Global Super Abrasives Market Drivers and Constraints Impacting the Market Growth
Super abrasives are used in several industries such as oil & gas, aerospace, electronics, medical, automotive, and others and are used to make tools from high-speed steel.
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Growing adoption of super abrasives over conventional abrasives owing to its durability and superior properties is predicted to foster the global market during the review period. High demand for super abrasives from several end-use industries such as automotive, medical, electronics, and others is another factor stimulating the market growth.
They are also used in processing and production of engines, brakes, suspension systems, rubber & tires, steering, windshield glass & mirrors, and other body parts. Moreover, the growing modernization in the automotive industry demands for superior performance customized engines which are predicted to foster the market over the review period.
Government mandates to protect the environment and reduce the emission of CO2 such as Bharat Stage Emission Standard (BSES) in India, State Environment Protection Act (SEPA) in China, Clean Air Act and Clean Water Act in the U.S. and more are estimated to stimulate the product demand in the coming years.
On the flip side, high cost associated with super abrasives might hinder the market growth over the assessment period.
The key players operating the global market are Meister Abrasives (U.S.), KREBA & RIEDEL (Germany), SUPER ABRASIVES (India), Carborundum Universal Limited (France), TOYODA VAN MOPPES LTD. (Tokyo), Zhengzhou Hongtuo Super Abrasive Products Co. Ltd (China), 3M (U.S.), Tyrolit Schleifmittelwerke Swarovski K.G. (Austria), Saint Gobain (France), Noritake (Japan), VSM Abrasives Corporation (Germany), and more.
The global super abrasives market is estimated to touch USD 14,681.1 million by the end of 2023. The market is expected to expand at 6.57 % CAGR over the assessment period (2017-2023) owing to the growing adoption of super abrasives over conventional abrasives. Super abrasives is one of the hardest abrasives which is available in the global market and is utilized for precision grinding. Super abrasives offer compression strength, longer service life, better surface finishing, high abrasive strength, and high thermal conductivity.
Global Super Abrasives Market: Segmental Analysis:
The global super abrasives market has been segmented on the basis of application, product type, and region.
By mode of product type, the global super abrasives market has been segmented into metal/ hybrid bond diamond, vitrified CBN, stationary dressers, electroplated CBN, vitrified diamond, metal/ hybrid bond CBN, rotary dressers, resin bond CBN, electroplated diamond, resin bond diamond, and others. Among these, the segment for vitrified diamond accounts for 16.0 % share in overall sales revenue. There is an increasing demand for vitrified diamond owing to its superior edge quality and thermal stability.
By mode of application, the global super abrasives market has been segmented into bearings, cutting tools, electronics/ smartphones, powertrain, primary metal, tool industry, machinery, turbines, gear, medical, and others. Among these, cutting tools segment has been projected to expand at 6.97 % CAGR. The tools market was the second-highest market and is predicted to expand at 7.47 % CAGR over the review period.
Geographically, the super abrasives market spans across Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.
Among all the regions, Asia Pacific is estimated to dominate the market by accounting for more than 57 % of the total market share in terms of value. The increasing demand for efficient and durable automobiles is driving the super abrasives market in this region.
Europe is predicted to be the second largest region and is expected to expand to 5.39 % CAGR during the assessment period. The market has been valued at USD 1,006.6 million in 2016.
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5.1 Introduction 34
5.2 Drivers 35
5.2.1 Relatively Greater Adoption Of Super Abrasives Than Conventional Abrasives 35
5.2.2 Broad Application Spectrum Of Super Abrasives 35
5.2.3 Expanding Automotive Sector 36
5.3 Restraints 37
5.3.1 High Prices Associated With Super Abrasives 37
5.4 Opportunities 38
5.4.1 Increasing Demand In The Medical Sector 38
5.4.2 Growing Research Projects For Cost Reduction 38
5.5 Challenges 38
5.5.1 Volatile Super Abrasives Demand In The Emerging Economies 38
Market Factor Analysis:
6.1 Supply Chain Analysis 40
6.1.1 Raw Material Suppliers 40
6.1.2 Abrasives Manufacturers 40
6.1.3 Distribution Channel 41
6.1.4 End-User Industry 41
6.2 Porter’s Five Forces Analysis 41
6.2.1 Threat Of New Entrants 41
6.2.2 Threat Of Rivalry 42
6.2.3 Threat Of Substitute 42
6.2.4 Bargaining Power Of Supplier 42
6.2.5 Bargaining Power Of Buyer 42
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