Super Abrasives Market to Grow with a CAGR of 4.61% through 2028
Growing demand of super abrasives in oil and gas industry is expected to
drive the Global Super Abrasives Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Super Abrasives
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Super Abrasives Market stood at USD 7.11 billion in 2022 and is anticipated to grow with a CAGR of 4.61% in the forecast
period, 2023-2028. The initiatives taken by government based on Super Abrasives
has led to favorable market conditions for the Global Super Abrasives Market.
Several factors contribute to the growth of various Super Abrasives products.
Many governments
globally are taking proactive initiatives to promote construction activities
and boost infrastructure development. Construction, being a vital sector,
relies heavily on the use of super abrasives for various applications, such as
concrete grinding and stone polishing, to achieve exceptional results. By
actively encouraging and supporting construction projects, governments
indirectly stimulate the demand for super abrasives, thereby fostering economic
growth and job creation in the industry.The optics manufacturing industry is
currently experiencing a significant wave of modernization and technological
advancements. Traditional manufacturing methods are being gradually replaced or
complemented by Computer Numeric Controlled (CNC) equipment, which offers
enhanced precision and efficiency. This shift towards automation and
digitization necessitates the utilization of high-precision tools, including
super abrasives, to ensure an optimal and flawless manufacturing process. These
advanced abrasive materials play a crucial role in achieving the highest levels
of precision and quality in the production of optics, contributing to the
overall advancement and competitiveness of the industry.
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Super Abrasives Market”
In the oil and
gas industry, super abrasives play a crucial role in drilling operations. These
operations are essential for exploring and extracting oil and gas resources.
One key component in this process is the drill bit, which is responsible for
penetrating the earth's surface and reaching the desired reservoirs. To withstand the
harsh conditions encountered during drilling, such as high pressures, extreme
temperatures, and abrasive materials, the drill bits need to be exceptionally
robust and resistant to wear and tear. This is where super abrasives,
particularly diamond abrasives, come into play.Diamond abrasives are well-known
for their exceptional hardness and durability. These qualities make them the
ideal choice for manufacturing drill bits. The use of diamond abrasives ensures
that the drill bits can withstand the extreme forces and abrasive materials encountered
during drilling operations, allowing for more efficient and effective
exploration and extraction of oil and gas resources. By incorporating
super abrasives, specifically diamond abrasives, into the manufacturing process
of drill bits, the oil and gas industry can enhance the overall performance and
longevity of these essential tools. This, in turn, leads to improved
productivity, reduced downtime, and enhanced operational efficiency in oil and
gas exploration and extraction endeavors.
The Global Super
Abrasives Market is segmented into product, application, regional distribution,
and company
Based on its product, the Cubic Boron Nitride segment held the
largest share in the market. CBN Super Abrasives, known for their extensive use
in cutting and grinding ferrous metals such as iron and steel, are widely
recognized as the second hardest materials after diamond. The market for
CBN-based Super Abrasives is experiencing significant growth, primarily driven
by the expanding automotive and aerospace sectors, especially in emerging
nations. These abrasives are gaining prominence in the oil and gas drilling
industry as well, owing to their exceptional wear resistance and ability to
withstand high temperatures and pressures. With their remarkable properties,
CBN Super Abrasives continue to revolutionize various industrial applications,
providing superior performance and efficiency.
Based on region, North America segment is expected to
grow during the forecast period. The rise in demand for Super Abrasives across a range
of end-use industries, including aerospace, automotive, and medical equipment,
has been a key factor driving the expansion of the market. The region has
witnessed a significant increase in the usage of Super Abrasives in precision grinding,
cutting, and polishing applications, thanks to the widespread adoption of
modern manufacturing techniques. This surge in demand can be attributed to the
superior performance and durability offered by Super Abrasives, which enable
manufacturers to achieve high-precision finishes and meet the stringent quality
requirements of various industries. With a strong presence of aerospace and
automotive businesses, the United States stands as the leading consumer of
Super Abrasives in North America, further driving the market growth in the
region.
Major companies operating in Global Super Abrasives
Market are:
- Element Six (UK) Limited
- Henan Huanghe Whirlwind Co., Ltd.
- ILJIN DIAMOND CO., LTD
- Saint-Gobain S.A.
- SHOWA DENKO K.K.
- Zhengzhou ZZDM SUPERABRASIVES CO., LTD.
- Asahi Diamond Industrial Co., Ltd.
- 3M Company
- NORITAKE CO., LIMITED
- Hyperion Materials & Technologies,
Inc.
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“Growing application of Super Abrasives in various end
user industries are key drivers of the Super Abrasives market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of Super Abrasives with every
passing year are anticipated to register an impressive growth to Global Super
Abrasives Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Super Abrasives Market By Product
(Cubic Boron Nitride, Polycrystalline, CVD Diamonds, Nano Diamonds), By Application
(Aerospace, Medical, Automotive, Construction, Electrical & Electronics,
Oil & Gas, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Super Abrasives Market and provides
statistics & information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Super Abrasives Market.
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