At 4.5% CAGR, Europe Abrasive Market is Projected to be Worth US$ 6,979.00 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe abrasive market was valued at US$ 4,911.15 million in 2022 and is expected to reach US$ 6,979.00 million by 2030, registering a CAGR of 4.5% from 2022 to 2030. Growing automotive and metal fabrication industry, and rising demand for abrasives from electrical and electronics industry are among the critical factors attributed to drive the Europe abrasive market growth.

Abrasives are used in a variety of electronics and photonics applications such as mounting, precision grinding, polishing, production lapping, and wafer polishing. In the electronics industry, mounting devices require high precision to ensure their stability during testing and analysis. Aluminum oxide and silicon carbide are generally used in mounting processes due to their high hardness and dimensional stability. Boron carbide is also used for mounting sensitive components such as ceramics and semiconductor materials due to its low density, high hardness, and chemical resistance. The rising sales of electrical and electronic components due to the transition toward electric vehicles and growing demand for electronic consumer durables have fueled the demand for high-efficiency materials required for component production. As per the Parker Hannifin Corporation report, the global market for computer numerically controlled (CNC) machine tools are projected to reach US$ 129 billion by 2026. 10% of Germany's industrial output, 3% of the GDP, and 27% of the nation's R&D expenditures are attributed to the electronics industry. Additionally, Hungary is the new EU member with the highest electronics production capacity, followed by the Czech Republic and Poland. Hungary has been successful in promoting the quick expansion of an electronics industry primarily focused on mobile handsets, while the Czech Republic is more specialized in the production of PCs. Additionally, Hungary plays a significant role in the production of PCs in Europe and holds a strong position in the production of consumer goods in Central and Eastern Europe (TVs and VCRs). Thus, the growth in the electrical and electronics industry drives the demand for abrasives.

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

By material, the Europe abrasive market is bifurcated into natural and synthetic. The synthetic segment held 59.3% share of Europe abrasive market in 2022, amassing US$ 2,910.13 million. It is projected to garner US$ 4,293.43 million by 2030 to expand at 5.0% CAGR from 2022 to 2030

In terms of type, the Europe abrasive market is bifurcated into bonded abrasives and coated abrasives. The bonded abrasives segment held 55.2% share of Europe abrasive market in 2022, amassing US$ 2,711.82 million. It is anticipated to garner US$ 4,011.10 million by 2030 to expand at 5.0% 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 Europe abrasive market is segmented into automotive, aerospace, marine, metal fabrication, woodworking, electrical & electronics, and others. The automotive segment held 24.5% share of Europe abrasive market in 2022, amassing US$ 1,201.13 million. It is projected to garner US$ 1,773.52 million by 2030 to expand at 5.0% CAGR from 2022 to 2030.

Based on sales channel, the Europe abrasive market is bifurcated into direct and indirect. The indirect segment held 57.9% share of Europe abrasive market in 2022, amassing US$ 2,845.98 million. It is predicted to garner US$ 4,158.80 million by 2030 to expand at 4.9% CAGR between 2022 and 2030.

Based on country, the Europe abrasive market is categorized into Germany, France, Italy, Spain, the UK, Russia, Poland, Czech Republic, Hungary, Estonia, Latvia, Romania, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 27.9% share of Europe abrasive market in 2022. It was assessed at US$ 1,368.19 million in 2022 and is likely to hit US$ 1,870.32 million by 2030, registering a CAGR of 4.0% during 2022-2030.

Key players operating in the Europe 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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