Abrasive Materials Market : Analysis by Top Key Players, Current Industry Status, Growth Opportunities, Target Audience and Forecast to 2022
The global market for abrasives reached $38.2 billion in 2016. The market should reach $39.8 billion in 2017 and $51.9 billion by 2022, growing at a compound annual growth rate (CAGR) of 5.5% during 2017-2022.
Report Scope:
The report will include details about various types of abrasives, materials used as abrasives, the abrasive manufacturers’ most commonly used grains, their production with values, the manufacturers of products using abrasive materials primarily for machine tools, users of abrasive tools and other applications, and users of loose abrasives. Estimated values used are based on manufacturers’ total revenues. Projected and forecast revenue values are in constant U.S. dollars, unadjusted for inflation.
The report will contain comprehensive information regarding the abrasive industry and the users thereof.
The initial section covers the technical aspects of the industry and the industry products offered in terms of applications and markets.
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In the subsequent section, the abrasive grain market is analyzed on a global scale. This section covers the major abrasive grain types and their market details. Emerging trends are discussed, with detailed analysis of players and production capacities.
The U.S. and Europe are the two largest markets for abrasives and abrasive products. Separate chapters cover each of these regions, as well as the trends for both abrasive grains and abrasive products within these regions. Subcategories within each of these markets are also analyzed based on trade data and statistical data. Analysis will include average employee costs; which readers may find useful. In-depth analysis of the European market for Silicon Carbide is presented, with statistics in exports and imports within the European Union (E.U.) countries, as well as for countries outside Europe.
The industry’s technology aspects are reviewed under the chapter related to Patents and Intellectual property. Chronological review of the issued U.S. patents is analyzed, and companies active in developing intellectual property in the abrasive industry are listed.
The final chapter provides details of the industry players. This chapter is wide in scope, including the products, company history, locations and financials of more than 100 companies. The objective has been to include all companies with more than $100 million in annual revenues that are currently active in the abrasive industry. Several smaller companies are also included as niche players. These companies are listed in alphabetical order. It is estimated that the combined revenues of the companies analyzed is approximately $24 billion, which includes companies in the industrial cutting tools segment.
Report Includes:
- 72 data tables and 41 additional tables.
- An overview of the global market for abrasive products, which are materials used to cut, smooth, roughen, polish, or clean surfaces, or simply used to remove material to alter surface shapes or dimensions.
- Coverage of both abrasives and fine polishing markets.
- Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022.
- Abrasives and abrasive products industries, global market trends in each, mergers and acquisitions, and its impact in the marketplace.
- Alumina and silicon carbide markets, production capacities, trends, and geographic details.
- Comprehensive profiles of major players in the industry, including: 3M, Abra Beta, Abrasive Technology Inc., Allied High Tech Products Inc., Alpex Wheel Company, Alteo, AluChem Inc., Anchor Abrasives, Buehler Ltd.
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Summary
The global abrasive market has two well-defined segments: The first is made up of companies and industries that manufacture or refine abrasive grains, and the second is the applications in which these grains are used to manufacture products used for grinding, cutting or polishing.
The first segment is well-concentrated globally, with a limited number of large companies that have grown successfully in the mass manufacture of the grains with economies of scale. The product as such can be natural or synthetic, natural referring to mined or mined and processed products.
The users of the abrasive grains, who manufacture products such as bonded grinding wheels or coated discs, far outnumber those who manufacture the grains. This segment is more diverse in terms of regional diversity, and the companies are typically smaller in size than the grain manufacturers themselves.
Some global companies have operating divisions in both segments, and they are vertically integrated in this manner. Even those companies often sell their grains to other product manufacturers.
End users of the abrasive industry are diverse. Automotive, manufacturing, industrial, aerospace and construction are the bulk users of abrasives and abrasive products. Niche segments that are smaller in terms of volumes but with relatively higher value include chemical mechanical polishing, electronics and the photovoltaic industry, where abrasives are used for wafer slicing and cutting.
Market trends in the abrasive industry are closely tied to specific industries and overall economic climates in various countries. They can grow, or contract drastically, as was seen during the housing (i.e., construction) boom in the U.S. during the early 2000s and the collapse that followed between 2007 and 2009. Such swings also provide opportunities for mergers and acquisitions for investors and companies with a longer visions and greater financial wherewithal.
Recent years have been relatively stable for the global abrasive markets, with stabilizing global economies and industrial production. Low oil prices have not affected the abrasive markets that much, except in regional pockets.
The global abrasive market is expected to grow at a robust five-year compound annual growth rate (CAGR) of 5.5% from 2017 through 2022 to reach $51.9 billion by 2022. The growth in North America and Europe will be slower at CAGRs of 4.2% and 3.2%, respectively, through 2022, reaching $10.3 billion and $8.2 billion, respectively. The rest of the global market, sized at $24.4 billion in 2017, is expected to reach $33.4 billion by 2022 for a five-year CAGR of 6.5%. In pure dollar terms, the industry is expected to grow by more than $12.1 billion from 2017 through 2022.
The growth of the industry in since BCC Research’s previous report has been slower than expected. The recovery in Europe has been muted, and the housing market in the U.S. has not grown fast enough as expected. The rate of growth is expected to be pick up in the coming years. The Asia-Pacific region, especially China and India, should grow relatively faster throughout the next five years, but the impact on the total market growth rate is not expected to be significant enough to off balance the slower growth rates in the West. Currency fluctuations were limited in 2016 compared to 2014 and 2015, which has brought in some stability to the abrasive markets; the stability is expected to continue going forward.
BCC Research has made one change in the summary table reporting, dividing the market by region rather than by abrasive grains and products.
Reasons for Doing This Study
The objective of this study is to provide an in-depth analysis and forecast of the global abrasive market. The focus is on technology, products and market details of the global abrasive industry.
The global market for abrasives is estimated to grow in the mid-single digits globally until 2022, but significant differences are expected between established traditional abrasive products and products catering to niche markets, such as semiconductors and photovoltaic. The abrasive product market is also expected to grow faster than the abrasive grain market.
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