Super Abrasives Market Reaching A Value Worth USD 10.4 Billion By 2025: Grand View Research, Inc.

September 03 08:04 2019
Super Abrasives Market Reaching A Value Worth USD 10.4 Billion By 2025: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research,The demand for super abrasives is majorly driven by the growing manufacturing sector, thereby creating a need for machining and precision tools.

According to a report, “ Super Abrasive Market Size, Share & Trends Analysis Report By Product (Cubic Boron Nitride, Diamond), By Application (Construction, Transportation, Oil & Gas, Electrical & Electronics), By Region, And Segment Forecasts, 2019 – 2025 ”, published by Grand View Research, Inc.,The global super abrasive market size is anticipated to reach USD 10.4 billion by 2025, exhibiting a CAGR of 6.3% over the forecast period, according to a new report by Grand View Research, Inc. The market growth is majorly driven by the increasing use of diamond in grinding wheels for precision and machining tools.

The demand for precision and machining tools is driven by increasing 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. As per the Institution of Civil Engineers, the global volume of construction output is expected to grow by 85% by 2030 with the U.S., China, and India being the major contributors. This is likely to boost the utilization of super abrasives over the coming years.

The product is used as a grinding tool in the manufacturing of automotive components such as steering mechanism, injection systems, gear shaft, and cam/crankshaft to provide smooth finishing of components. Increasing production of motor and electric vehicles is anticipated to boost the demand for the product in the market over the coming years. The diamond segment is anticipated to register a CAGR of 5.7% over the forecast period owing to the growing demand for precision tooling from automotive and aerospace industries.

The market is characterized by a large number of local and global players. Major companies are acquiring local dealers/manufacturers and are entering into partnerships with major end users to continuously supply products. For instance, in February 2016, Saint-Gobain Abrasives entered into a partnership with Detroit Speed, an automotive component manufacturer, to promote its Norton brand. The move is projected to aid the former increase its consumer base. Asahi and Tyrolit, in November 2018, formed a business alliance in Europe and Asia to expand their product portfolio for electronics, bearings, and gearing industries. This move has allowed Asahi Diamond Group to enhance its portfolio in bearing & gearing industry.

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Further key findings from the report suggest:

  • Construction segment is expected to witness a CAGR of 5.8% owing to the increasing demand for cutting, drilling, and sawing tools

  • The North America market accounted for a revenue share of 11.9% in 2018 with the growing manufacturing sector, especially in the U.S.

  • The super abrasives market in Europe is expected to grow at a CAGR of 4.3%, in terms of revenue, over the forecast period owing to ongoing construction projects in Russia, Poland, and Western European countries

  • Major players are adopting strategies such as capacity expansions, mergers, and acquisitions to cater to growing demand.

U.S. Super Abrasives Market

Application Insights

Growing construction industry is anticipated to drive the demand for super abrasives over the coming years. Government initiatives in countries such as the U.S., India, and China to promote construction activities are further likely to propel the market growth. For instance, in 2015, Housing for All was a major initiative taken by the Indian Government for the welfare of its citizens, which, in turn, is expected to drive the demand for the product over the coming years.

The demand for the product in transportation industry is anticipated to grow at a CAGR of 7.8% from 2019 to 2025. Diamond discs are preferred for grinding and polishing in automotive industry to optimize polishing time as well as to improve the surface finish and impart glossy look. The global sales of motor vehicles increased by 3.08% from 2016 to 2017, as per data by the OICA. The growth of automotive industry is likely to directly impact product demand in the market over the coming years.

Global super abrasives market

Electrical & electronics segment accounted for a share of 10.9% in 2018 owing to the rising demand for precision grinding technology to create smaller and complex pieces with tight tolerances, which fit correctly in machine components. Product manufacturers can capitalize on manufacturing technology by catering to the demand from customers in electronics and precision instrument industries.

In others segment, aerospace industry is expected to witness an inclined demand owing to the increasing need for ceramic super abrasives. Ceramics are used to grind, cut, and polish materials to provide a smooth surface finishing. They are widely used in aerospace industry owing to their advantages such as strength, light weight, and ability to withstand high temperatures. The demand for ceramics in others segment is expected to propel the market growth over the coming years.

Regional Insights

Asia Pacific was the leading segment and accounted for a market revenue share of 60.7% in 2018. The region is expected to be a major consumer of the product over the coming years. Increasing demand for the product is majorly driven by developing countries such as India. Precision tooling is one of the rapidly growing markets in India as majority of machine shops in the country are shifting toward manufacturing precision tools to cater to the rapidly advancing automotive, bearing, aerospace, and electronic markets. The growing precision tooling market is expected to trigger the market growth in the coming years.

Manufacturers of super abrasives are slowly evolving in high-end North America and Europe markets as customers are looking for a long-term reduction in costs despite the higher initial cost of super abrasives. As a result, the manufacturers in these regions are expected to witness profitable growth rate over the forecast period.

North America was one of the major consumers of cubic boron nitride owing to the growing demand from automotive and construction industries in the region. CBN products are used in the manufacturing of window tints for vehicles. Increasing demand for motor vehicles, especially in the U.S., is anticipated to drive the demand for CBN, which, in turn, is likely to boost market growth over the forecast period.

In the U.S., the evolution of the manufacturing industry has enabled improvement in precision tooling, which is useful in manufacturing smaller components with greater accuracy used in various industries. In 2018, the U.S. was the second-largest manufacturer after China. The country exported over 1.3 billion manufactured goods, mainly transportation equipment, followed by chemicals and electronics. This is, in turn, anticipated boost the demand for the product over the coming years.

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Grand View Research has segmented the global super abrasives market on the basis of product, application, and region:

Product Outlook (Revenue, USD Million, 2014 – 2025)

  • Diamond

  • Cubic boron nitride

Application Outlook (Revenue, USD Million, 2014 – 2025)

  • Construction

  • Transportation

  • Oil & gas

  • Electrical & electronics

  • Others

Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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