At 5.1% CAGR, Asia Pacific Abrasive Market is Projected to be Worth US$ 31,642.71 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific abrasive market was valued at US$ 21,280.50 million in 2022 and is expected to reach US$ 31,642.71 million by 2030, registering a CAGR of 5.1% from 2022 to 2030. Adoption of abrasives in automation & robotic applications and rising demand for abrasives from electrical and electronics industry are among the critical factors attributed to drive the Asia Pacific abrasive market growth.

According to the report published by the International Federation of Robotics in 2022, the total annual robot installations worldwide reached 517,385 units in 2021, a rise of 31% compared to 2020. The automotive industry registered ~119,000 units of annual robot installations worldwide, accounting for 23% of total robot installations in 2021, significantly driven by the component supplier segment. According to a press release by the International Federation of Robotics in 2023, robot density in South Korea was estimated at 2,867 industrial robots per 10,000 employees. In contrast, in China, robot installations in the automotive industry reached 61,598 units in 2021, accounting for 52% of the global robot installation share. In 2021, 380,911 units of robots were installed in Asia, a rise of 38% compared to the 2020 level. Industrial robots are gaining the highest demand from end-use industries such as automotive and electronics original equipment manufacturers. The increase in the use of robots in end-use industries is attributed to the reduction in the average selling price of robots. According to Castrol Ltd's research, more than 4 million industrial robots are expected to be operational worldwide by 2025. The rising use of abrasives in automation and robotic applications is attributed to the transition to industrial manufacturing. The advancement in automation technology and increased use of robots in various sectors such as automotive, electronics, and aerospace have driven precision engineering. Abrasives are significant components for facilitating tasks such as grinding, polishing, and deburring with unparalleled accuracy and consistency. The adoption of abrasive-equipped robots streamlines production processes, minimizes downtime, and leads to cost savings. Market players, such as 3M Co, VSM Abrasives, and Norton Abrasives, offer abrasives with distinct characteristics for robotic applications. As automation continues to evolve, the utilization of abrasives with robotics is expected to revolutionize industrial manufacturing, offering high precision, productivity, and performance.

On the contrary, fluctuations in raw material prices hampers the growth of Asia Pacific abrasive market.

By material, the Asia Pacific abrasive market is bifurcated into natural and synthetic. The synthetic segment held 59.1% share of Asia Pacific abrasive market in 2022, amassing US$ 12,569.80 million. It is projected to garner US$ 19,671.29 million by 2030 to expand at 5.8% CAGR from 2022 to 2030.

In terms of type, the Asia Pacific abrasive market is bifurcated into bonded abrasives and coated abrasives. The bonded abrasives segment held 57.9% share of Asia Pacific abrasive market in 2022, amassing US$ 12,319.91 million. It is anticipated to garner US$ 19,017.70 million by 2030 to expand at 5.6% CAGR during 2022-2030. Furthermore, the bonded abrasives segment is subcategorized into discs, wheels, and others. Additionally, the coated abrasives segment is subcategorized into flap discs, fiber discs, hook a loop discs, belts, rolls, and others.

By application, the Asia Pacific abrasive market is segmented into automotive, aerospace, marine, metal fabrication, woodworking, electrical & electronics, and others. The automotive segment held 23.6% share of Asia Pacific abrasive market in 2022, amassing US$ 5,031.77 million. It is projected to garner US$ 7,794.58 million by 2030 to expand at 5.6% CAGR from 2022 to 2030.

Based on sales channel, the Asia Pacific abrasive market is bifurcated into direct and indirect. The indirect segment held 57.5% share of Asia Pacific abrasive market in 2022, amassing US$ 12,240.12 million. It is predicted to garner US$ 18,834.14 million by 2030 to expand at 5.5% CAGR between 2022 and 2030.

Based on country, the Asia Pacific abrasive market is categorized into Australia, India, Malaysia, and the Rest of Asia Pacific. Our regional analysis states that the Rest of Asia Pacific captured 94.2% share of Asia Pacific abrasive market in 2022. It was assessed at US$ 20,036.95 million in 2022 and is likely to hit US$ 29,841.25 million by 2030, registering a CAGR of 5.1% during 2022-2030.

Key players operating in the Asia Pacific abrasive market are Deerfos Co., Ltd; CUMI AWUKO Abrasives GmbH; Robert Bosch GmbH; Tyrolit Schleifmittelwerke Swarovski AG & Co KG; Sun Abrasives Co Ltd; Compagnie de Saint-Gobain S.A.; sia Abrasives Industries AG; RHODIUS Abrasives GmbH; 3M Co; and Ekamant AB, among others.

• In January-2024, Tyrolit acquired a majority stake in Abrasive Tools Specialists, an importer, wholesaler, and converter of abrasive tools, to strengthen its presence in the Australian market, diversify its product offerings, and cater to diverse customer needs.
  
  
• In September-2023, Tyrolit Schleifmittelwerke Swarovski AG & Co KG acquired a complete stake in Acme Holding Company, a specialized abrasive producer and supplier, to enhance its portfolio for the foundry, steel, and rail sectors.
  
  
• In July-2020, Tyrolit Schleifmittelwerke Swarovski AG & Co KG completed the acquisition of Bibielle SpA, a producer of three-dimensional abrasive products, to meet all polishing, grinding, finishing, and surface conditioning needs.
  
  

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