Global Super Abrasive Market – Overview
Super abrasives have properties such as extraordinary hardness, durability, longevity, and unrivaled performance that results in superior surface finish on hard materials. Additionally, they offer longer shelf life and help to cut down the downtime of machines. It helps to balance out the initial high cost by lowering machining expenses. For instance, metal-bonded design wheels, developed for more rigorous wear resistance can lead to smaller cycle time and enhanced life, thus cutting down the machining expenses for the consumers.
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Global Super Abrasive Market – Notable Developments
Some of the key developments in the global super abrasive market are listed below:
- In 2015, the Government of India announced a program called ‘Housing for All’. Under this program, the government encouraged and helped in building houses for its citizens. This activity is projected to boost the construction sector in India, and naturally help in driving the demand for the super abrasive market in the country as well.
- In December 2017, a prominent leader in the global super abrasive market, Saint Gobain Abrasives, announced that the company has merged its two well-known brands Winter and Norton to create a new one by the names Norton Winter. Norton Winter is now one of the key technology leaders in the global super abrasive market. The merger is expected to cater to a wider range of audience.
- In December 2017, Saint Gobain Abrasives announced the launch of its new Ultra Thin Grinding Wheel – Norton Quantum3 UT. This new product will provide better durability, comfort, and material removal.
Global Super Abrasive Market – Drivers and Restraints
The global super abrasive market is mainly driven by the increasing demand from the construction industry across the globe. Favorable regulatory conditions across countries such as the US, China, and India are encouraging the use of super abrasives and are thus contributing to the overall market growth. The growth of the super abrasive market is also driven by the increasing demand from the transportation sector. In addition to this, increasing preference to the use of diamond discs for polishing and grinding from the automotive sector to give more aesthetic look to the vehicles is also helping to drive the growth of the global super abrasive market.
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Global Super Abrasive Market – Geographical Outlook
The global super abrasive market is geographically segmented into five key regions namely Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Of these key regions, the global market is primarily dominated by the Asia Pacific region. The region accounted for more than half of the overall market share in 2018 and is expected to continue its stellar contribution over the course of the given forecast period of 2018 to 2028. The growth of the market is mainly driven due to the presence of emerging economies such as India and China. India, in particular, is experiencing a huge demand for manufacturing precision tools that are necessary for the development of end-use verticals such as electronics, aerospace, bearing, and automotive among others. This increasing demand for precision tools is expected to drive the growth of the super abrasive market in the near future.
During the course of the given forecast period, other regions such as North America and Europe are also expected to witness a significant growth of the respective super abrasive markets. The North America market is mainly driven by the shift in the approach of the customers. They are looking at these products with a long-term view despite its initial high costs.
Global Super Abrasive Market Segmentation
- Product Outlook
- Cubic boron nitride
- Application Outlook
- Oil & gas
- Electrical & electronics
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