Bonded Abrasives Market Size, Share, Industry Trends and Forecast to 2030

Bonded Abrasives Market Size & CAGR in 2021:

The global bonded abrasives market is estimated to reach a size of USD 16.8 billion in 2021 with a CAGR of 4.2% during the forecast period from 2021 to 2026. The market is driven by the increasing demand for bonded abrasives in various industries such as automotive, metal fabrication, and construction.

COVID-19 Impact on the Bonded Abrasives Market:

The COVID-19 pandemic had a significant impact on the bonded abrasives market, leading to disruptions in the supply chain and a temporary decline in demand from end-user industries. However, as economies have started to recover, the market is expected to witness growth as industries resume operations.

Bonded Abrasives Dynamics:

The bonded abrasives market is driven by factors such as the increasing demand for precision grinding in manufacturing processes, the growth of the automotive and aerospace industries, and the rise in construction activities worldwide. Furthermore, advancements in technology and the development of innovative products are expected to propel market growth.

Segments and Related Analysis:

The bonded abrasives market can be segmented based on type, application, end-user industry, and region. By type, the market is classified into resinoid, vitrified, and rubber bonded abrasives. In terms of application, the market is divided into precision grinding, cutting, polishing, and others. The end-user industries include automotive, metal fabrication, construction, and others.

By Region Analysis:

In 2021, Asia Pacific dominated the bonded abrasives market owing to the rapid industrialization and growth of manufacturing sectors in countries like China and India. North America and Europe are also significant markets due to the presence of established industries and technological advancements.

Key Market Players and Competitive Landscape:

Some of the key players in the bonded abrasives market include 3M, Saint-Gobain Abrasives, Tyrolit Group, Noritake, and Klingspor. These companies focus on product innovation, strategic partnerships, and mergers to maintain their competitive position in the market.

Recent Happenings in the Bonded Abrasives Market:

- In 2021, Saint-Gobain Abrasives launched a new range of high-performance bonded abrasives for precision grinding applications. - 3M introduced a next-generation resinoid bonded abrasive technology for metal fabrication in 2022. - Tyrolit Group collaborated with a leading automotive manufacturer to develop customized bonded abrasives for their production processes. - Noritake expanded its product portfolio with environmentally friendly rubber bonded abrasives in response to growing sustainability concerns. - Klingspor invested in research and development to enhance the performance of its vitrified bonded abrasives for aerospace applications.