NEW YORK, Dec. 27, 2017 /PRNewswire/ -- The global market for abrasive products and materials reached $38.2 billion in 2016. This market is expected to reach $39.8 billion in 2017 and $51.9 billion by 2022, registering a compound annual growth rate (CAGR) of 5.5% from 2017 to 2022.
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• North American market will grow from $8.4 billion in 2017 to $10.3 billion by 2020, increasing at a CAGR of 4.2% from 2017 to 2022.
• Rest of the World as a segment of this market will grow from $24.4 billion in 2017 to $33.4 billion in 2022 at a 6.5% CAGR from 2017 to 2022.
Chapter 1: Introduction
Study Goals and Objectives
Abrasives are materials used to cut, smooth, roughen, polish or clean surfaces, or simply to remove material to alter surface shapes or dimensions. Products with abrasive materials include grinding discs and wheels, sandpaper, polishing and lapping compounds, deburring media, sandblasting materials and cutting tools.
Abrasives are a well-established global market with a long history of products, technologies and slowly evolving market trends. They are mainly used in bonded and coated forms for various applications, including cutting, polishing, grinding and surface finishing. Industries such as automotive, construction, aerospace and industrials form the major customer markets for abrasive product manufacturers. Abrasives can be used to create friction in braking products such as vehicle brake pads in the automotive industry, windmills in industrial products and even braking blocks used in washing machines.
Unique and novel technologies are continuing to make inroads into the mundane and well-established abrasive product and technology market. Companies that are championing these technologies are betting on the reduction in lifetime costs for abrasive product end users despite the fact that the upfront costs are higher. These have long-term influences in the marketplace, and market penetration of these technologies occurs downward from the high-value end applications.
This report is designed to investigate the global abrasive market by technology, product line and market size, with supporting tables and figures to illustrate projected growths. It will include developed regions such as the U.S., Europe and Japan, as well as other developing regions such as China and India.
This report offers forecasts by product segment from 2017 through 2022, including supporting analyses for projections.
Reasons for Doing This Study
The objective of this study is to provide an in-depth analysis and forecast of the global abrasive market. The focus is on technology, products and market details of the global abrasive industry.
The global market for abrasives is estimated to grow in the mid-single digits globally until 2022, but significant differences are expected between established traditional abrasive products and products catering to niche markets, such as semiconductors and photovoltaic. The abrasive product market is also expected to grow faster than the abrasive grain market.
Scope of Report
The report will include details about various types of abrasives, materials used as abrasives, the abrasive manufacturers' most commonly used grains, their production with values, the manufacturers of products using abrasive materials primarily for machine tools, users of abrasive tools and other applications, and users of loose abrasives. Estimated values used are based on manufacturers' total revenues. Projected and forecast revenue values are in constant U.S. dollars, unadjusted for inflation.
The report will contain comprehensive information regarding the abrasive industry and the users thereof.
The initial section covers the technical aspects of the industry and the industry products offered in terms of applications and markets.
In the subsequent section, the abrasive grain market is analyzed on a global scale. This section covers the major abrasive grain types and their market details. Emerging trends are discussed, with detailed analysis of players and production capacities.
The U.S. and Europe are the two largest markets for abrasives and abrasive products. Separate chapters cover each of these regions, as well as the trends for both abrasive grains and abrasive products within these regions. Subcategories within each of these markets are also analyzed based on trade data and statistical data. Analysis will include average employee costs; which readers may find useful. In-depth analysis of the European market for Silicon Carbide is presented, with statistics in exports and imports within the European Union (E.U.) countries, as well as for countries outside Europe.
The industry's technology aspects are reviewed under the chapter related to Patents and Intellectual property. Chronological review of the issued U.S. patents is analyzed, and companies active in developing intellectual property in the abrasive industry are listed.
The final chapter provides details of the industry players. This chapter is wide in scope, including the products, company history, locations and financials of more than 100 companies. The objective has been to include all companies with more than $100 million in annual revenues that are currently active in the abrasive industry. Several smaller companies are also included as niche players. These companies are listed in alphabetical order. It is estimated that the combined revenues of the companies analyzed is approximately $24 billion, which includes companies in the industrial cutting tools segment.
Information for this report was obtained from numerous primary and secondary research sources, including industry analysts, annual reports and regulatory filings, the U.S. Patent and Trademarks Office, the U.S. Geological Survey (USGS), other government agencies inside and outside the U.S., European trade statistics and journal articles. Secondary sources included literature searches, product literature, internet resources, company websites and press releases. Interviews conducted with experts in the industry also provided valuable information contained in this report.
In areas for which precise information was unavailable, a consensus was made using reasonable assumptions and estimates based on historical data.
The methodology adopted in evaluating market size entails a top-down approach.
The global markets are analyzed based on GDP growth rates of countries and regions, mainly classified into "developed" and "developing" countries. The data available from sources such as the IMF and the World Bank are used for this. The regions' growth rates in the manufacturing parts of each economy are assessed from this, as well as their shares of the manufacturing economies.
Trade data from various sources are reviewed to understand the markets and the ways they are changing with currency fluctuations. Several countries had significant currency depreciations at the time of the previous BCC Research publication on this subject. This dust has mostly settled, and the global currency markets are calmer now than they were two years back.
The revenues of large players are compiled, and the revenue growth of each company listed in the last chapter is studied. Market trends were assessed from direct communications with executives in numerous companies in the abrasive industry. Comparisons to existing published market projections for various application markets were also taken into consideration in the final calculations of both the abrasive grain and abrasive product market sizes, as well as in growth rates in various regions.
Regional Breakdown In this report, the global regions considered for market analysis include:
• North America
• Rest of the World For the specific chapter on Europe, the regional breakdown is presented by country for various segments of the abrasive grain and abrasive product markets.
Global Abrasive Market, by Type
- Silicon Carbide
Global Abrasive Market, by End Use
Global Abrasive Market, by Region
Rest of the World
Chapter 2: Summary and Highlights
The global abrasive market has two well-defined segments: The first is made up of companies and industries that manufacture or refine abrasive grains, and the second is the applications in which these grains are used to manufacture products used for grinding, cutting or polishing.
The first segment is well-concentrated globally, with a limited number of large companies that have grown successfully in the mass manufacture of the grains with economies of scale. The product as such can be natural or synthetic, natural referring to mined or mined and processed products.
The users of the abrasive grains, who manufacture products such as bonded grinding wheels or coated discs, far outnumber those who manufacture the grains. This segment is more diverse in terms of regional diversity, and the companies are typically smaller in size than the grain manufacturers themselves.
Some global companies have operating divisions in both segments, and they are vertically integrated in this manner. Even those companies often sell their grains to other product manufacturers.
End users of the abrasive industry are diverse. Automotive, manufacturing, industrial, aerospace and construction are the bulk users of abrasives and abrasive products. Niche segments that are smaller in terms of volumes but with relatively higher value include chemical mechanical polishing, electronics and the photovoltaic industry, where abrasives are used for wafer slicing and cutting.
Market trends in the abrasive industry are closely tied to specific industries and overall economic climates in various countries. They can grow, or contract drastically, as was seen during the housing (i.e., construction) boom in the U.S. during the early 2000s and the collapse that followed between 2007 and 2009. Such swings also provide opportunities for mergers and acquisitions for investors and companies with a longer visions and greater financial wherewithal.
Recent years have been relatively stable for the global abrasive markets, with stabilizing global economies and industrial production. Low oil prices have not affected the abrasive markets that much, except in regional pockets.
The global abrasive market is expected to grow at a robust five-year compound annual growth rate (CAGR) of 5.5% from 2017 through 2022 to reach $51.9 billion by 2022. The growth in North America and Europe will be slower at CAGRs of 4.2% and 3.2%, respectively, through 2022, reaching $10.3 billion and $8.2 billion, respectively. The rest of the global market, sized at $24.4 billion in 2017, is expected to reach $33.4 billion by 2022 for a five-year CAGR of 6.5%. In pure dollar terms, the industry is expected to grow by more than REDACTED from 2017 through 2022.
The growth of the industry in since BCC Research's previous report has been slower than expected. The recovery in Europe has been muted, and the housing market in the U.S. has not grown fast enough as expected. The rate of growth is expected to be pick up in the coming years. The Asia-Pacific region, especially China and India, should grow relatively faster throughout the next five years, but the impact on the total market growth rate is not expected to be significant enough to off balance the slower growth rates in the West. Currency fluctuations were limited in 2016 compared to 2014 and 2015, which has brought in some stability to the abrasive markets; the stability is expected to continue going forward.
This report's objectives are to cover the industry globally in terms of market size and product diversity, as well as to detail the numerous industry players. This report takes a deep analysis of the top 100plus companies, providing details regarding their operations and financials. The objective for selection of the companies has been to ensure coverage of those whose annual revenues exceed $100 million. Some smaller companies are included if they are identified as niche players.
All regions are expected to expand their abrasive markets in the coming years, with the exception of Venezuela and Puerto Rico. The industry is covered in depth for the two largest markets: the U.S. and the E.U. For the other regions, the coverage is provided in terms of the major players.
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