From Grinding to Polishing: The Remarkable Evolution of Abrasive Tools Market
SkyQuest’s Abrasive Tools market report is excellent information for individuals interested in gaining insight into the valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is written clearly and concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.
Westford, USA, April 03, 2023 (GLOBE NEWSWIRE) — SkyQuest forecasts that the Abrasive Tools market will experience a growth in value to USD 74.9 billion by 2030 at a CAGR of 5.62% during the forecast period (2022-2030), driven by increased demand from end users, advancements in technology and innovation, and the growing need for high-performance abrasives. The manufacturing of abrasive tools has seen increasing adoption of robotics and automation, attributed to the desire for precision and consistency in industrial processes. 3M, a significant player in abrasive products, has already implemented robotic systems for the automated production of abrasive discs, resulting in improved efficiency, consistency, and quality.
SkyQuest has released its latest global research findings, indicating that implementing Industry 4.0 technologies can enhance abrasive tools’ precision, consistency, and quality. When utilized in abrasive tool manufacturing, automation, and robotics can reduce errors and enhance product quality. Additionally, the aerospace abrasives market is predicted to achieve a CAGR of 5.5% during the forecast period, with a projected market size of USD 1.1 billion by 2025.
Browse in-depth TOC on “Abrasive Tools Market”
- Pages – 247
- Tables – 124
- Figures – 76
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Abrasive tools are essential for various industries as they are used for cutting, grinding, and polishing materials. Their importance has increased due to the growing demand for precision, consistency, and efficiency in industrial processes. With technological advancements, abrasive tools have become more effective and efficient, further underscoring their significance in contemporary times.
Prominent Players in Abrasive Tools Market
- Saint-Gobain Abrasives
- 3M
- Tyrolit Group
- Noritake Co., Limited
- Asahi Diamond Industrial Co., Ltd.
- Klingspor AG
- Robert Bosch GmbH
- Fujimi Incorporated
- Carborundum Universal Limited
- Deerfos Co., Ltd.
- Henan Huanghe Whirlwind Co., Ltd.
- Lignex Ltd.
- PFERD
- Mirka Ltd.
- Sia Abrasives Industries AG
- Weiler Abrasives Group
- Stanley Black & Decker, Inc.
- Hermes Schleifmittel GmbH
- Walter Surface Technologies
- Diamond Products Limited
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Automotive industry Segment to Drive Higher Sales as there is Increasing Adoption of Lightweight Materials in Industry
A recent analysis has revealed that the Main Landing Gear segment has played a significant role in the rapid growth of the Abrasive Tools market in 2021. This trend is projected to continue from 2022 to 2030, driven by the rising demand for electric vehicle (EV) components and the increasing adoption of lightweight materials in automotive manufacturing. Moreover, SkyQuest’s report highlights the growth-driving trends in the abrasive tools market, including the increasing implementation of Industry 4.0 technologies and the utilization of robotics and automation in abrasive tools manufacturing.
According to research analysis, North America is expected to emerge as a dominant player in the Abrasive Tools market from 2022 to 2030. SkyQuest has predicted that the region will experience a CAGR of 6.82% during the forecast period, driven by the increasing demand for high-performance abrasive tools and the implementation of automation in the manufacturing process. Additionally, North America has numerous advanced manufacturing hubs dedicated to developing new and innovative manufacturing technologies, including abrasive tools. For instance, in the US, the National Network for Manufacturing Innovation has established several advanced manufacturing institutes that focus on developing advanced manufacturing technologies, including abrasives and abrasive tools.
Bonded Abrasive Type Segment to Exhibit Strong Growth due to Demand for Precision and Quality in End-Use Industries
In the Abrasive Tools market, the Bonded Abrasive Type segment has emerged as the dominant type in 2021 and is anticipated to maintain its leadership from 2022 to 2030. This type of Abrasive tool is predicted to achieve USD 26.98 billion by 2027, growing at a CAGR of 5.1% during the forecasted period. Furthermore, the demand for precision and quality in end-use industries such as automotive, aerospace, and metal fabrication is expected to drive the growth of the bonded abrasives market. The expansion of these industries is expected to increase demand for bonded abrasives used in applications like grinding, cutting, and polishing.
The Asia Pacific region has emerged as a significant force in the Abrasive Tools market and is expected to maintain its leadership position by 2030. SkyQuest’s analysis has identified China, India, and Japan as the primary contributors to the growth of the abrasive tools market in the Asia-Pacific region, with increasing demand from end-use industries like automotive, aerospace, and construction. Notably, the Chinese government has recently announced a $572 billion stimulus package to support infrastructure projects, which is expected to boost the demand for abrasive tools.
A comprehensive analysis of the major players in the Abrasive Tools market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Abrasive Tools Market
- Dynabrade Inc. acquired Global Abrasive Products Inc., a strategic supplier of the former. The abrasives converter, with offices in New York and Georgia, has around 50 employees. The acquisition aligns with Dynabrade’s vertical integration initiative and improves its value proposition. The move aims to further establish Dynabrade as a global leader in surface solutions and innovation.
- Carborundum Universal, a part of the Murugappa Group, has agreed to acquire the assets of Awuko, a significant player in the abrasives industry, for €6.01 million. The deal allows CUMI to acquire various assets of Awuko, including land, buildings, plant and machinery, fixed assets, leased assets, brands and trademarks, patents, technical know-how, and other intangible assets of the company. The insolvency proceedings of Awuko had recently started, and CUMI was selected as the successful bidder in a competitive bidding process for the assets. The deal excludes cash and receivables.
Key Questions Answered in Abrasive Tools Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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