LONDON, June 16, 2016 /PRNewswire/ -- "Increasing demand from machinery industry coupled with growing automotive industry is expected to drive the abrasives market"
The global abrasives market size is projected to grow from USD 41.21 billion in 2015 to reach USD 58.43 billion by 2021, at a projected CAGR of 6.10%. The growth of this market is driven by the increased demand from the automotive and machinery industries globally, especially in Asia-Pacific due to urbanization and industrialization. Also, the accurate manufacturing features involving various applications (grinding, cutting, polishing, sanding, and others) of abrasives are attracting the end-use sectors significantly. With the emergence of new technologies, contractors and consumers are looking for advanced and accurate manufacturing, which are driving market for abrasives globally.
"Coated sector projected to grow at the highest rate during the forecast period"
The coated sector is projected to be the fastest-growing segment on the basis of type, in the next five years. Due to the focus on rapid industrialization in emerging economies and development of the metal fabrication industry, a shift is expected towards the inclination of both, suppliers and consumers, towards abrasives. Increasing demand in welding, automotive, foundry, and jewelry industries is also expected to drive the coated abrasives market in next five years. Market participants are focusing on novel products such as wide belts, flexible belts, nonwoven fabric abrasives, seeded gel abrasives, and polyester backed abrasives. This factor is also expected to boost demand over the forecast period.
"Asia-Pacific is projected to dominate the abrasives market in 2021"
Asia-Pacific accounted for the largest share in the abrasives market in 2015, and is projected to dominate the market in 2021. The market in Asia-Pacific is projected to grow at the highest rate during the forecast period. The rise in disposable income, exceptional demand for passenger and commercial vehicles, and rise in the sales of electronic devices are driving the abrasives market. Due to the increasing consumption and production of industrial products in developing economies such as India and China, the abrasives market in these countries is projected to grow at a higher rate than the rest of the Asian-Pacific countries.
Breakdown of Primaries:
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the abrasives market. Primary sources include professionals such as opinion leaders, executives, vice presidents, and CEOs of companies in the construction sector and abrasives industry. The following is the breakdown of primaries:
By Company Type: Tier 1: 43%; Tier 2: 33%; Tier 3: 24%
By Designation: C-level: 40%; Manager Level: 35%; Others: 25%
By Region: North America: 40%; Europe: 20%; Asia-Pacific: 25%; RoW: 15%
Note: Others include sales managers, marketing managers, and product managers
Tier-1: Revenue >USD 500 million
Tier-2: Revenue USD 100 to USD 500 million
Tier 3: Revenue < USD 100 million
The various abrasive companies profiled in the report are as follows:
1. Robert Bosch GMBH (Germany)
2. 3M Company (U.S.)
3. E.I. du Pont de Nemours and Company (U.S.)
4. Saint-Gobain Abrasives, Inc. (France)
5. Fujimi Incorporated (Japan)
6. Henkel AG & CO. KGAA (Germany)
7. Tyrolit Group (Austria)
8. Asahi Diamond Industrial Co., LTD (Japan)
9. Deerfos Co., Ltd (Korea)
10. Carborundum Universal Limited (India)
This report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the abrasives market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
2. The report helps stakeholders to understand the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand their competitors and gain more insights about their position in the business.
Download the full report: https://www.reportbuyer.com/product/3885878/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/abrasives-market-by-material-product-type-end-use-industry---global-forecast-to-2021-300286241.html