The Global Super Abrasives Market to Reach USD 4.87 Billion by 2020, at a CAGR of 7.53%

The Global Super Abrasives Market has been estimated at USD 3.43 billion in 2015 and is projected to reach USD 4.87 billion by 2020, at a CAGR of 7.53% during the forecast period from 2015 to 2020. The global super abrasives market is a growing one as super abrasives are steadily replacing normal ones as the production increases. Abrasives are used to smoothen the surface or achieve desired shape by removing the material on the job, typically steel.

Super Abrasives are steadily growing in application. They are employed in various industries like automotive, aerospace, medical, electronics, composites, oil industry and others. They are used when high quality finish is needed when working on hard materials.

They are typically used to make tools from high-speed steel. Aerospace and automotive form the major market segment with over 30% market share. The market is segmented into diamond, Cubic Boron Nitride (CBN), polycrystalline and others based on the type of super abrasives. Diamonds used as super abrasives are non-jewel type, industrial made and Nano diamonds.

The market is expected to be driven by the growing adaptation of CNC machines. CNC machines typically require less training and with the help of super abrasives, they can replace skilled human labor for intricate shapes and smooth finishes. Super abrasives offer very high speed machining and are cheaper than abrasives when per part cost is taken into account.

However, the high cost of super abrasives is a deterrent to the manufacturing sector. Manufacturers need CNC machines and high production quantities to justify the costs of super abrasives.

The market has also been geographically segmented into APAC, North America, Europe, South America and MEA. In terms of consumption in 2015, Europe led the market. It was followed by North America and APAC. APAC is expected to achieve high levels of growth due to soaring manufacturing sector and huge investment in this sector. This is chiefly due to the industrialization in developing countries of China and India. South America is also expected to grow at a significant rate because of the investments and growing automotive and oil and gas industries.