Bonded Abrasives Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Bonded Abrasives Market Analysis
The bonded abrasives market is projected to register a CAGR of over 5% during the forecast period (2022-2027).
The market was negatively impacted due to COVID-19 in 2020. Owing to the pandemic scenario, several countries across the world went into lockdown to curb the spreading of the virus. All the construction and manufacturing activities were halted due to supply chain disruptions and labor shortages. This negatively impacted the market. However, the condition is expected to recover in 2021, thereby driving the market studied during the forecast period.
- Over the short term, the rapidly growing construction sector in Emerging Economies is augmenting the growth of the market.
- On the flip side, the pollution in the manufacturing process of bonded abrasives is likely to hinder the market's growth.
- Increasing demand for bonded abrasives for high-speed applications is likely to act as an opportunity for the market.
- The Asia-pacific region is expected to account for the largest share during the forecast period.
Bonded Abrasives Market Trends
This section covers the major market trends shaping the Bonded Abrasives Market according to our research experts:
Increasing Demand from the Construction Industry
- Bonded abrasives are substances used in the construction industry, to smooth out or mould (providing the finish) other softer materials through extensive rubbing.
- These bonded materials work by scratching away the surface of materials, to get rid of unwanted roughness or substances, thus resulting in a polished floor look. The increasing population is ramping up the demand for living spaces, thereby driving the bonded abrasive materials use in the construction sector including residential, commercial, and infrastructural activities.
- According to a study by the Institution of Civil Engineers (ICE), the global construction industry is expected to value USD 8 trillion by 2030, primarily driven by China, India, and the United States region.
- According to the United Nations (UN), around 50% of the global population resides in urban cities, which is projected to touch 60%, by 2030. The pace of economic and demographic growth must be in harmony with the demand for residential activities. By 2030, around 40% of the global population is likely to need housing at the rate of over 96,150 houses per day.
- Globally, Asia-Pacific has the largest construction market where construction senctor in countries such as India, China, and various Southeast Asian countries has been growing in recent times. In India, the government has initiated projects, such as 100 smart cities and 'Housing for All by 2022', which are expected to immensely drive the residential construction market in India through the forecast period.
- German Social Democrat government is focusing heavily on the housing crisis in the country and has created a new ministry to supervise its housing plans. In November 2021, the government pledged more than 400,000 new housing units every year from 2022, 100,000 of which will be publicly subsidized.
- All these construction activities are likely to drive the bonded abrasives market in the construction sector during the forecast period.
Asia Pacific Region to Dominate the Global Market
- Asia Pacific Region is home to around 3/5th of the total global population and countries such as China, India, and Indonesia are the part of the region, which are among the most populated nations in the world, and hence the region has the largest construction market.
- China is one of the largest countries in the world, where the construction sector dominates almost all other sectors in growth. In 2021, the revenue of construction enterprises in China was CNY 8,013.8 billion, up by 2.1% over the previous year. The profits made by construction enterprises qualified for general contracts and specialized contracts reached CNY 855.4 billion, up by 1.3% over the previous year, of which the profits made by state-holding enterprises were CNY 362.0 billion, up by 8.0%.
- China is also the world's largest vehicle market by both annual sales and manufacturing output, By 2025 domestic production in China is expected to reach 35 million vehicles.
- According to IBEF, India is expected to become the third largest construction industry by the end of 2022 with an investment of over INR 50 trillion (USD 777.73 billion). Hence, all such construction activities and favorable government measures are likely to boost the construction activities in the country.
- In India, the aerospace & defense (A&D) market is projected to reach ~USD 70 billion by 2030, driven by the burgeoning demand for advanced infrastructure and government thrust.
- According to Korean Statistical Information Service (KOSIS), the total value of construction orders in South Korea in 2021 stood at KRW 141.28 trillion.
- Indonesia is one of the largest and fastest-growing markets. Moreover, the Indonesian government has started a program to build about one million housing units across Indonesia, for which the government has allocated about USD 1 billion in the budget.
- All aforementioned factors are expected to drive the market for bonded abrasives in the Asia Pacific region during the forecast period.
Bonded Abrasives Industry Overview
The bonded abrasives market is expected to be partially consolidated, with the top five-six players occupying a significant position in the market. Key players in the bonded abrasives market include (not in any particular order) 3M, Marrose Abrasives, Saint-Gobain, SAK ABRASIVES LIMITED, and Carborundum Universal Limited.
Bonded Abrasives Market Leaders
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3M
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Marrose Abrasives
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Saint-Gobain
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SAK ABRASIVES LIMITED
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Carborundum Universal Limited
*Disclaimer: Major Players sorted in no particular order
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Bonded Abrasives Market News
- In May of 2021, Blue Sea Capital invested in Abrasive Technology, a leading provider of super abrasive products for the dental, aerospace, medical, and industrial end markets for accelerating the company's growth in the market.
Bonded Abrasives Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Rapidly Growing Construction Sector in Emerging Economies
- 4.1.2 Other Drivers
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4.2 Restraints
- 4.2.1 Pollution in the manufacturing process
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 Bond Type
- 5.1.1 Vitrified Bond
- 5.1.2 Resin Bond
- 5.1.3 Rubber Bond
- 5.1.4 Other Bond Types
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5.2 Application
- 5.2.1 Polishing
- 5.2.2 Cutting
- 5.2.3 Grinding
- 5.2.4 Other Applications
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5.3 End-user Industry
- 5.3.1 Automotive
- 5.3.2 Marine
- 5.3.3 Aerospace
- 5.3.4 Construction
- 5.3.5 Metal Working
- 5.3.6 Others
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 ASEAN Countries
- 5.4.1.6 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 Italy
- 5.4.3.4 France
- 5.4.3.5 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle East and Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)/Ranking Analysis**
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 Carborundum Universal Limited
- 6.4.3 DEWALT
- 6.4.4 Hermes Schleifmittel GmbH
- 6.4.5 Karbosan
- 6.4.6 Marrose Abrasives
- 6.4.7 Osborn (DRONCO)
- 6.4.8 Precision Abrasives Pvt. Ltd
- 6.4.9 Saint-Gobain
- 6.4.10 SAK ABRASIVES LIMITED
- 6.4.11 sia Abrasives Industries AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing demand for the high-speed applications
Bonded Abrasives Industry Segmentation
Bonded abrasives are a mixture of abrasive grains, fillers, and bonding materials. They are used to remove surface materials such as metal, ceramics, glass, plastics, and paints. These abrasives are used in both grinding wheels and abrasives stones or sticks. The bonded abrasives market is segmented by bond type, application, end-user industry, and geography. By bond type, the market is segmented by vitrified bond, resin bond, rubber bond, and other bond types. By application, the market is segmented by polishing, cutting, grinding, and other applications. By end-user industry, the market is segmented by automotive, marine, aerospace, construction, metal working, and other end-user industries. The report offers market size and forecasts for 15 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of value (USD million).
| Bond Type | Vitrified Bond | |
| Resin Bond | ||
| Rubber Bond | ||
| Other Bond Types | ||
| Application | Polishing | |
| Cutting | ||
| Grinding | ||
| Other Applications | ||
| End-user Industry | Automotive | |
| Marine | ||
| Aerospace | ||
| Construction | ||
| Metal Working | ||
| Others | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| ASEAN Countries | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle East and Africa |
Bonded Abrasives Market Research FAQs
What is the current Bonded Abrasives Market size?
The Bonded Abrasives Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Bonded Abrasives Market?
3M, Marrose Abrasives, Saint-Gobain, SAK ABRASIVES LIMITED and Carborundum Universal Limited are the major companies operating in the Bonded Abrasives Market.
Which is the fastest growing region in Bonded Abrasives Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Bonded Abrasives Market?
In 2024, the Asia Pacific accounts for the largest market share in Bonded Abrasives Market.
What years does this Bonded Abrasives Market cover?
The report covers the Bonded Abrasives Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Bonded Abrasives Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Bonded Abrasives Industry Report
Statistics for the 2024 Bonded Abrasives market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bonded Abrasives analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
