Super Abrasives Market Overview:
As per the analysis of Market Research Future (MRFR), the global super abrasives market is likely to reach USD 14,681.1 Mn at a CAGR of 6.75% over the forecast period of 2017-2023.Super abrasives are materials used for precision grinding and offer useful properties such as high abrasive strength, compression strength, better surface finishing, and high thermal conductivity. Owing to the higher thermal stability of super abrasives, their shelf life is longer which makes them highly preferred over their conventional counterparts.
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Heightened demand for super abrasives from various industry verticals such as medical, automotive, electronics, and others is a contribution to the demand for super abrasives. Increasing awareness regarding the high-end technology and benefits of super abrasives has resulted in increased inclination towards super abrasives. The global super abrasive market is experiencing incremental demand on account of shifting consumer preference from traditional abrasives to super abrasives. Super abrasives are extensively used in the processing and production of brakes, suspension systems, engines, steering, rubber & tires, and others.
The auto component industry and auto OEMs (original equipment manufacturers) account for a majority of the demand for super abrasives. The prolific growth of the automotive industry is likely to lend support to the growth of the global super abrasives market. Additionally, the application range of super abrasives is expanding continually which coupled with growing R&D efforts is likely to augur the growth of the global super abrasive market. On the downside, the growth of the global super abrasives market might be hindered by the high costs associated with them.
The cost of super abrasive grinding wheels is very high as compared to conventional abrasives. Market growth might also be hindered by lack of expertise, limited understanding of consumer requirements and others. Also, the price of raw materials used for the production of super abrasives is subject to frequent fluctuations which might restrict the growth of the market over the forecast period.
The global super abrasives market has been segmented based on product type and application.
By product type, the global super abrasive market has been segmented into stationary dressers, metal/ hybrid bond diamond, resin bond diamond, electroplated diamond, electroplated CBN, vitrified diamond, resin bond CBN, Metal/hybrid bond CBN, vitrified CBN, and rotary dressers.
By application, the global super abrasives market has been segmented into machinery, primary metal, medical, bearings, turbines, tool industry, cutting tools,
Electronics/smartphones, gear, powertrain, and others.
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Geographically, the global super abrasives market has been segmented into North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA).
APAC dominates the global super abrasives market and accounts for 57% share of the global market. The growing demand for efficient and durable automobiles is driving the market in APAC. The growth of the consumer electronics and durables industry in the APAC region is likely to influence the growth of the market. Furthermore, due to the shift in manufacturing capabilities of various industries towards APAC, there has been a substantial demand for super abrasives.
Europe possesses the second largest share of the global super abrasives market and is likely to expand at a CAGR of 5.39% over the forecast period. The Europe market stood at USD 1,006.6 Mn in 2016.
The prominent players in the global super abrasives market include Meister Abrasives (U.S.), VSM Abrasives Corporation (Germany), Saint Gobain (France), Zhengzhou Hongtuo Super Abrasive Products Co., Ltd (China), Noritake (Japan), 3M (U.S.), SUPER ABRASIVES (India), KREBA & RIEDEL (Germany), Tyrolit Schleifmittelwerke Swarovski K.G. (Austria), TOYODA VAN MOPPES LTD. (Tokyo), Carborundum Universal Limited (France), and others.
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