An increase in the demand for precision and machining tools due to the rising production of motor vehicles and construction activities is driving the need for the Super Abrasives market.
New York, June 10, 2020 (GLOBE NEWSWIRE) -- The global Super Abrasives Market is forecast to reach USD 11.48 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest for precision and machining tools for the production of motor vehicles and construction activities. In the construction industry, the product is used to manufacture drilling, sawing, and cutting tools to machine concrete, bricks, and stones. However, increasing complexity of super abrasive technology in high-performance applications and high initial costs make it difficult for small-scale and medium-scale companies to compete with the global market leaders and hence, will be hampering the demand of the market.
Rapid urbanization has changed the way of life of individuals and, thus, has expanded the pervasiveness of the construction sector for commercial purposes over a broad aspect; therefore, augmenting the demand for the market product. For ensuring smooth finishing of parts, the product is used as a grinding tool in the manufacturing of automobile parts such as steering mechanism, gear shaft, injection systems, and cam/crankshaft. Increasing motor and electric vehicle production anticipated boosting the market demand for the product in the coming years. The diamond segment is expected to grow significantly, owing to the increasing demand for precision tooling from the automotive and aerospace industries.
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Increasing understanding of the high-end technologies and advantages of super abrasives has contributed to an increased inclination towards super abrasives. They are used widely in brake production and manufacture, suspension structures, tires, motors, wheels, and rubber, among others. The automobile product industry and auto OEMs (original equipment manufacturers) account for most of the market for super abrasive products. The automobile industry’s robust development is likely to fuel the expansion of the global demand for super abrasives.
Moreover, the product spectrum of super abrasives is continually widening, coupled with growing R&D activities expected to accelerate the growth of the global super abrasive industry. On the downside, the high costs associated with them may impede the growth of the worldwide market of super abrasives. Compared with traditional abrasives, the prices of super abrasive grinding wheels are very high. Market growth could also be hampered by a lack of expertise, a limited understanding of consumer needs, and many others. Consequently, the prices of the raw materials used for the manufacture of super abrasives are subject to natural variability, which could hinder demand growth over the forecast period.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut the need for super abrasives in the market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With an unfortunate global situation, the export-dependent economies of many regions look vulnerable. Global Super Abrasives Market are reshaped by the effects of this pandemic, as some suppliers are either shutting down or reducing their output, due to a lack of demand from the downstream market. While some are having their production suspended by their respective governments as a precautionary measure to combat the spread of the virus. In certain regions, markets are focusing on becoming more localized, by looking at the severity of the outbreak, and the consequent actions by the individual national authorities. Under these circumstances, market conditions in Asia Pacific regions have been very fluid, declining weekly, making it challenging to stabilize itself.
Further key findings from the report suggest
- Based on product, Diamond accounted for the largest share of the market in 2019, owing to properties such as anti-adhesion, chemical inertness, low friction coefficient, and better wear resistance.
- Electronics Industry accounted for the largest share in the market, holding around 46.0% of the overall business in 2019, as it produces smaller and complicated parts with close tolerances that match correctly in machine components, thereby making it suitable for a variety of applications typically PCBs.
- The Asia Pacific dominated the market in 2019. The consistent focus on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region holds approximately 61.0% of the Super Abrasives Market, followed by North America, which contains around 18.0% market in the year 2019.
- Key participants include Radiac Abrasives Inc., Noritake Co. Ltd., Protech Diamond Tools Inc., Asahi Diamond Industrial Co. Ltd., 3M, American Superabrasives Corp., Saint-Gobain Abrasives Inc., Carborundum Universal Ltd., Eagle Superabrasives, and Action Superabrasive, among others.
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For the purpose of this report, Reports and Data have segmented into the global Super Abrasives Market on the basis of product, end-user, application, and region:
Product Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Cubic Boron Nitride
End-User Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Oil & Gas
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Tool Grinding
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/super-abrasives-market
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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