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The Rubber Bonded Abrasives market size is estimated to reach US$1.4 billion by 2027, after growing at a CAGR of 1.9% during the forecast period 2022-2027. The
use of rubber bonded abrasives in transportation has increased significantly.
Rubber bonded abrasives are held together by specific types of rubber, allowing
for a more gentle treatment of the piece. Aluminum oxide, zirconium, silicon
carbide and ceramic are the primary raw materials used in the production of rubber bonded
abrasives. According to the Energy Information Administration (EIA), by 2035,
there would be 1.7 million automobiles worldwide. According to the International
Organization of Motor Vehicle Manufacturers (OICA), automobile output increased
by 10% in the first nine months of 2021, to 57.26 million vehicles, up from
52.15 million units in the same period of the previous year.
Rubber
Bonded Abrasives Market: The Automotive Segment Leads the Market
On the basis of the end-use industry, the Rubber Bonded Abrasives market can be segmented into transportation, electrical & electronics, heavy industries and others. During the forecast period 2022-2027, the automotive segment is expected to grow with a CAGR of 2.4%. Rubber-bonded abrasives are used in the production of transportation components such as auto ancillaries, bearings and gears and auto OEMs. They are primarily used for bearing rind and roller in bearing processing, disc grinding and centerless grinding. The market for rubber-bonded abrasives is being driven by rising demand for transportation. According to India Brand Equity Foundation, by 2030, the Indian aerospace and defense (A&D) market is expected to reach US$ 70 billion.
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Rubber Bonded Abrasives Market: Asia-Pacific Holds the Largest Share
On the basis of geography, the Rubber Bonded Abrasives market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2021, the Asia-Pacific region held a 38.9% share of the total revenue earned by the market globally. Asia-Pacific countries including India and China are ahead comparatively in terms of consuming automotive products. 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, in 2021, the Indian passenger car market was valued at US$32.70 billion and it is expected to grow to US$54.84 billion by 2027. 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. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36 percent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20. The Rubber Bonded Abrasives market would also gain demand from the North American region. The US and Canada are emerging as competitive countries in the Rubber Bonded Abrasives market.
Rubber Bonded Abrasives Market:
Competitive Landscape
Key companies holding major
shares in the Rubber Bonded Abrasives market are 3M Company, Tyrolit Group,
Buffalo Abrasives, Y.IKEMURA, Atto Abrasive, Maryrose Abrasives, Schwarzhaupt,
Cratex Manufacturing, Saint Gobain and PACER Industries.
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