India Abrasives Market Overview
The India Abrasives Market reached is projected to witness lucrative growth by reaching at a CAGR of 7.9% during the forecast period (2024-2031). The Indian abrasive market is dominated by the grinding wheels segment, which accounts for a significant share of the market.
India has a vibrant and growing abrasive market that is driven by the country's booming manufacturing industry. The abrasive market in India is diverse and competitive, with a range of local and international companies offering a wide variety of abrasive products for various applications. The increasing demand for precision tools and high-quality finished products is driving the growth of the abrasive market in India. Additionally, the government's ‘Make in India’ initiative, which aims to promote local manufacturing, is expected to further boost the growth of the abrasive market in the country.
Market Scope
| Metrics | Details |
| CAGR | 7.9% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) and Volume (Tons) |
| Segments Covered | Type, Material and Application |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Growing construction industry and increasing government investment
Infrastructure is critical to the growth of other sectors and India's overall development. As a result, the government focuses on infrastructure and construction services growth through targeted policies such as open FDI norms, large budget allocations to the infrastructure sector, and the smart cities mission, among others. In India, the construction business is divided into two segments: real estate and urban development. Infrastructure activities made for 13% of total FDI inflows of US$ 81.72 billion in 2021.
Furthermore, the government of India is investing extensively in various infrastructure programs such as Pradhan Mantri Awas Yojana-Urban (PMAY-U) and Smart Cities Mission, among others. In the building and construction industry, abrasives are used for demanding jobs such as drilling, cutting, polishing and grinding. As a result, they're used in machine tools including stone, handheld saws, floor, tile, and power trowels, core drilling equipment, and floor grinders.
These factors are expected to drive demand for abrasives and in turn, boost growth of the India abrasives market.
High raw material prices and import duties
High import duty on raw materials is a significant restraint for the India abrasives market as it increases the cost of production for domestic manufacturers. It makes it difficult for them to compete with imported products, which may be cheaper due to lower duty rates. Furthermore, the high import duty increases the cost of producers importing raw materials, which are frequently not readily available domestically. Increased production costs lead to increased consumer pricing. Because indigenous products are less expensive and less competitive, the high import duty on raw materials may inhibit the India abrasives market from growing.
Market Segmentation Analysis
The India abrasives market is segmented based on type, material and application.
Growing demand for packaging products free of chemicals to protect and preserve the integrity of licensed chemicals
The application segment in India abrasive market is further segmented into drilling, grinding, polishing, cutting, sharpening, and others. Drilling segment is a major driver for the India abrasives market. Abrasives are materials that are used to grind, polish, and finish surfaces. It is commonly used in drilling applications to remove excess material and smooth the surface of the drilled hole. The demand for abrasives in drilling applications is driven by the growth of India's construction, automotive, and manufacturing industries.
Companies and Competitive Landscape
The major Indian market players include Carborundum Universal Ltd, Asahi Diamond Industrial India Private Limited, Grindwell Norton Ltd, Wendt India Ltd, Hindustan Abrasives, Sterling Abrasives Limited, Orient Abrasives Limited, Bosch Limited, Webcast Steels Ltd, and Henkel Anand India Private Limited.
Key Developments
- CUMI Abrasives GmbH, Germany (CAG), a step-down wholly owned subsidiary of Carborundum Universal Ltd. (CUMI), declared the acquisition of two businesses in Germany on February 4, 2022, for an enterprise value of 464 crore and 68 crore, respectively.
- On November 17, 2020, Asian paints launched their new product line of TruStar abrasive sanding paper for Indian market.
- The CUMI Monk was introduced by Carborundum Universal Limited (CUMI), an internationally recognized manufacturer of abrasives on March 8, 2023, at the GrindTec Fair in Leipzig, Germany.
Why Purchase the Report?
- To visualize the India abrasives market segmentation based on type, materials, and application, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of abrasives market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The India abrasives market report would provide approximately 33 tables, 30 figures and 126 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
