The global super abrasives market held a market value of USD 6,351.5 Million in 2021 and is projected to reach USD 9,767.4 Million by the year 2030. The market is anticipated to grow at a CAGR of 6.5% from 2021 to 2030.
Super Abrasives Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Super Abrasives Market , and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region
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A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Super Abrasives.
Super abrasives are special tools utilized for precision grinding. They are known as super abrasives owing to their unparalleled performance, extraordinary hardness, and longevity. The market is majorly driven owing to the conventional abrasives substituted by super abrasives and the use of diamond in grinding wheels for precision & machining tools. However, the high-performance application coupled with high initial cost and the lack of raw material availability & stringent regulations is anticipated to negatively hamper the market growth.
Conventional abrasives substituted by super abrasives
Conventional abrasives include silicon carbide and corundum, among others. They are natural grains usually blended or fuelled with other abrasive grains so that the grinding wheel can perform as required. On the other hand, super abrasives use synthetic or natural diamonds or CBN, a synthetic grain. They have substituted conventional abrasives, as they can run at higher speeds, and their thermal stability is also higher. This also adds to their long life. They also require less dressing as compared to their conventional counterparts due to their durability. For instance, if a manufacturer has 30 to 40 parts per dress with a conventional abrasive, they have 1,200 parts per dress for a CBN abrasive. This makes it ideal for high-volume environments as well. All these factors are expected to positively influence market growth.
Usage of diamond in grinding wheels for machining and precision tools
Diamond is the most used precision tool grinding method for cutting tools which are utilized for making stamping dies, precision machinery components, and injection molds. The diamond is grown on industrial scales to supply the tremendous demand of the metalworking industry globally. These diamonds are also more uniform in shape as well as hardness, as compared to natural diamonds. Furthermore, diamonds are significantly harder than conventional abrasives, such as silicon carbide and aluminum oxide. Such factors are anticipated to fuel growth in super abrasives market.
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The global Super Abrasives market is segmented into product, application, and industry.
By Product Cubic boron nitride (CBN) o Vitrified CBN o Electroplated CBN o Resin Bond CBN o Metal CBN Diamond o Vitrified Diamond o Electroplated Diamond o Resin Bond Diamond o Metal Diamond The diamond segment is anticipated to grow at the fastest growth rate of 6.7% owing to the rising demand for diamonds in manufacturing cutting and grinding tools. The CBN segment is also expected to grow significantly owing to its properties such as thermal conductivity, high electrical resistance, and low thermal expansion. By Application, Powertrain Bearing Gear Tool Grinding Turbine Other Applications The powertrain segment is expected to hold the largest market share of around 30% owing to the increasing demand for super abrasives in the segment. The tool grinding segment is anticipated to grow at the fastest CAGR during the forecast period. By Industry, Construction Energy (O&G, Mining) Automotive Electricals & Electronics Medical Devices Aerospace Metal Fabrication Other Applications The electrical & electronics segment held the largest market share in 2020, owing to the increasing demand for precision grinding technology for creating smaller as well as complex pieces along with tight tolerances that fit correctly in machine components. The medical devices segment is expected to grow at the fastest CAGR of 7.7%.
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By region, the global Super Abrasives market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The Asia Pacific region accounted for the largest market share of around 45% owing to the increasing demand for super abrasives in emerging economies, such as India and China. Furthermore, precision tooling is a rapidly growing market in India, which is also expected to contribute to market growth.
The North American region is anticipated to witness significant growth due to the presence of major players in the region. Europe and South America are also estimated to grow at considerable growth rates.
Major players in the global Super Abrasives market include Action SuperAbrasive, 3M, Asahi Diamond Industrial Co. Ltd, CarborundumUniversal Ltd, Diametal AG, Element Six (UK) Limited, Finzler, Schrock & Kimmel GmbH, Henan Huanghe Whirlwind Co., Ltd., Husqvarna AB, Hyperion Materials & Technologies, ILJIN DIAMOND CO., LTD, Noritake, Saint-Gobain S.A., SHOWA DENKO K.K., Super Abrasives Inc., and Zhengzhou ZZDM Superabrasives Co., Ltd., among others.
The cumulative market share of the five major players is near about 40.5%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in April 2021, Hyperion Material & Technologies completed the acquisition of Crafts Technologies, a manufacturer of high-precision manufacturer of custom-made cemented tungsten carbide solutions. Furthermore, in June 2020, Element Six launched the DNV-B1, a general-purpose chemical vapor deposition quantum grade diamond. This expanded companys product portfolio.
The global Super Abrasives market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Super Abrasives market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players. Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
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The global Super Abrasives market report answers questions such as:
What is the market size and forecast of the Global Super Abrasives Market? What are the inhibiting factors and impact of COVID-19 on the Global Super Abrasives Market during the assessment period? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Super Abrasives Market? What is the competitive strategic window for opportunities in the Global Super Abrasives Market? What are the technology trends and regulatory frameworks in the Global Super Abrasives Market? What is the market share of the leading players in the Global Super Abrasives Market? What modes and strategic moves are considered favorable for entering the Global Super Abrasives Market?
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