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.
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.
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Segment Analysis:
The super abrasives market 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.
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