radiac Abrasives Inc., Noritake Co. Ltd., Protech Diamond Tools Inc., Asahi Diamond Industrial Co. Ltd., 3M, American Superabrasives Corp., Saint-Gobain Abrasives Inc., Carborundum Universal Ltd., Eagle Superabrasives, and Action Superabrasive, among others.
Further key findings from the report suggest
- Based on product, Diamond accounted for the largest share of the market in 2019, owing to properties such as anti-adhesion, chemical inertness, low friction coefficient, and better wear resistance.
- Electronics Industry accounted for the largest share in the market, holding around 46.0% of the overall business in 2019, as it produces smaller and complicated parts with close tolerances that match correctly in machine components, thereby making it suitable for a variety of applications typically PCBs.
- The Asia Pacific dominated the market in 2019. The consistent focus on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region holds approximately 61.0% of the Super Abrasives Market, followed by North America, which contains around 18.0% market in the year 2019.
Report Scope:
The report is formulated through extensive primary and secondary research and is further validated and verified by the industry experts and professionals. The report offers key insights to the readers, businesses, and stakeholders to help them make informed decisions and gain a robust footing in the market. The report analyzes the growth trends in the historical years and offers an idea about the current and emerging trends of the industry. Advanced analytical tools such as SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis are included in the report.
The research report offers in-depth insights into company profiles along with their production values, production capacity, product portfolio, strategic plans such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, government and corporate deals, among others.
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Market Overview:
Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Super Abrasives market.
For the purpose of this report, Reports and Data have segmented into the global Super Abrasives Market on the basis of product, end-user, application, and region:
Product Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Cubic Boron Nitride
- Diamond
- Others
End-User Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Aerospace
- Automotive
- Medical
- Electronics
- Oil & Gas
- Others
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Powertrain
- Bearing
- Gear
- Tool Grinding
- Turbine
- Others
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Detailed Regional Analysis Covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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