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Vietnam - Bonded and Super Abrasive Market by Type, Material and End-user - Forecast and Analysis 2024-2028

Vietnam - Bonded and Super Abrasive Market by Type, Material and End-user - Forecast and Analysis 2024-2028

Published: Nov 2023 130 Pages SKU: IRTNTR76932

Market Overview at a Glance

$17.21 Mn
Market Opportunity
3.37%
CAGR
3.17
YoY growth 2023-2024(%)

Vietnam - Bonded and Super Abrasive Market 2024-2028

The Vietnam - Bonded and Super Abrasive Market size is estimated to grow at a CAGR of 3.37% between 2023 and 2028. The market size is forecast to increase by USD 17.21 million. The growth of the market depends on several factors such as the growing automotive sector, rising application of cutting tools and increasing demand for bonded and super abrasive due to rapid industrialization.  

The report includes a comprehensive outlook on the Vietnam bonded and super abrasive market offering forecasts for the industry segmented by Type, which comprises bonded abrasive and super abrasive. Additionally, it categorizes Material into synthetic abrasive and natural abrasive and covers End-user including automotive and transportation, machinery, metal fabrication, electrical and electronic equipment and others. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.

What will be the Vietnam Bonded and Super Abrasive Market Size During the Forecast Period?

Bonded and Super Abrasive Market in Vietnam Size

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Vietnam Bonded and Super Abrasive Market Definition 

Bonded abrasives consist of abrasive grains (such as aluminum oxide, silicon carbide, diamond, or cubic boron nitride) bonded together into various shapes, such as grinding wheels, honing stones, segments, and other tools. Super abrasives refer to a specialized category of abrasives known for their exceptional hardness, thermal resistance, and durability. These typically include diamond and cubic boron nitride (CBN). Both bonded and super abrasives serve crucial roles in various industries, providing the necessary tools for shaping, cutting, grinding, and finishing materials with different properties and requirements. Their applications span from metalworking, construction, automotive, and aerospace to medical device manufacturing, among others.

Vietnam Bonded and Super Abrasive Market: Key Drivers, Trends, Challenge

Key Vietnam Bonded and Super Abrasive Market Driver

Increasing demand for bonded and super abrasive due to rapid industrialization is notably driving the market growth. Vietnam is experiencing rapid industrialization, leading to increased demand for efficient metalworking and fabrication technologies. Bonded and super abrasives provide the precision and speed required in these expanding industries. As manufacturing sectors expand in the country, the need for advanced cutting equipment, such as bonded and super abrasive, rises to meet the demand for precise metal components used in various industries.

Moreover, with the rising demand for energy and infrastructure in emerging countries, bonded abrasives play a crucial role in fabricating components for power plants, construction projects, and related infrastructure. The combination of expanding industries, infrastructure development, technological advancements, and the need for efficient and precise metal-cutting solutions will boost the growth of the market during the forecast period.

Significant  Vietnam Bonded and Super Abrasive Market Trends

Increased use of bonded and super abrasives for metal fabrication is an emerging trend shaping the market growth. Bonded abrasives are extensively used in metal fabrication due to their versatility and effectiveness in various machining and finishing tasks. Bonded abrasives, such as grinding wheels and discs, are fundamental in metal fabrication for grinding applications. Bonded abrasives are used for polishing and achieving specific surface finishes on metal components. This is crucial in metal fabrication, where precise surface qualities are required for functionality or aesthetics. Metal fabrication plays a crucial role in providing structural components for buildings, infrastructure, and architectural designs.

However, the growth in construction and infrastructure projects drives the demand for fabricated metal products. Industries such as automotive, aerospace, construction, and machinery rely heavily on metal-fabricated components. As these industries grow, the demand for fabricated metal parts will increase, which in turn will have a positive impact on Vietnam - bonded and super abrasive market growth. Such factors are expected to drive the market growth during the forecast period. 

Major Vietnam Bonded and Super Abrasive Market Challenge

The adoption of alternative non-abrasive methods is a significant challenge hindering market growth. Non-abrasive methods such as water jet cutting, laser cutting, and ultrasonic machining are used as alternatives to abrasives for cutting and machining applications, especially when the material requires a different approach or precision. Advancements in non-abrasive methods often aim to provide high precision and efficiency in machining or material removal processes.

moreover, as these methods achieve comparable precision and efficiency without the use of abrasives, it might limit the need for super abrasives in certain applications. Industries seeking diverse solutions for machining and finishing tasks might explore non-abrasive methods as part of their strategy. This diversification in approach could negatively impact the Vietnam - bonded and super abrasive market dynamics for bonded and super abrasives. Thus, such factors will restrict the market growth during the forecast period. 

Vietnam Bonded and Super Abrasive Market Segmentation by Type, Material and End-user 

Vietnam Bonded and Super Abrasive Market Type Analysis 

The market share growth by the bonded abrasive segment will be significant during the forecast period. Bonded abrasives are materials made from abrasive grains (such as aluminum oxide, silicon carbide, diamond, or CBN - cubic boron nitride) that are bonded together into a solid. These abrasives are commonly shaped into grinding wheels, honing stones, mounted points, segments, and other forms for use in various machining and finishing applications.

Bonded and Super Abrasive Market in Vietnam Size

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The bonded abrasive segment was the largest and was valued at USD 61.10 million in 2018. Bonded abrasives are integral to various manufacturing sectors, including automotive, aerospace, construction, and machinery production. These are essential for tasks such as cutting, grinding, and finishing metal and other materials used in these industries. Bonded abrasives are indispensable in metal fabrication, precision engineering, and metalworking processes. These are used for shaping, cutting, and surface finishing of metals, alloys, and steel components. In construction, bonded abrasives are crucial for cutting and shaping materials such as concrete, stone, and ceramics. These are extensively used in tasks related to building construction, roadwork, and infrastructure development, which will surge demand for bonded abrasive, which will have a positive impact on the growth of the Vietnam - bonded and super abrasive market. Such factors are expected to drive the segment which in turn will fuel the market growth during the forecast period. 

Vietnam Bonded and Super Abrasive Market Material

Based on material, the market has been segmented into synthetic abrasive and natural abrasive. The synthetic abrasive?segment will account for the largest share of this segment.? Synthetic abrasives are man-made materials created through various industrial processes to replicate or exceed the properties of naturally occurring abrasives. The demand for synthetic abrasives, such as synthetic diamonds and cubic boron nitride (CBN), is driven by various industries such as automotive, electrical and electronics equipment, and metal fabrication due to their exceptional hardness, durability, and versatility. Thus the demand for synthetic abrasive is expected to surge, which in turn will boost the growth of the market during the forecast period.

Key Vietnam Bonded and Super Abrasive Market Companies

Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.

3M Co - The company offers bonded and super abrasive such as Cubic Boron Nitride Superabrasives, Diamond Superabrasives

The report also includes detailed analyses of the competitive landscape of the market and information about 7 market companies, including 3M Co., Asahi Diamond Industrial Co. Ltd., Compagnie de Saint Gobain, Innogrind Vietnam Co. Ltd., Murugappa Group, and Robert Bosch GmbH

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The Vietnam bonded and super abrasive market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 - 2028. 

  • Type Outlook 
    • Bonded abrasive
    • Super abrasive
  • Material Outlook
    • Synthetic abrasive
    • Natural abrasive
  • End-user Outlook 
    • Automotive and transportation
    • Machinery
    • Metal fabrication
    • Electrical and electronic equipment
    • Others

Vietnam Bonded and Super Abrasive Market Scope

Report Coverage

Details

Page number

130

Base year

2023

Historic period

 2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 3.37%

Market Growth 2024-2028

USD 17.21 million

Market structure

Concentrated

YoY growth 2023-2024(%)

3.17

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

3M Co., Asahi Diamond Industrial Co. Ltd., Compagnie de Saint Gobain, Innogrind Vietnam Co. Ltd., Murugappa Group, and Robert Bosch GmbH

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Vietnam Bonded and Super Abrasive Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market  between 2024 and 2028
  • Precise estimation of the market  size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behaviour
  • Growth of the market across Vietnam
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of Vietnam Bonded and Super Abrasive Market companies

We can help! Our analysts can customize this report to meet your requirements. Get in touch

 

Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Bonded and Super Abrasivein Vietnam market growth will increase by $ 17.21 mn during 2024-2028.

The Bonded and Super Abrasivein Vietnam market is expected to grow at a CAGR of 3.37% during 2024-2028.

Bonded and Super Abrasivein Vietnam market is segmented by Type( Bonded abrasive, Super abrasive) Material( Synthetic abrasive, Natural abrasive) End-user( Automotive and transportation, Machinery, Metal fabrication, Electrical and electronic equipment, Others)

3M Co., Asahi Diamond Industrial Co. Ltd., Compagnie de Saint Gobain, Innogrind Vietnam Co. Ltd., Murugappa Group, Robert Bosch GmbH are a few of the key vendors in the Bonded and Super Abrasivein Vietnam market.

APAC will register the highest growth rate of 100% among the other regions. Therefore, the Bonded and Super Abrasivein Vietnam market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

Vietnam, APAC

  • Growing automotive sectorThe automotive industry in Vietnam has been expanding rapidly. Bonded abrasives are used extensively in manufacturing and maintaining automotive components is the driving factor this market.
  • contributing to their high demand. Grinding is the driving factor this market.
  • cutting is the driving factor this market.
  • and finishing processes require abrasives to shape and refine materials such as metal is the driving factor this market.
  • ceramics is the driving factor this market.
  • and composites used in engine parts is the driving factor this market.
  • chassis components is the driving factor this market.
  • and bodywork. Vietnam's attractiveness as a manufacturing hub has attracted significant foreign investment in the automotive sector. This influx of investment brings with it higher production capacities is the driving factor this market.
  • which in turn escalates the demand for abrasives in the manufacturing process. As the automotive industry in Vietnam continues to grow and diversify is the driving factor this market.
  • including both domestic production and international partnerships is the driving factor this market.
  • the need for bonded abrasives across the entire supply chain is the driving factor this market.
  • from OEMs to component suppliers is the driving factor this market.
  • increases. The robust growth in the automotive sector in Vietnam contributes significantly to the demand for bonded abrasives. As the industry continues to expand and modernize is the driving factor this market.
  • the requirement for high-quality abrasives will persist is the driving factor this market.
  • supporting various stages of manufacturing is the driving factor this market.
  • quality control is the driving factor this market.
  • and maintenance within the automotive supply chain is the driving factor this market.
  • which is expected to have a positive impact on the growth of the bonded and super abrasive market in Vietnam during the forecast period. is the driving factor this market.

The Bonded and Super Abrasivein Vietnam market vendors should focus on grabbing business opportunities from the Bonded abrasive segment as it accounted for the largest market share in the base year.