The global super abrasives market is expected to reach USD 4,287.72 million in 2018. It is estimated to reach USD 6,667.08 million by 2023, at estimated CAGRs of 9.23% over the forecast period of 2018-2023.
Substitution of Conventional Abrasives by Super Abrasives
Conventional abrasives used in grinding and cutting tools are silicon carbide, corundum, aluminium oxide etc. In recent times, the super abrasive grains of cubic boron nitride (CBN) are used in various industrial applications. Aluminum oxide (Al2O3) is one of the conventional materials for grinding wheels. This Al2O3 wheel, in addition to others, has its own certain disadvantages. For instance, it has to remove deposited carbon frequently during the process of grinding, in order to keep its performance up to its specified level and efficiency. In addition to this, these conventional low-speed grinding wheels cannot be run at high rpm and hence, the obtained surface integrity cannot be up to the mark. Due to these reasons, conventional grinding wheels are replaced by high-speed super-abrasive grinding wheels. Its properties and better performance, with the features such as excellent form retention, better surface finish, dimensional accuracy, lower cost per piece, lower cycle time, and longer durability and higher performance, the super abrasives are suitable substitutes for the conventional abrasives
Electronics Industry - a Huge Market Potential
Super abrasives find various applications in the electronics industry. This is because of the type of materials that the super abrasive tools are capable of processing. The tools can be used to process semiconductor materials, ceramics, carbide alloys, copper and copper alloys, aluminium, resin, and rubber, all of which are majorly used in electronic component manufacturing. Printed Circuit Boards (PCBs) are the key elements for many electronic devices, like desktop computers and home theatre systems, among others. Super abrasive grinding tools are largely used for the creation of PCB’s in the electronics industry. Super abrasives in the electronics industry provide consistent slicing performance, uniform diamond counts, uniform wire diameter, and even diamond distribution, and no diamond clustering. Super abrasives are also required in the electronics sector for disc texturing, wafer manufacturing, polishing, optic windows, semiconductors, and heat sinks. Asia-Pacific and European regions are expected to be the key driving regions for the consumption of super abrasives during the forecast period.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region dominated the global super abrasives market in 2017. Owing to the demand for electronics in countries such as China, India, and Japan, the demand for super abrasives in the manufacturing processes are increasing in the region. In India, the consumer durables, like electronics appliances, have witnessed a tremendous increase in production and sales, owing to the growing middle-class income, rapid urbanization, and change in lifestyle of the working class. Government initiatives have supported the expansion of consumer electronics production. Many global manufacturers have expanded their production facilities in the country, and many manufacturing projects are underway in the next 10 years. According to the India Brand Equity Foundation (IBEF), the Indian electronics market is expected to witness a CAGR of 41% between 2017 and 2020, to reach a value of USD 400 billion. Such demand and viable opportunities for production, in the consumer electronics segment in India, are expected to provide a wide array of opportunities for the consumption of super abrasives in the coming years. All the aforementioned factors, in turn, expected to increase during the forecast period.
Notable Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook