Global
super abrasives market is estimated to reach USD 14,681.1 million by
the end of the year 2023 on account of increasing production and sale of
automotive across the globe. Moreover, the extensive use of super
abrasives in high-tech electronic devices coupled with the changing
lifestyle has augmented the product demand.
Segment Analysis:
The Super Abrasives Industry is segmented on the basis of product type, application, and region.
Based
on the product type, the market is segmented into vitrified diamond,
vitrified CBN, resin bond diamond, resin bond CBN, metal/ hybrid bond
CBN, metal/ hybrid bond diamond, electroplated diamond, electroplated
CBN, rotary dressers, and stationary dressers. The vitrified diamond by
product type accounted for 16.00% market share in overall sales revenue
in 2016. The demand for vitrified diamond is increasing due to its
superior edge quality and thermal stability over conventional abrasives.
The global super abrasives market is segregated on the basis of its
application as cutting tools, tool industry, machinery, electronics/
smartphones, bearings, powertrain, turbines, gear, medical, primary
metal, and others. Cutting tools segment was the dominating segment with
a share of 15.90% in 2016 and value of USD 1,505.9 million. The segment
is projected to grow at a CAGR of 6.97% during the forecast period.
Tool Industry was the second-largest market by application in 2016 and
is projected to grow at a CAGR of 7.47% over the forecast period.
Geographically,
the market is segmented into Asia Pacific, Europe, Latin America, North
America, and the Middle East & Africa.
Regional Analysis
Regionally,
super abrasives market is spanned across five regions namely North
America, Europe, Asia Pacific, Latin America, and the Middle East &
Africa. Asia Pacific dominated the global super abrasives market in 2016
by accounting for more than 57% share of the global super abrasives
market, in terms of value. This regional growth is attributed to the
high production and sales of automotive in China, India, and Japan. The
reviving automotive sector in North America and the manufacturing and
trade of automotive parts in Europe are likely to augment the market
growth over the review period. The other emerging markets such as Latin
America and the Middle East & Africa seems to observe a healthy
market trend.
Key Players:
Market
Research Future (MRFR) recognizes the following companies as the key
players in the global super abrasives market: Saint Gobain (France), 3M
(U.S.), Carborundum Universal Limited (France), Noritake (Japan),
Meister Abrasives (U.S.), KREBA & RIEDEL (Germany), Tyrolit
Schleifmittelwerke Swarovski K.G. (Austria), TOYODA VAN MOPPES LTD.
(Tokyo), SUPER ABRASIVES (India), Zhengzhou Hongtuo Super Abrasive
Products Co., Ltd (China), VSM Abrasives Corporation (Germany), and
others.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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