This spring, the Market Research Future organisation produced a new report which estimated that the global abrasives market will be worth 59.4 billion USD by 2030. What’s more, the report estimates that the largest region by far to expand the market will be Asia Pacific.
Abrasives are tools meant to grind, polish, sand, buff, or otherwise help shape materials. They are available in both natural and synthetic forms, and works on the principle of difference in hardness where the abrasive makes up the stronger material. Abrasives come in a variety of shapes and forms for both industrial and home-use, ranging from sand-paper to drills.
Increased global demand
The report makes clear that the increased demand for abrasives is a global movement. This demand stems from the products being used in most industries, including domestic, industrial, and technological. Amongst other things, abrasives aid in the manufacturing of automotive vehicles, medical equipment, cosmetics, the extraction and processing of raw materials, and the construction sector.
Globally, all of these sectors have seen increased demand. The automotive sector is developing both personal, passenger, and commercial vehicles, and the medical field keeps expanding as well. As a result, the Market Research Future estimates that the abrasives market will face a compound annual growth rate (CAGR) of 4.9% between 2021-2030.
Regional differences with Asia Pacific at the top
According to the report, the regional market expected to expand the most is Asia Pacific. The region contains quickly growing economic countries like China, Japan, and India, and are expected to keep developing further as their construction and e-commerce markets grow.
Another reason for the global upsurge in the abrasives market is the focus on sustainability. This has become apparent through the Sustainable European Abrasives Manufacturers program (SEAM), which aims to make social, economic, and environmental sustainability “into a business opportunity and a competitive advantage” within the abrasives market. The program has been well-received, and is today working with over 80% of the European abrasives market.
UK-based abrasives see light at the end of the tunnel
Despite the global abrasives market seemingly thriving, the UK market has been hit harder. Following both Brexit and the pandemic, the British abrasives market has faced a declining industry revenue as business became weak and consumer confidence low. The pandemic further complicated supply chains and production ability due to lockdowns and travel restrictions.
However, as the pandemic’s grip loosens, the construction market’s increased demand is set to help the abrasive industry rebound. The largest future threat to the market is regulation on the extraction of raw materials, but this threat may be curved through the research and development on the sustainability front.