Super Abrasives Market 2021: Post-Pandemic Growth Opportunity Analysis by 2028

Overview:

 

The global market report on the super abrasives market deals with several factors that would help the market launch plans that would back its market rise. Super abrasives are in demand for their high abrasive strength, better surface finishing, high thermal conductivity, compression strength, and longer service life. The product is known for its precision grinding and is witnessing strong growth in the manufacturing process of vehicles, electronic gadgets, and medical instruments. Market Research Future (MRFR) predicted in the report a rise up to USD 1.4 billion by 2023 with a CAGR of 6.57% during the forecast period of 2018 to 2023. But its high cost could affect the market dynamics.

 

Segmentation:

 

The super abrasives market has been studied by experts from Market Research Future (MRFR) on the basis of a segmentation that includes details of product type and application. This segmental study and its data could help in fetching better insights that can be used in developing moves for better outcomes. 

 

By product type, the report on the super abrasives market has been segmented into vitrified CBN, vitrified diamond, resin bond CBN, resin bond diamond, metal/ hybrid bond diamond, rotary dressers, metal/ hybrid bond CBN, electroplated CBN, electroplated diamond, and stationary dressers.

 

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By application, the study on the super abrasives market has been segmented into tool industry, machinery, cutting tools, medical, primary metal, bearings, electronics/ smartphones, turbines, gear, powertrain, and others. The electronics/smartphone market is witnessing a steep rise. 

 

Regional Analysis:

 

Asia Pacific is controlling the global market, with over 58% of the market share in 2016. The region is showing a chance of growing with 7.51% CAGR during the forecast period. This growth can be attributed to the burgeoning automotive sector. 

 

Competitive Landscape:

 

Carborundum Universal Limited (France), Saint Gobain (France), 3M (U.S.), KREBA & RIEDEL (Germany), Noritake (Japan), Meister Abrasives (U.S.), TOYODA VAN MOPPES LTD. (Tokyo), VSM Abrasives Corporation (Germany), Tyrolit Schleifmittelwerke Swarovski K.G. (Austria), Zhengzhou Hongtuo Super Abrasive Products Co., Ltd (China), SUPER ABRASIVES (India), and others are some of the major companies involved in the global super abrasives market. These companies are known for their strategies that can pave the way for not just their individual progress but for the market as a whole. MRFR listed their recent activities to understand how much the market would grow in the coming years and what trends would impact the market.

 

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Industry News:

 

In July 2020, Saint Gobain Abrasives announced the launching of its new product Norton Winter Ironclad™ Diamond Single Layer Superabrasive Wheels. However, it is still awaiting its patent. The product is known for its ability to remove materials to increase productivity. The company claims that it is an ideal solution for ductile and grey cast iron applications, including fettling and snag grinding on parting lines, casting gates, sprues, and others. It is also expected to last 50% than the regular cutters. The company believes that such advantages would make the percolation process of the product easier across industries. 

 

The COVID-19 pandemic has made a name for itself as one of the major disruptive forces of 2020. This is because its impact has traversed both geographical and industrial boundaries. The influence was so severe that several manufacturing facilities had to stop their work to prevent the disease from spreading. Companies had to halt production, which triggered fewer revenues and few steps to improve the infrastructure. The super abrasives market is expected to get affected by these changes.