In this blog post, we will delve into the fascinating world of Abrasives Industry Statistics. As a fundamental component of various industries, abrasives play a crucial role in shaping modern manufacturing processes and products. Join us as we explore key statistical insights, trends, and outlooks that define the dynamic landscape of the abrasives industry.
The Latest Abrasives Industry Statistics Explained
The global abrasives market size was USD 46.75 Billion in 2021.
The statistic “The global abrasives market size was USD 46.75 billion in 2021” represents the total value of all sales within the abrasives market worldwide for the year 2021. Abrasives refer to materials used for grinding, polishing, cutting, or shaping other materials through friction. This market size figure indicates the significant scale and economic importance of the abrasives industry on a global scale, reflecting the demand for these products across various sectors such as manufacturing, construction, automotive, and electronics. This information provides insight into the size and growth of the abrasives market, serving as a key indicator for industry players, investors, and policymakers to understand and assess the trends and opportunities within the sector.
The abrasives market is expected to grow to USD 59.34 Billion by 2028, at a CAGR of 3.4% between 2021 and 2028.
This statistic indicates that the abrasives market is projected to experience substantial growth, reaching a value of USD 59.34 billion by the year 2028. This growth is expected to occur at a compound annual growth rate (CAGR) of 3.4% over the period from 2021 to 2028. The CAGR represents the average annual growth rate of the market during this time frame. The forecasted increase in market size suggests a positive trend in demand for abrasives, which are materials used for grinding, polishing, cutting, and other applications in industries such as manufacturing, construction, and automotive. This projection may be influenced by factors such as technological advancements, increasing industrialization, and infrastructure development driving the demand for abrasives during the forecast period.
In 2019, the bonded abrasives segment dominated the market with a share of 38.1%.
The statistic indicates that in 2019, the bonded abrasives segment held the largest market share compared to other segments in the industry, totaling 38.1%. This suggests that bonded abrasives, which are abrasive materials such as grinding wheels and cut-off wheels bonded together to form a solid shape, were the most widely used and preferred type of abrasives in various applications such as grinding, cutting, and polishing. The dominance of the bonded abrasives segment may be attributed to factors such as their versatility, durability, and effectiveness in achieving precise and consistent results, making them a popular choice among consumers and industries requiring abrasive materials for manufacturing and other processes.
The bonded abrasives segment is predicted to reach USD 22.3 Billion by 2028.
This statistic indicates a forecasted value for the bonded abrasives segment in the year 2028, expecting it to grow to USD 22.3 billion. Bonded abrasives refer to grinding wheels and other abrasive products that are firmly bonded together with a resin or other binding agent. The predicted growth suggests an increasing demand for these abrasive products in various applications such as metal fabrication, automotive, and construction industries. Factors driving this growth could include rising industrial activities, technological advancements leading to improved product performance, and a growing emphasis on high-quality surface finishing in manufacturing processes. The projected value of USD 22.3 billion reflects substantial market potential and opportunities for companies operating in the bonded abrasives sector to capitalize on this anticipated growth.
In 2019, Asia Pacific held the largest revenue share of 61.9%.
The statistic ‘In 2019, Asia Pacific held the largest revenue share of 61.9%’ indicates that out of the total revenue generated in that year, Asia Pacific accounted for the largest portion, specifically capturing 61.9%. This suggests that the economic contribution from the Asia Pacific region was substantial compared to other regions in terms of generating revenue. This statistic also implies that businesses operating in Asia Pacific were key drivers of overall revenue generation during that period, highlighting the region’s economic significance and potential for growth and investment opportunities.
The automotive sector dominated the application segment, with a share of 36.7% in 2019.
This statistic indicates that in 2019, the automotive sector was the most prominent industry in terms of the application of whatever parameter is being measured, capturing 36.7% of the market share. This suggests that a significant portion of the industry or market activity in question is focused within the automotive sector compared to other industries. The dominance of the automotive sector may be reflective of various factors such as consumer demand, technological advancements, regulatory landscape, and overall market trends that favored this particular industry segment over others. This statistic highlights the significant impact and influence of the automotive sector within the broader context of the market in 2019.
The Machinery segment accounted for 26.3% share of application in 2021.
This statistic indicates that in 2021, the Machinery segment constituted 26.3% of all applications within the specified context. This suggests that this particular segment is significant in relation to the total number or proportion of applications being considered. It can reflect the level of utilization, demand, or market share for machinery-related products or services compared to other segments within the same category. Understanding the distribution of application shares among different segments can provide insights into industry trends, consumer preferences, and potential growth opportunities within the Machinery sector.
Revenue of the abrasives manufacturing industry in the U.S. amounted to approximately 5.3 billion U.S. dollars in 2020.
The statistic indicates that the revenue generated by the abrasives manufacturing industry in the United States reached approximately $5.3 billion in the year 2020. This figure represents the total amount of money earned by companies within the industry from the sales of abrasives products during that specific year. The revenue metric is a key indicator of the industry’s financial performance and overall economic contribution. The substantial revenue generated by the abrasives manufacturing sector highlights its significance within the U.S. economy and suggests a strong market demand for abrasive products during the year.
The United States imports nearly twice as much as it exports for abrasives.
The statement indicates that the United States imports significantly more abrasives (materials used for grinding, smoothing, or polishing) than it exports. Specifically, the imports of abrasives are nearly double the amount of exports for this product category. This suggests that the United States has a relatively high demand for abrasives that is not being met by domestic production, leading to a reliance on imports to fulfill this need. The trade imbalance of importing significantly more abrasives than exporting them may have implications for the country’s trade balance and competitiveness in the global market for abrasives. Further analysis of factors such as pricing, quality, availability, and domestic production capacity could provide insights into why the United States has a substantial imbalance in the trade of abrasives.
Germany was the leading import market for U.S. abrasives, with imports worth approximately 84 million U.S. dollars in 2020.
The statistic indicates that Germany was the primary destination for U.S. abrasive products in 2020, with imports valued at around 84 million U.S. dollars. This suggests that Germany’s demand for abrasive materials produced in the United States was significant, making it the top import market for these goods. The high import value also implies a strong economic relationship between the two countries in the abrasives industry. This data can be important for businesses in the abrasive sector, helping them understand market trends, target specific regions for sales and strategic partnerships, and potentially expand their market presence in Germany.
Abrasives were the 603rd most traded product in 2019, with a total trade of $8.42B.
The statistic indicates that abrasives, which are materials used for grinding, polishing, cutting, or smoothing surfaces, ranked as the 603rd most traded product in terms of global trade volume in 2019. This ranking suggests that abrasives were not among the most traded products in the global market during that year. However, despite this relatively low ranking, the total trade value associated with abrasives was $8.42 billion, indicating that there was still a significant monetary value involved in the trade of these products. This statistic highlights the importance of abrasives in various industries, such as manufacturing, construction, and automotive, despite not being among the top traded products in terms of volume.
In 2019, the top exporters of Abrasives were Germany ($1.67B), United States ($810M), Switzerland ($647M), China ($557M), and France ($520M).
In 2019, the top exporters of Abrasives were Germany with a total export value of $1.67 billion, followed by the United States at $810 million, Switzerland at $647 million, China at $557 million, and France at $520 million. This statistic provides insight into the leading countries in terms of exporting abrasives, which are materials commonly used for grinding, polishing, cutting, and similar industrial applications. The high export values of these countries indicate their significant role in the global abrasives market, reflecting their advanced manufacturing capabilities and competitiveness in this sector.
In 2019, the top importers of Abrasives were United States ($1.39B), Germany ($674M), China ($561M), France ($442M), and Mexico ($388M).
The statistic provides information on the top importers of abrasives in 2019, with the United States being the largest importer at $1.39 billion, followed by Germany at $674 million, China at $561 million, France at $442 million, and Mexico at $388 million. Abrasives are materials used for grinding, polishing, and cleaning surfaces in various industries such as manufacturing, construction, automotive, and electronics. The data indicates that the United States holds a significant market share for abrasives imports, reflecting its strong demand for such materials likely driven by its manufacturing sector and industrial activities. Germany, China, France, and Mexico also represent important markets for abrasives, with their imports highlighting the global distribution and demand for these essential materials.
By 2025, the coated abrasives segment is expected to reach a market value of USD 14.67 billion.
The statistic indicates a projected market value for the coated abrasives segment by the year 2025, estimated to be USD 14.67 billion. This forecast suggests a significant growth opportunity for the industry within a relatively short timeframe. Factors driving this growth could include increasing demand for coated abrasives in various manufacturing sectors like automotive, metal fabrication, woodworking, and construction. The anticipated market value reflects potential expansion, technological advancements, and the overall economic outlook. Such projections are crucial for businesses and policymakers to make informed decisions regarding investments, resource allocation, and strategic planning to capitalize on the expected market growth in the coated abrasives segment.
The automotive sector is expected to grow at a CAGR of 6.6% from 2018 to 2025.
This statistic indicates that the automotive sector is projected to experience a Compound Annual Growth Rate (CAGR) of 6.6% between the years 2018 and 2025. This growth rate suggests a steady and consistent increase in the sector’s overall performance over the specified time frame. A CAGR of 6.6% implies that the sector is expected to expand by an average of 6.6% annually, showcasing a positive trend of growth and development. This forecast is significant for investors, companies, and policymakers as it provides insight into the potential opportunities and challenges within the automotive industry, guiding strategic decision-making and resource allocation for future planning and investment.
The metal fabrication segment is expected to reach a market value of USD 6.59 billion by 2025.
This statistic indicates a projection for the metal fabrication industry, suggesting that its market value is anticipated to grow to USD 6.59 billion by the year 2025. This forecast likely takes into account factors such as current market trends, historical data on industry growth, anticipated technological advancements, and economic forecasts. Such projections are important for industry stakeholders, including businesses, investors, and policymakers, as they provide insight into potential growth opportunities, market performance expectations, and overall industry health. This estimate can serve as a guideline for strategic decision-making and resource allocation within the metal fabrication sector.
Concerning revenue, China accounted for the largest abrasives market share of nearly 45% in Asia Pacific in 2017.
The statistic indicates that in 2017, China held a dominant position in the Asia Pacific abrasives market in terms of revenue, with a market share of approximately 45%. This suggests that China was the largest contributor to the total revenue generated in the abrasives industry among the countries in the Asia Pacific region. This could be attributed to various factors such as the size and growth of the manufacturing sector in China, as well as the country’s increasing consumption of abrasives for industrial processes. The statistic highlights the significant role that China plays in the abrasives market within the Asia Pacific region and underscores its importance as a key player in the industry.
Coated abrasives product segment is projected to witness a CAGR of nearly 6.0% in terms of revenue during the forecast period 2017-2025.
The statistic indicates that the coated abrasives product segment is expected to experience a Compound Annual Growth Rate (CAGR) of approximately 6.0% in terms of revenue over the forecast period spanning from 2017 to 2025. This projection suggests that the revenue generated by coated abrasives products is anticipated to increase steadily at an average annual rate of 6.0% during this timeframe. This growth rate signifies a positive trend for the industry and reflects a potentially expanding market demand for coated abrasives products over the specified period.
U.S. abrasives market share in North America accounted for a major share and are expected to maintain this trend throughout the forecast period.
This statistic indicates that the U.S. abrasives market holds a significant portion of the market share in North America, and it is projected to continue leading in the market share over the forecast period. This suggests that the U.S. abrasives industry is a dominant player in the region and is likely to maintain its competitive edge in the market for the foreseeable future. Factors such as strong manufacturing capabilities, technological advancements, and a well-established market presence may contribute to the sustained dominance of the U.S. abrasives market in North America.
Superabrasives is projected to be the fastest-growing product type segment in the abrasives market during the forecast period.
This statistic suggests that among all the different types of abrasives in the market, superabrasives are expected to experience the highest rate of growth over the forecast period. Superabrasives, such as diamond and cubic boron nitride, are known for their superior hardness and abrasive properties, making them ideal for cutting, grinding, and polishing applications in industries like automotive, aerospace, and construction. The projected growth in the superabrasives segment indicates increasing demand for high-precision and high-performance abrasive tools, driven by technological advancements, industrial automation, and the need for more efficient manufacturing processes. This forecast underscores the significant role that superabrasives are likely to play in the overall expansion of the abrasives market in the foreseeable future.
Conclusion
In conclusion, the statistics presented for the abrasives industry demonstrate the significant role that this sector plays in various industries such as manufacturing, construction, and automotive. The data highlights the steady growth and increasing demand for abrasives globally, indicating a positive outlook for the industry in the coming years. As new technologies and innovations continue to drive the market forward, these statistics serve as a valuable tool for businesses and investors looking to capitalize on the opportunities within the abrasives industry.
References
0. – https://www.www.grandviewresearch.com
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2. – https://www.www.statista.com
3. – https://www.oec.world
4. – https://www.www.alliedmarketresearch.com
5. – https://www.www.fortunebusinessinsights.com
