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The bonded abrasives market share is expected to increase by USD 4.7 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.62%.
This bonded 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 bonded abrasives market segmentations by end-user (general engineering and tooling, fabrication, automotive, electronics, and others) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The bonded abrasives market report also offers information on several market vendors, including Abrasives Manhattan SA, Andre Abrasive Articles, Ashland Global Holdings Inc., PFERD Inc., Carborundum Universal Ltd., Compagnie de Saint Gobain SA, Great Lakes Minerals, LLC, Hermes Schleifmittel GmbH, Karbosan, KLINGSPOR Abrasives Inc., Lawson Products, Inc., Marrose Abrasives, Master Abrasives Ltd., Mirka Ltd., Orient Group, SAK ABRASIVES Ltd., Sia Abrasives Industries AG, Stanley Black and Decker Inc., U.S. Electrofused Minerals, Inc., and Weiler Abrasives Group among others.
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The increasing demand for bonded abrasives from the automotive industry is notably driving the bonded 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 bonded abrasives industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Bonded Abrasives Market Driver
The increasing demand for bonded abrasives from the automotive industry is one of the key drivers supporting the bonded abrasives market growth. Bonded abrasives are popularly used abrasives in the automotive industry. In the transportation sector, coated abrasives are used in finishing and grinding applications. Increasing motor vehicle production will drive the demand for abrasives during the forecast period. Moreover, the rising demand for passenger and commercial vehicles, especially in developing economies, such as China and other countries in APAC, will increase the consumption of abrasives. Thus, the increasing automotive production in APAC will drive the use of bonded abrasives in vehicle production during the forecast period.
Key Bonded Abrasives Market Trend
The rising demand for abrasives in APAC is one of the key trends contributing to the bonded abrasives market growth. The rising consumption of consumer goods, such as refrigerators, air conditioners, furniture, and decorative items for walls, will drive the use of bonded 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 bonded 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. Thus, capacity expansions will drive the demand for bonded abrasives in APAC during the forecast period.
Key Bonded Abrasives Market Challenge
Improper storage causing technical issues is one of the factors hindering the bonded abrasives market growth. Bonded 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. They can lose their properties with changes in temperature and humidity. However, 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. Meanwhile, cupping is a common occurrence when backing changes more than the adhesive bond. Such associated challenges are expected to hamper market growth during the forecast period.
This bonded 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 2022-2026.
Technavio categorizes the global bonded abrasives market as a part of the global diversified metals and mining 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 bonded 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 bonded abrasives market encompasses successful business strategies deployed by the key vendors. The bonded abrasives market is fragmented and the vendors are deploying growth strategies such as product quality, innovation, price, and operational cost 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 bonded 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 bonded 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.
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69% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for bonded abrasives market in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
The thriving automotive, electronics, general engineering and tooling, and construction industries will facilitate the bonded abrasives market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in the region has hampered the growth of the regional bonded abrasives market, especially in the consumer goods and manufacturing industries. However, the resumption of stores due to vaccination drives are expected to have a positive impact. Such factors will drive bonded abrasives market growth during the forecast period.
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The bonded abrasives market share growth by the general engineering and tooling segment will be significant during the forecast period. Bonded abrasives are used for shaping various tools for grinding applications. They are applied to tools such as saws, drills, reamers, broaches, and milling cutters to keep them sharp. Grinding is a widely used process in bonded abrasive machining that is used in general engineering and tooling. In general engineering applications, bonded abrasives give tools a superior surface finish, dimensional accuracy, and desired shape. As bonded abrasives are critical in general engineering and tooling applications, the demand for bonded abrasives is expected to increase. Such factors will boost the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the bonded abrasives market size and actionable market insights on post COVID-19 impact on each segment.
Rubber Bonded Abrasive market - The market share is expected to increase by USD 345.92 million from 2021 to 2026, at a CAGR of 6.93%.
Abrasives market - The 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%.
Super Abrasives market - The market share is expected to increase by USD 3.13 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.24%.
Bonded Abrasives Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.62% |
Market growth 2022-2026 |
$ 4.7 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.83 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 69% |
Key consumer countries |
US, China, Japan, India, and Brazil |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Abrasives Manhattan SA, Andre Abrasive Articles, Ashland Global Holdings Inc., PFERD Inc., Carborundum Universal Ltd., Compagnie de Saint Gobain SA, Great Lakes Minerals, LLC, Hermes Schleifmittel GmbH, Karbosan, KLINGSPOR Abrasives Inc., Lawson Products, Inc., Marrose Abrasives, Master Abrasives Ltd., Mirka Ltd., Orient Group, SAK ABRASIVES Ltd., Sia Abrasives Industries AG, Stanley Black and Decker Inc., U.S. Electrofused Minerals, Inc., and Weiler Abrasives Group |
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 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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