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Super Abrasives Market Overview
Super Abrasives
Market size is expected to be valued at US$11.1 billion by the end of the year
2027 after growing at a CAGR of 6.2% during the forecast period from 2022-2027. The growth of the manufacturing sector is
highly driving the super abrasives market. Another major driving factor of
super abrasives market is the increase in demand for vitrified diamond tools in the manufacturing industry and the increase in precision & machining tools due
to the rise in production of motor vehicles and construction activities. Super
abrasives are also extensively used in the automobile industry for the
injection systems. The growth in the construction industry is also fuelling the
demand for super abrasives market, as it is required for the cutting tools technologies
used in the construction industry. The increase in implementation of these
manufacturing technologies such as cutting tools, precision tooling and
machining tools is also driving the super abrasives industry.
Impact of Covid-19
The COVID-19
pandemic has disrupted the business of super abrasives market in terms of
production and logistics. The economic slowdown globally has affected the
operation of the business which has led to the decrease in the production and
eventually disrupting the supply chain of the product. There are heavy
restrictions on imports and exports, which will in turn take a toll on the
super abrasives industry. The marketing activities came to a standstill as
there was an economic lockdown, affecting the marketing programmers and events.
However, the situation is set to become normal by the end of the year 2021.
Report Coverage
The report: “Super Abrasives Market – Forecast (2022-2027)”,
by IndustryARC, covers an in-depth analysis of the following segments of
the Super Abrasives Industry.
By Material
Type: Diamond,
Cubic Boron
Nitride, and Others.
By Form: Grinding Wheels, Mounted Points,
Sharpening Stones, Finishing Stones, Honing Stones and Drill Bits.
By Application: Powertrain, Tool Grinding, Gear, Bearing,
Turbine, Blades/Tools and Others.
By End-Use
Industry:
Aerospace, Automotive, Medical, Electricals & Electronics, Oil & Gas,
Construction, Manufacturing and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany,
UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of
Europe), APAC (China, Japan India, South Korea, Australia, New Zealand,
Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile
and Rest of South America) and RoW (Middle East and Africa).
Key Takeaways
- Asia-Pacific market held the largest share in the super abrasives market owing to the increase in focus on cost-effective and innovative procedures(such as industrial robotics, sensors etc.,) adopted in the region.
- The increase in automated systems and machining centres are driving the super abrasives market as they are used for better surface finish by high operating speed of the machining process.
- The increase in use of applications such as precision tooling, cutting tools, injection systems etc., in the manufacturing, automobile and construction industry is also driving the super abrasive market.
- The extensive use of super abrasives in aerospace applications and other industrial applications is also driving the super abrasives market growth.
Figure: Asia Pacific Super Abrasive Market Revenue, 2021-2027 (US$ Billion)
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Super Abrasives Market Segment Analysis – By Material Type
Diamond segment
held the largest share in the super abrasives market in the year 2021 and is
expected to grow at a CAGR of 5.6% during the forecast period. The increase in
demand for vitrified diamond tools comes from the growing demand for cutting
and grinding equipment. Diamond provides various advantages such as
anti-adhesion, wear resistance, low friction coefficient and chemical
inertness, which contributes to the increase in demand for diamond in the super
abrasives market. Verified diamond tools are extensively used in various
cutting tools applications, precision tooling etc., therefore increasing the
demand for diamond segment in the super abrasives market. Synthetic diamonds
are preferred over natural diamonds owing to the high efficiency offered by
synthetic diamonds. These properties and advantages attached to the diamonds is
driving the diamond segment of the super abrasives market.
Super Abrasives Market Segment Analysis – By Form
Grinding Wheels segment held the largest share in the super abrasives market in the year 2021 and is expected to rise at the CAGR of 5.1% over the forecast period from 2022-2027. The increase in the use of grinding in construction sector for activities like smoothening steel bars, concrete surface grinding and tiles grinding is hugely driving the grinding wheels segment of the super abrasives market. Grinding wheels are also extensively used in sharpening tools, which is used in kitchen appliances and also medical appliances. The increase in need for precision tools is also driving the grinding wheels segment of the super abrasives market. According to Shake Deal, India’s largest procurement focused B2B e-commerce platform, grinding wheels are available at prices as low as US$6.17 (Rs.400 in India), which is used for commercial purposes and residential applications, such as for tool sharpening.
Super Abrasives Market Segment Analysis – By Application
Tool grinding
segment held the largest share of more than 30% in the super abrasives market in the year
2021. Super abrasives are hugely used in tool grinding application, as tools require
high precision smoothening and sharpening. Tool grinding is extremely versatile
and can be used to perform various grinding activities. It is used for
commercial purposes as well as for applications used in residential purposes. The
increase in demand for machining and sharpening is increasing the need for tool
grinding segment in the super abrasives market. The growth in the manufacturing
sector in the present days is one of the significant factor driving the super
abrasives market. According to Indian Brand Equity Foundation, the
manufacturing sector’s gross value added (GVA) stood at US$397.14 billion in
the year 2020 in India.
Super Abrasives Market Segment Analysis – By End-User Industry
Electricals and
electronics segment held the largest share in the super abrasives market
in the year 2021. Super abrasives are capable of processing various materials
such as semi-conductor materials, ceramics, carbide alloys, copper, copper
alloys, aluminum, resin, and rubber. According to Indian Brand Equity
Foundation, the market size of electronics and electrical industry stood at US$400
billion in India in the year 2020, which will further drive the demand for
super abrasives market. Super abrasives are highly used for making printed
circuit boards (PCBs) in electronics devices, like desktop computers, home
theater systems, laptops, smartphones etc., This has led to the increase in use
of super abrasives in the electrical and electronics industry.
Super Abrasives Market Segment Analysis – By Geography
Asia-Pacific
region held the largest share of more than 35% in the super abrasives market in
the year 2021. The increase in need for cost effective and innovative
procedures (like automated systems, robotics, sensors etc.,) in the countries
like India, China and South Korea has led to the increase in demand for super
abrasives in the region. Increase in production and sales of electronic
products in countries like China and India, owing to the growing middle-class
income, change in lifestyles of the working class, and rapid urbanization is
contributing to the growth of super abrasives in the market. The increase in
production of electronics in the APAC region has contributed to the growth of
super abrasives market. China is expected to reach US$152.7 billion in terms of
value in the electronics products market in the year 2020.
Super Abrasives Market Drivers
Growing demand in construction and manufacturing sector
The increase in demand for super abrasives in construction industry for precision and smoothening activities is driving the super abrasives market. For instance, according to Invest India (National Investment Promotion & Facilitation Agency), the construction sector in India is expected to record a CAGR of 15.7% from year 2020 to year 2022 and reach US$738.5 billion by 2022, which is expected to further drive the super abrasives market. Super abrasives are used for smoothening tiles, steel bars and concrete surfaces in the construction market. The increase in use of abrasives in manufacturing sector in various applications such as grinding, sharpening, reshaping etc., are also driving the super abrasives market.
Increase in automated systems
Super abrasives are used by automated systems and machining centres. This requires higher machining process operating speed for better and smooth surface finish. Such automated system requires super abrasives as they use precision tooling technology and other applications. The rise in demand and use of such applications is set to drive the growth for super abrasives industry. The increase in implementation of these industrial innovations is set to fuel the demand for super abrasives products and lead to the growth of super abrasives market.
Super Abrasives Market Challenges
Complexity and high initial cost
The increasing
complexity of super abrasives is one of the biggest challenges of the super
abrasives market. The initial cost of investing on super abrasives is also
quite high which makes it difficult for small and medium size enterprises to
use super abrasives. These small and medium size business does not have access
to R&D resources and intelligence reports, which makes them less aware of
super abrasives products which acts as one of the significant challenges of the
super abrasives market.
Super Abrasives Market Industry Outlook
Acquisitions/Technology Launches
- In February 2019, Sak Abrasives Inc., a subsidiary of Sak Industries Private Ltd., acquired Buffalo Abrasives Inc. to expand its production capabilities and international presence.
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