At 4.9% CAGR, North America Abrasive Market is Projected to be Worth US$ 6,375.03 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America abrasive market was valued at US$ 4,350.77 million in 2022 and is expected to reach US$ 6,375.03 million by 2030, registering a CAGR of 4.9% 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 North America abrasive market growth.

Abrasives are used in a broad range of automotive applications such as surface grinding, deburring, polishing, and casting for wheel manufacturing; cutting & grinding body components; weld removal and edge chamfering; plating & surfacing in automotive rack processing and shaping. According to a 2022 report by the International Energy Agency, the sales of electric cars doubled in the US in 2021; with 6.6 million units, the sales share increased by 4.5%. According to the International Trade Administration data released in 2022, Mexico is the seventh largest global passenger vehicle producer, manufacturing ?3 million vehicles yearly. Moreover, 90% of vehicles produced in Mexico are exported, of which ?76% are exported to the US. North America and Europe have well-established automotive producers such as Audi AG, Bayerische Motoren Werke AG, Stellantis NV, Ford Motor Company, Honda Motor Co Ltd, Hyundai Motor Company, Mercedes Benz, and Volkswagen Group, as well as many original equipment manufacturers. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, North America registered vehicle production of 14.8 million units.

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

By material, the North America abrasive market is bifurcated into natural and synthetic. The synthetic segment held 60.7% share of North America abrasive market in 2022, amassing US$ 2,641.11 million. It is projected to garner US$ 4,071.90 million by 2030 to expand at 5.6% CAGR from 2022 to 2030.

In terms of type, the North America abrasive market is bifurcated into bonded abrasives and coated abrasives. The bonded abrasives segment held 54.4% share of North America abrasive market in 2022, amassing US$ 2,365.31 million. It is anticipated to garner US$ 3,612.27 million by 2030 to expand at 5.4% 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 North America abrasive market is segmented into automotive, aerospace, marine, metal fabrication, woodworking, electrical & electronics, and others. The automotive segment held 25.6% share of North America abrasive market in 2022, amassing US$ 1,112.07 million. It is projected to garner US$ 1,689.10 million by 2030 to expand at 5.4% CAGR from 2022 to 2030.

Based on sales channel, the North America abrasive market is bifurcated into direct and indirect. The indirect segment held 57.6% share of North America abrasive market in 2022, amassing US$ 2,507.55 million. It is predicted to garner US$ 3,780.33 million by 2030 to expand at 5.3% CAGR between 2022 and 2030.

Based on country, the North America abrasive market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.4% share of North America abrasive market in 2022. It was assessed at US$ 3,715.01 million in 2022 and is likely to hit US$ 5,481.35 million by 2030, registering a CAGR of 5.0% during 2022-2030.

Key players operating in the North America 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; and 3M Co and Ekamant AB; among others.

• 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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