The growth of the abrasives market is mainly due to a rise in demand from important application domains along with the advancements in raw material processing technologies. The growth of abrasives market can be attributed to the recovery of the automobile industry, after the covid-19 Lockdown. Abrasives are materials that are repeatedly scraped against softer substances in order to polish them or to reduce the roughness of their surface. They are utilized in a variety of processes, including grinding, polishing, lapping, honing, pressure blasting, and others. Depending on the quantity of material to be removed, they come in a variety of particle or grit sizes. The automotive, metalworking, electrical, electronic, healthcare, and other end-use sectors all utilize abrasives extensively. Another significant factor anticipated to drive the market is growth in the electric vehicle sector. In the upcoming years, it is projected that the need for abrasives would rise as electric vehicles and their charging stations become more popular. For example, In February 2022, a memorandum of understanding (MoU) was signed between electric two-wheeler company Ather Energy and Electric Supply Companies (ESCOMs) of Karnataka for setting up 1,000 fast charging stations across the state.
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According to UnivDatos Market Insights (UMI)’ research report “global abrasives market”, the market is expected to witness a CAGR of around 4% during the forecast period 2021-2027F. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the abrasives markets globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.
Based on material, the market is classified into Natural and Synthetic. A considerable market share is held by the synthetic abrasive sector. Contrary to natural abrasives, which are mined, many synthetic abrasives are comparable to natural minerals but are produced artificially. This makes it far easier to alter the structure, size, and shape of grains. Furthermore, natural minerals lose some of their effectiveness due to impurities, making artificial abrasives a better option.
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Based on end use industry, the market is classified into Construction, Electronics, Automotive, Metal fabrication, and Others. Metal fabrication commands a sizeable market share, which is mostly due to its continuous and escalating use in developing countries like China and India to make metal parts through bending, cutting, and assembly procedures. Polishing, cleaning, debuffing, and mending automotive parts are among the automotive applications that are emerging along with the automobile sector.
APAC to witness extensive growth
For a better understanding of the market adoption of the abrasives industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Mexico); Europe (Germany, France, UK, Italy, Spain and Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific), and Rest of World. It is projected that the abrasives market would expand more swiftly in countries like India and China due to rising development activities and accelerated economic expansion. Due to their enormous populations, these countries provide a sizable client base as well. The rising demand from the construction and automotive sectors is expected to drive up demand in the metal and chemical industries, leading to a growth in the APAC abrasives market. Since, abrasives are heavily used throughout chemical and metal processing operations in these industries, which stimulates the demand.
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Some of the major players operating in the market include Robert Bosch GMBH, 3M Company, Saint-Gobain Abrasives, Inc, Fujimi Incorporated, LafargeHolcim, Balfour Beatty PLC, Kier Group PLC, Carillon PLC, Tyrolit Group and Asahi Diamond Industrial Co.
“Global Abrasives Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Type (Bonded, Coated, and Super)
2. By Material (Natural and Synthetic)
3. By End-Use Industry (Construction, Electronics, Automotive, Metal fabrication, and Others)
4. By Region (North America, Europe, APAC, Rest of the World)
5. By Company (Robert Bosch GMBH, 3M Company, Saint-Gobain Abrasives, Inc, Fujimi Incorporated, LafargeHolcim, Balfour Beatty PLC, Kier Group PLC, Carillon PLC, Tyrolit Group and Asahi Diamond Industrial Co.)
Key questions answered in the study:
1. What are the current and future trends of the global abrasives industry?
2. How the industry has been evolving in terms of material, type, end-use and region?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global abrasives industry?
5. What is the customer orientation, purchase behavior, and expectations from the global abrasives suppliers across various region and countries?