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NEW DELHI , March 1, 2022 /PRNewswire/ -- According to the study undertaken by Astute Analytica the Global Super Abrasives Market was valued at US$ 6,694.5 Million in 2021 and is forecasted to reach US$ 9,767.4 Million by 2027. The market is expected to register a growth at a CAGR of 6.5% during the forecast period 2022-2027. The global super abrasives market is driven by the substitution of conventional abrasives by super abrasives and increasing use of diamond in grinding wheels for precision and machining tools. The market is further expanding due to the increasing application of abrasives for construction activities and innovative marketing strategies by the key players globally. The super abrasives tools are used in the construction industry to make drilling, sawing and cutting equipment for machining concrete, bricks and stones. Increasing demand for precision grinding due to their longevity, performance and extraordinary hardness has led to a significant development in super abrasives market. Super abrasives are becoming more widely used in a variety of industries including automotive, medical (dental equipment), aerospace, cutting, non-ferrous metals, stone, ceramic materials and oil and gas exploration. Furthermore, the growing production of automobiles and building activities are driving demand for precision and machining tools in the marketplace.
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However, factors such as high-performance application and high initial cost is anticipated to negatively hamper the market growth. Also, growing concern about environmental protection, stringent regulations by government and lack of raw material availability inhibit the market growth of super abrasives market.
Diamond segment dominates the Global Super Abrasives Market during the forecast period
Based on product type, the global super abrasives market is segmented into Cubic Boron Nitride (CBN) and Diamond. The diamond segment is estimated to have the highest market share during the forecast period. Factors such as increasing demand for cutting and grinding tools is expected to boost the market growth in the coming years. Diamonds have chemical inertness, anti-adhesion, a low coefficient of friction and better wear resistance. More uniformity in shape and hardness in diamond in comparison to natural diamonds have further strengthened the market globally.
The powertrain segment is estimated to have the highest market share during the forecast period
Based on application, the global super abrasives market is segmented into powertrain, bearing, gear, tool grinding, turbine and other applications. The powertrain segment dominated the market with a market value of US$ 2,021.7 million in 2021. However, the tool grinding segment is estimated to project the highest CAGR of 7.2% during the forecast period owing to increasing demand of diamond discs for grinding and polishing powertrains in the automotive industry. Over the coming years, the growth in the automotive industry is likely to directly impact the demand of the global market.
Electrical and Electronics segment holds the highest market share in terms of industry segment
Based on the industry segment, the global super abrasives market is categorized into construction, energy (O&G, mining), automotive, electrical & electronics, medical devices, aerospace, metal fabrication and others. 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, medical devices are projected to grow at the fastest CAGR during the forecast period.
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Asia Pacific region is projected to hold the highest market share in the Global Super Abrasives Market
Asia Pacific region is estimated to dominate the market with highest market share in 2021, followed by the North American region. The presence of leading vendors and a large consumer base are driving the growth of super abrasives market in the region. Rising middle-class income, rapid urbanization and a shift in working-class lifestyles have increased the production and sales in these regions. South America region is estimated to grow at the highest CAGR of 7.9% in the marketplace during the forecast period.
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., among others.
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:
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