According to a new technical market research report, the global abrasives market was valued at $33.4 billion in 2011. BCC Research expects the market to reach $43.8 billion by 2017, and register a six-year compound annual growth rate (CAGR) of 4.6% for the period 2011-2017.
Abrasives, grinding discs and wheels, sandpaper, polishing and lapping compounds, and deburring media are materials that are used to cut, smooth, roughen, polish or clean surfaces, or simply to remove material or alter surface shapes or dimensions. Industries such as 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.
The global market for abrasives is well established with a long history of products, technologies and slowly evolving market trends. Several unique and novel technologies are starting to make inroads into the otherwise mundane and mature abrasive products and technology market. According to BCC Research, the next several decades are expected to witness the influence of these novel technologies on the market and create a new industrial landscape for these products.
The global market has two well-defined segments: the first is made up of companies and industries that manufacture or refine abrasive grains; the second segment is where these grains are used to manufacture products that are used for various applications such as grinding, cutting or polishing. Some global companies have operating divisions in both segments and often sell their grains to other product manufacturers.
Based on a comprehensive technical market assessment, this report reveals that trends in the abrasive industry are very closely tied to specific industries and overall economic climates in various countries. According to BCC Research, the global market value of the abrasive grains segment was $8.9 billion in 2011. The market is expected to reach $10.9 billion by 2017, registering a CAGR of 3.4% over the period 2011 to 2017. The growth of the abrasive tools market will be slightly faster, at a CAGR of 5.0% through 2017, growing from $24.5 billion in 2011 to $32.9 billion in 2017.
This report provides an in-depth analysis and forecasts for the global abrasives market. The report focuses on technology, products, market details, and forecasts the worldwide abrasives industry from 2011 through 2017, on the basis of supporting analyses.