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Rubber Bonded Abrasives Market - Forecast(2024 - 2030)
Rubber Bonded Abrasives Market Overview
The Rubber Bonded Abrasives market size is estimated to reach US$1.5 billion by 2030, after growing at a CAGR of 3.5% over the forecast period of 2024-2030. The primary raw materials used in the manufacture of rubber bonded abrasives are aluminum oxide, zirconium, silicon carbide and ceramic. This market is expected to grow during the forecast period due to increased demand from the metal, steel and heavy industries. This market is being propelled by rising demand from various industries as well as the flexible properties of rubber bonded abrasives. Rubber bonded abrasives are used to remove surface materials. Thus, these are used by a wide range of end-user industry sectors, thereby driving the rubber bonded abrasives market. Medtronic’s R&D expenses were $2.75 billion for the fiscal year ending April 29, 2022, a 10.15 percent increase from the previous year. The COVID-19 pandemic majorly impacted the rubber bonded abrasives market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as automotive, electrical & electronics and others, the Rubber Bonded Abrasives market size is anticipated to grow rapidly during the forecast period.
Despite the initial setbacks caused by the COVID-19 pandemic, the rubber bonded abrasives market is witnessing a significant trend towards increased adoption in precision machining applications. This surge can be attributed to the rising demand for intricate and precise components in industries like aerospace and medical devices. The enhanced precision offered by rubber bonded abrasives aligns with the evolving needs of these industries, driving the market's expansion. As a result, the Rubber Bonded Abrasives market size is expected to experience substantial growth in the forecast period, fueled by the heightened requirements for precision in manufacturing processes.
Market Snapshot:
Rubber Bonded Abrasives Market Report Coverage
The “Rubber Bonded Abrasives Market Report – Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Rubber Bonded Abrasives Market industry.
By Type: Natural and Synthetic.
By Application: Heavy Industries, Transportation Components, Electrical & Electronic Equipment, Medical Equipment, Household Equipment, Polishing, Cutting, Grinding and Others.
By End-use Industry - Transportation (Automotive, Aerospace, Marine and Locomotive), Heavy Industries (Steel industry, Metal industry and others), Electrical & Electronics, Medical & Healthcare and Others.
By Geography - North America (the US, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa).
Key Takeaways
● Asia-Pacific dominates the Rubber Bonded Abrasives market size. The increase in demand from end-user sectors, such as transportation and others, is the main factor driving the region's growth.
● One of the primary factors contributing to the Rubber Bonded Abrasives market’s favorable outlook is significant growth in the electrical & electronics sector around the globe.
● Technological advancements and the rise of various applications such as automotive components, medical equipment and others all contribute to the Rubber Bonded Abrasives industry growth.
● However, the Rubber Bonded Abrasives market’s expansion is projected to be hampered by environmental hazards.
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Rubber Bonded Abrasives Market Segment Analysis – by Type
The Synthetic segment held a significant share of the Rubber Bonded Abrasives market in 2023 and is projected to grow at a CAGR of 2.8% during the forecast period 2024-2030, owing to extensive properties provided by synthetic over natural rubber bonded abrasives. Synthetic rubber is more resistant to abrasion and heat. Due to its high tensile strength, longevity and high resistance to temperature, these features of synthetic rubber bonded abrasive are a significant driver of its widespread use in a variety of industries, including transportation, steel and metal, electrical and electronics. These extensive properties compiled with increasing applications would propel the rubber bonded abrasives market in the forecast period.
Rubber Bonded Abrasives Market Segment Analysis – by End-use Industry
Transportation held a significant share of the Rubber Bonded Abrasives market in 2023 and is projected to grow at a CAGR of 2.9% during the forecast period 2024-2030. Rubber bonded abrasives such as aluminum oxide, zirconium, silicon carbide and ceramic are used to make transportation components such as auto ancillaries, bearings and gears and auto OEMs. They are used in bearing processing, disc grinding and centerless grinding, primarily for bearing rind and roller. Increasing demand for transportation is driving the rubber bonded abrasives market. According to the Energy Information Administration (EIA), by 2035, there would be 1.7 million automobiles worldwide. According to the World Organization of Automobile Manufacturers (OICA), global vehicle production amounted to 66.9 million units in the first three quarters of 2023 with an increase of 10% compared to last year. With the rise in automotive production across the globe, the demand for rubber bonded abrasives is anticipated to rise for various applications such as transportation components, cutting and others, which is projected to boost the Rubber Bonded Abrasives industry growth in the automotive industry during the forecast period.
Rubber Bonded Abrasives Market Segment Analysis – by Geography
The Asia-Pacific held a significant share of the Rubber Bonded Abrasives market in 2023 and is projected to grow at a CAGR of 38.9% during the forecast period 2024-2030. The flourishing growth of aluminum carbide is influenced by its significant applications across major industries, along with growing development in automotive production and the base for aluminum carbide in APAC. The automotive sector in Asia-Pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and production rise. According to India Brand Equity Foundation, the Indian passenger car market is expected to grow to US$54.84 billion by 2027. According to India Brand Equity Foundation, by 2030, the Indian aerospace and defense (A&D) market is expected to reach US$70 billion. According to International Trade Administration, China remains the world's largest vehicle market in terms of both annual sales and manufacturing output, with domestic output expected to reach 35 million vehicles by 2025. Thus, the growth of Rubber Bonded Abrasives in the region is being aided by the increasing automotive sector in APAC, thereby dominating the market in the Asia-Pacific region.
Rubber Bonded Abrasives Market Drivers
Bolstering Growth of the Electrical & Electronics:
Rubber Bonded Abrasives are widely used in electrical and electronic equipment applications. They are used in semiconductor manufacturing and electronic applications such as CMP pad dressing, back grinding, wafer slicing, IC die cutting and other electronics manufacturing operations. The electronics industry is growing rapidly due to the high demand for electrical devices and consumer electronics such as smartphones, TV, PC and others in the work-from-home scenario. According to the India Brand Equity Foundation (IBEF), the electronics manufacturing industry in India is projected to reach US$520 billion by the year 2025. According to the Semiconductor Industry Association (SIA), global semiconductor industry sales totaled $48.0 billion during the month of November 2023, an increase of 5.3% compared to the November 2022 total of $45.6 billion and 2.9% more than the October 2023 total of $46.6 billion. According to Shanghai Municipal People's Government, the total retail sales of China's consumer electronics market is expected to rise 4 percent to 2.2 trillion yuan (US$305 billion) in 2023, while the growth pace will further increase to 5 percent in 2024. With the rise in electronics products across the globe, the demand for Rubber Bonded Abrasives is anticipated to rise for various applications, which is projected to boost the market growth in the electrical & electronics industry during the forecast period.
Rising Demand from Heavy Industries:
Heavy industries are one of the major areas where Rubber Bonded Abrasives are widely used for specific needs ranging from metal processing to finished product manufacturing. Due to their flexibility, rubber bonded abrasives are used in foundries and the steel industry for general precision in cutting and grinding extremely minute details of tools. Moreover, increased steel manufacturing and foundries around the world would drive the market for rubber bonded abrasives. India emerged as the world's second-largest producer of crude steel in Fiscal Year 2023, achieving an output of 125.32 million tonnes (MT) of crude steel and 121.29 MT of finished steel production. World Steel Association forecasts that, In 2023, the World Steel Association forecasts a 1.8% growth in steel demand, reaching 1,814.5 Mt, following a contraction of 3.3% in 2022. The projection indicates a further increase in steel demand by 1.9% to 1,849.1 Mt in 2024.With the rise in heavy industries production across the globe, the demand for Rubber Bonded Abrasives is anticipated to rise for various applications, which is projected to boost the market growth in the heavy industry during the forecast period.
Rubber Bonded Abrasives Market Challenges
Health Hazards:
The hazardous effects of pollution caused by the manufacturing process of Rubber Bonded Abrasives would pose a significant challenge to market growth. Toxic materials such as aluminum oxide, zirconium, silicon carbide and ceramic are present in the abrasive material and the surface being blasted. Silica sand (crystalline) can cause silicosis, lung cancer and breathing difficulties in workers who are exposed to it. Moreover, the increasing prevalence of machine parameter constraints would further derail the growth rate of the rubber bonded abrasives market. The availability of market alternatives or substitution by superior quality bonded abrasives would pose a threat to the growth of the rubber bonded abrasives market. Thus, these are some of the key obstacles to the Rubber Bonded Abrasives industry.
Rubber Bonded Abrasives Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Rubber Bonded Abrasives market. The top 10 companies in the Rubber Bonded Abrasives market are:
1. 3M Company
2. Tyrolit Group
3. PFERD INC
4. Y.IKEMURA Co.
5. ABRASIVOS MANHATTAN, S.A.
6. Schwarzhaupt GmbH & Co. KG
7. Atto Abrasive Ltd
8. Marrose Abrasives
9. Buffalo Abrasives
10. PACER Industries
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1. Rubber Bonded Abrasives Market - Market Overview
1.1 Definitions and Scope
2. Rubber Bonded Abrasives Market - Executive Summary
2.1 Key Trends by Type
2.2 Key Trends by Application
2.3 Key Trends by End-use Industry
2.4 Key Trends by Geography
3. Rubber Bonded Abrasives Market – Comparative analysis
3.1 Market Share Analysis - Major Companies
3.2 Product Benchmarking - Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis - Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Rubber Bonded Abrasives Market - Startup companies Scenario Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Rubber Bonded Abrasives Market – Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Rubber Bonded Abrasives Market - Market Forces
6.1 Market Drivers
6.2 Market Constraint
6.3 Porter's Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Rubber Bonded Abrasives Market – Strategic Analysis
7.1 Value Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Rubber Bonded Abrasives Market - by Type (Market Size - US$ Million/Billion)
8.1 Natural
8.2 Synthetic
9. Rubber Bonded Abrasives Market - by Application (Market Size - US$ Million/Billion)
9.1 Heavy Industries
9.2 Transportation Components
9.3 Electrical & Electronic Equipment
9.4 Medical Equipment
9.5 Household Equipment
9.6 Polishing
9.7 Cutting
9.8 Grinding
9.9 Others
10. Rubber Bonded Abrasives Market - by End-use Industry (Market Size - US$ Million/Billion)
10.1 Transportation
10.1.1 Automotive
10.1.1.1 Passenger Vehicles (PV)
10.1.1.2 Light Commercial Vehicles (LCV)
10.1.1.3 Heavy Commercial Vehicles (HCV)
10.1.2 Aerospace
10.1.2.1 Commercial
10.1.2.2 Military
10.1.2.3 Others
10.1.3 Locomotive
10.1.4 Marine
10.1.4.1 Passenger
10.1.4.2 Cargo
10.1.4.3 Others
10.2 Heavy Industries
10.2.1 Steel Industry
10.2.2 Metal Industry
10.3 Electrical & Electronics
10.4 Medical & Healthcare
10.5 Others
11. Rubber Bonded Abrasives Market - by Geography (Market Size - US$ Million/Billion)
11.1 North America
11.1.1 The USA
11.1.2 Canada
11.1.3 Mexico
11.2 Europe
11.2.1 The UK
11.2.2 Germany
11.2.3 France
11.2.4 Italy
11.2.5 The Netherlands
11.2.6 Spain
11.2.7 Belgium
11.2.8 The Rest of Europe
11.3 Asia-Pacific
11.3.1 China
11.3.2 Japan
11.3.3 India
11.3.4 South Korea
11.3.5 Australia and New Zealand
11.3.6 Indonesia
11.3.7 Taiwan
11.3.8 Malaysia
11.3.9 The Rest of APAC
11.4 South America
11.4.1 Brazil
11.4.2 Argentina
11.4.3 Colombia
11.4.4 Chile
11.4.5 The Rest of South America
11.5 The Rest of the World
11.5.1 The Middle East
11.5.1.1 Saudi Arabia
11.5.1.2 The UAE
11.5.1.3 Israel
11.5.1.4 The Rest of the Middle East
11.5.2 Africa
11.5.2.1 South Africa
11.5.2.2 Nigeria
11.5.2.3 The Rest of Africa
12. Rubber Bonded Abrasives Market – Entropy
12.1 New Product Launches
12.2 M&As, Collaborations, JVs and Partnerships
13. Rubber Bonded Abrasives Market – Industry/Segment Competition Landscape
13.1 Company Benchmarking Matrix – Major Companies
13.2 Market Share at Global Level - Major companies
13.3 Market Share by Key Region - Major companies
13.4 Market Share by Key Country - Major companies
13.5Market Share by Key Application - Major companies
13.6 Market Share by Key Product Type/Product category - Major companies
14. Rubber Bonded Abrasives Market – Key Company List by Country Premium
15. Rubber Bonded Abrasives Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
15.1 3M Company
15.2 Tyrolit Group
15.3 PFERD INC
15.4 Y.IKEMURA Co.
15.5 ABRASIVOS MANHATTAN, S.A.
15.6 Schwarzhaupt GmbH & Co. KG
15.7 Atto Abrasive Ltd
15.8 Marrose Abrasives
15.9 Buffalo Abrasives
15.10 PACER Industries
* "Financials would be provided to private companies on best-efforts basis."
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LIST OF TABLES
LIST OF FIGURES
1.US Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
2.Canada Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
3.Mexico Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
4.Brazil Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
5.Argentina Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
6.Peru Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
7.Colombia Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
8.Chile Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
9.Rest of South America Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
10.UK Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
11.Germany Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
12.France Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
13.Italy Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
14.Spain Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
15.Rest of Europe Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
16.China Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
17.India Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
18.Japan Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
19.South Korea Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
20.South Africa Rubber Bonded Abrasives Market Revenue, 2023-2030 ($M)
21.North America Rubber Bonded Abrasives By Application
22.South America Rubber Bonded Abrasives By Application
23.Europe Rubber Bonded Abrasives By Application
24.APAC Rubber Bonded Abrasives By Application
25.MENA Rubber Bonded Abrasives By Application
26.3M Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Tyrolit Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Pferd Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Y. Ikemura & Co. Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Abrasivos Manhattan SA, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Schwarzhaupt GmbH & Co. Kg, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Saint Gobain., Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Cratex Manufacturing Co., Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Marrose Abrasives., Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Atto Abrasives Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Lowton Abrasive Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Buehler., Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Artifex DR Lohmann GmbH & Co Kg., Sales /Revenue, 2015-2018 ($Mn/$Bn)