The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for Global Super Abrasives Market from US$ 6,694.5 Million in 2021 to US$ 9,767.4 Million by 2027. The market is anticipated to grow at a CAGR of 6.8% during the forecast period 2022-2027. The global super abrasives market is driven by rapid substitution of conventional abrasives by super abrasives and increasing use of diamond in grinding wheels for precision and machining tools. Super Abrasives are special tools which are used for precision grinding because of its higher hardness, wear resistance and longevity performance. The demand for super abrasives is majorly driven by the growing manufacturing sector and therefore creating a need for machining and precision tools. The super abrasive tools are used in the construction industry to make drilling, sawing and cutting equipment for machining concrete, bricks and stones.
The diamond segment is estimated to have the highest market share during the forecast period owing to increasing demand for cutting and grinding tools in the market. In terms of application, the powertrain segment dominated the market with a market value of US$ 2,021.7 million in 2021. Furthermore, the electrical and electronics segment is estimated to have the highest market share during the forecast period owing to increasing demand for precision grinding technology to manufacture smaller and more complicated bits. Also, South America region market is estimated to grow at the highest CAGR of 7.9% during the forecast period due to rising demand from the electronics and automotive industries. The region is forecasted to emerge as the fastest-growing among all regions in the coming years.
Market Dynamics and Trends
Drivers
Global Super Abrasives Market is majorly driven by factors such as conventional abrasives substituted by super abrasives and use of diamond in grinding wheels for precision and machining tools. Silicon carbide, corundum, aluminum oxide and other traditional abrasives are used in grinding and cutting instruments. Super abrasives have substituted conventional abrasives as they work at higher speed which adds to their long life. Grinding is required for finishing in traditional machining procedures as well as electrical discharge machining in some production processes. The use and demand for super abrasives such as diamond have increased the market for super abrasives globally. The product is utilized in the production of automobile components such as steering mechanism and injection systems to provide smooth finishing to different components. Therefore, these factors are anticipated to drive the growth in the super abrasives market.
Restraint/ Challenges
Raw materials such as aluminum oxide, silicon carbide, cubic boron nitride and synthetic diamond are derived from renewable resources. The depletion of these resources has resulted disturbance in raw material supply thus limiting market expansion. Furthermore, factors such as growing concern about environmental protection and reducing pollution has prompted stringent regulations which negatively hamper the market growth.
Opportunities and Trends
Rapid increase in construction activity owing to increased urbanization and improved living standard is expected to grow in the future. Abrasives are utilized in a variety of applications in the construction industry including woodworking and fabrication, metal fabrications and metal components. Due to economic expansion, the demand of these materials in the construction sector is rising rapidly. Construction activity has increased as a result of the rapid growth of urbanization and improved living standards. These goods are utilized in a variety of applications in the construction industry including woodworking and fabrication, metal fabrications and metal components. Furthermore, the rapid movement of industrialization from the West to the Asia Pacific is majorly supporting construction industry expansion that is driving the super abrasives sector forward globally.
Regional Analysis
US is the highest shareholder in the North America in terms of market revenue
In terms of market revenue, US holds the major share in the marketplace during the forecast period because of the region's growing demand from the automotive and construction industries. Increasing demand for automobiles in US is expected to drive demand due to rising demand for cutting and grinding tools in the market thus boosting market growth over the forecast period. Powertrain segment is estimated to have the highest market revenue in the North America super abrasives market. Also, electricals and electronics segment are estimated to have the highest market share owing to increasing demand for precision grinding technology to manufacture smaller and more complicated bits.
Western Europe is growing at a fastest CAGR in the European Market
Western Europe has the fastest CAGR in the European super abrasives market with a CAGR of 6.9% during forecast period owing to rapid growth in the expansion of automotive and machine manufacturing units. Furthermore, the proliferation of fuel-efficient vehicles and lightweight automotive components creates significant growth opportunities for the super abrasives market in the region. Also, powertrain segment holds the highest market revenue in the North America super abrasives market in terms of application segment.
China is the highest shareholder in the Asia Pacific Super Abrasives Market
The Asia-Pacific region dominated the super abrasives market. The demand for super abrasives in industrial processes is expanding in the region as a result of the growing demand for electronics in nations like China, India and Japan. China is the world's largest producer of electronics and also exports electronic products to other countries.
South Africa is growing at a fastest CAGR in the Middle East and Africa super abrasives market
South Africa is growing at a CAGR of 8.3% during the forecast period 2022-2027, the growth in this region is mainly attributed to increasing investments in non-oil business and rising number of infrastructure companies in the region. In terms of product type, diamond holds the highest market size in the region.
Competitive Landscape
Global Super Abrasives Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global market include 3M, Action SuperAbrasive, Asahi Diamond Industrial Co. Ltd., Carborundum Universal Ltd, Diametal AG, Element Six (UK) Limited, Finzler, Schrock & Kimmel GmbH and Henan Huanghe Whirlwind Co., Ltd.
Segmentation Overview
Global Super Abrasives Market is segmented based on product, application, industry and region. The industry trends in global marketplace are sub-divided into different categories in order to get a holistic view of the global super abrasives market.
Following are the different segments of the Global Super Abrasives Market:
By Product Segment of the Global Super Abrasives Market is Sub- Segmented into:
By Application Segment of the Global Super Abrasives Market is Sub- Segmented into:
By Industry Segment of the Global Super Abrasives Market is Sub- Segmented into:
By Region Segment of the Global Super Abrasives Market is Sub- Segmented into:
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