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The global abrasives market share is expected to increase by USD 8.29 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.1%.
This global abrasives market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the global abrasives market segmentation by end-user (general engineering and tooling, fabrication, automotive, electronics, and others), Type (bonded abrasives, coated abrasives, and superabrasives), and geography (APAC, Europe, North America, South America, and MEA). The global abrasives market report also offers information on several market vendors, including 3M Co., Carborundum Universal Ltd., Compagnie de Saint-Gobain SA, Fujimi Inc., Henkel AG & Co. KGaA, Hermes Schleifmittel GmbH, Imerys, Jason Industries Inc., Robert Bosch GmbH, and WEEM Abrasives among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing use of abrasives in the electronics industry is notably driving the global abrasives market growth, although factors such as improper storage causing technical issues may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the global abrasives industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Global Abrasives Market Driver
The increasing use of abrasives in the electronics industry is a major driver fueling the abrasives market growth. Coated and bonded abrasives are used in the electronics industry. These abrasives are used to polish fiber-optic connectors and provide polished edges and flat surfaces to electronic devices and semiconductors. In the electronics industry, abrasives are applied for products such as diamond band saws, diamond resin bond wheels, diamond wire saws, diamond metal bond and electroplated wheels, resin and vitrified bond wheels, diamond metal and resin bond cutting blades, and diamond resin bond wheels. Semiconductor wafer polishing and grinding equipment is crucial in semiconductor manufacturing processes, involving tasks like sizing silicon bricks, surface grinding and chamfering of silicon blocks, ingot cropping, wafer slicing, wafer edge grinding, wafer backgrinding, micro die-cutting, and LED substrate surface grinding. The increasing demand for electronic devices will drive the consumption of abrasives, particularly in APAC countries like China, Japan, South Korea, and Taiwan, where semiconductor and electronic device manufacturing is rapidly expanding. Globally, the growth in the electronics industry will significantly boost the utilization of abrasives for manufacturing electronic devices and semiconductors in the forecast period.
Key Global Abrasives Market Trend
Rising demand for abrasives in APAC is a major trend influencing the abrasives market growth. APAC is one of the growing abrasives markets because of the thriving automotive, machinery, and metal fabrication industries. The increased consumption and production of industrial products in developing economies, such as India, Malaysia, Vietnam, Indonesia, and China, support the growth of the market. The increased demand for automobiles in APAC will impact the global abrasives market in the coming years. A rise in the sales of electronic devices is likely to fuel the demand for coated abrasives in the electronics industry during the forecast period, especially in the consumer goods sector. The rising consumption of consumer goods, such as refrigerators, air conditioners, furniture, and decorative items for walls, will drive the use of abrasives during the forecast period. Factors such as the availability of raw materials and cost-effective labor and the increasing gross domestic product of various countries have a positive influence on the abrasives market in APAC. Abrasives are used for polishing and finishing glass substrates, lenses, and other materials in electronic components and high-end optic-related segments. Capacity expansions will drive the demand for abrasives in APAC during the forecast period.
Key Global Abrasives Market Challenge
Improper storage causing technical issues is a major hindrance to the abrasives market growth. Abrasives must be stored properly for long-term efficacy. Technical challenges such as weakened bonds, curling, brittleness, and breakages can occur without proper material handling. Abrasives can lose their properties with changes in temperature and humidity. Relative humidity can cause backings and adhesives to gain or lose moisture. This results either in adhesive bond softening or excessive dryness, which in turn reduces flexibility and distorts the product. Cupping is a common occurrence when backing changes more than the adhesive bond. Two kinds of cupping defects that are caused due to changes in humidity are concave and convex cupping. To overcome these challenges, stockrooms must be maintained at constant temperature and humidity, with constant monitoring to maintain them at an optimum range. The temperature should be maintained between 60 F and 80 F and RH should be between 35% and 50%. Abrasives should also be kept away from heat sources such as steam-heated radiators, steam pipes, hot air inlets, heat ducts, or rooms near furnaces or ovens. Improper storage facilities will lead to product defects, causing monetary losses. Efficient and equipped stockrooms are a must for the safe storage of abrasives, in the absence of which, the product quality can get hampered. This acts as a challenge for the global abrasives market.
This global abrasives market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global abrasives market as a part of the global diversified metals and mining market within the global materials market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the global abrasives market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the global abrasives market encompasses successful business strategies deployed by the key vendors. The global abrasives market is fragmented and the vendors are deploying organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The global abrasives market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the global abrasives market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of diversified metals and mining market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Type
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
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