Super Abrasives Drive Growth of Abrasives Market, BCC Research Forecasts
With a steady increase in end-user markets, super abrasives are leading abrasives industry growth, improving efficiency and productivity in advanced, high-tech grinding applications.
BOSTON, Sept. 21, 2023 /PRNewswire/ -- The global abrasives market is projected by BCC analysts to reach $74 billion by 2028 and is expected to grow at a CAGR of 5.1% from 2023 to 2028. Market growth drivers include the expansion of end-user industries, such as automotive, construction and metal fabricators.
To support this end-user growth, major players in the global industry such as Carborundum Universal Limited (CUMI) and Hyperion are investing in super abrasives like Cubic Boron Nitride (CBN) and synthetic diamond, which offer improved productivity, efficiency, and quality.
In their latest report, Abrasives Market: Materials, Products and Applications, BCC analysts estimate that super abrasives will keep up with the overall market growth rate, with about 4% of growth forecasted between 2023-2028.
The report also explores:
- Regional leaders in abrasives: China holds 45% of market share. Approximately 80% of the market share is based in Asia Pacific.
- Benefits of CBN and synthetic diamond: CBN and synthetic diamond have many benefits over conventional abrasives. Super abrasives can reduce surface roughness and improve performance in cutting, polishing, grinding, and lapping applications.
- Grinding as a major abrasives market: The report estimates that by 2028, grinding will be the most dominant use for abrasives.
Abrasives Market: Materials, Products and Applications delivers an inside look at the projected growth of the abrasives industry, its products, and its end-user markets, emphasizing super abrasives and their grinding applications as the future of the abrasives industry.
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