According to a new market research report published by Credence Research, the global abrasives and abrasive machines market stood at US$ 23.1 Bn in 2016 and is estimated to expand with a CAGR of 6.0% from 2017 to 2025.
Industrial manufacturing and processing includes an extensively wide array of processes requiring cutting and grinding operations. Due to rapidly growing competition across the sector, it has become necessary to ensure fast and precise processes so as to maintain optimum quality of the end-products. Thus, it becomes essential for the manufacturers to adopt viable solutions for specific operations in order to facilitate the required output. Numerous abrasive cutting and grinding processes require variety of abrasive products that may differ in shape, size and composition. This has been one of the most prominent factors responsible for the overall abrasives market growth. Over the period of time, abrasives have replaced traditional cutting processes leading to development of wide range of abrasive products. However, the major challenge for the market players is to select the composition of abrasive materials.
Market players are keen on providing abrasive solutions catering to the varied needs of industrial manufacturing and processing industry. Majority of the companies operating in the industry produce abrasive products designed to be applied to specific models of the machines/workpieces. This has gradually led to emergence of a variety of abrasive minerals, glues, backings, resins, matrix materials in different shapes and sizes, thereby leading to sustainable market growth.
One of the major trend observed in the market is the acquisition of other abrasive material manufacturers. This has been one of the most prevalent strategies adopted by the market players so as to ensure their competitive edge over other companies in the market. Leading companies such as Saint-Gobain SA and the 3M Company have a long history of acquisitions that has helped them gain a promising position in the overall market. Companies typically acquisition for expanding their product portfolio across different segments (such as superabrasives) and geographical reach. Due to increasing fragmentation in the market, the trend of inorganic expansion is projected to prevail throughout the forecast period.