Abrasives Market Worth 58.43 Billion USD by 2021
PUNE, India, June 2, 2016 /PRNewswire/ --
The report "Abrasives Market by Material (Natural, Synthetic), Product (Grinding Wheel, Sandpaper, Others), Type (Bonded, Coated, Super), End-Use Industry (Automotive, Machinery, Metal Fabrication, Others) - Global Forecast to 2021", published by MarketsandMarkets, the market is projected to grow from USD 41.21 Billion in 2015 to USD 58.43 Billion by 2021, at a CAGR of 6.10%.
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Browse 197 market data Tables with 67 Figures spread through 232 Pages and in-depth TOC on "Abrasives Market"
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The Abrasives Market is projected to witness significant growth in the next few years with the growing automotive, metal fabrication, electronics, electrical, medical, and construction industries. Abrasive is a material or substance such as pumice, sandpaper, or emery, which is used for grinding, cleaning, polishing, and smoothing. Abrasives are used in a wide range of domestic, industrial, and technological applications.
Use of grinding wheel in automotive is projected to increase during the forecast period
Grinding, the most important abrasive product, is involved in the manufacturing of machinery, electrical, electronic components, and automotive components. It is made of abrasive grain, and is a self-sharpening cutting tool. The majority of grinding wheels made have a vitreous, ceramic bond, made of clays and feldspars. The grinding wheel segment accounted for the largest market share in 2015 due to higher speed, improved efficiency, and better productivity.
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Automotive segment is projected to be the fastest-growing segment of the Abrasives Market during the forecast period
The automotive segment accounted for the largest market share in 2015 due to the rise in disposable income, especially in developing countries, which led to an unprecedented demand for passenger and commercial vehicles coupled with shifts in consumer demand and expanded regulatory requirements. Efficient finishing of automobiles use abrasives for sizing engine parts, deburring, cleaning, to repair and maintain the body, interiors, and accessories of the automobile. They are primarily used to smooth out welds, clean the interior of pipes, and to smoothen out uneven and rough surfaces and edges. Furthermore, coated abrasives are used in the transportation sector for finishing and grinding applications. Thus, this augmented demand for automobiles is expected to indirectly drive the growth prospects of the Abrasives Market in the coming years.
Asia-Pacific to play a key role in the Abrasives Market
The growth in the Asia-Pacific region is driven by factors such as the augmented demand for automobiles, rise in the sales of electronic devices, efforts towards standardization, expanding application segments, increasing urbanized population in China and India, along with the growth in disposable income in these countries are driving the growth of the Asia-Pacific Abrasives Market.
At a global level, companies such as Robert Bosch GMBH (Germany), 3M Company (U.S.), E.I. du Pont de Nemours and Company (U.S.), Saint-Gobain Abrasives, Inc. (France), and Fujimi Incorporated (Japan) are providing abrasive products. Large construction players such as LafargeHolcim (France), Balfour Beatty PLC (U.K.), Kier Group PLC (U.K.), and Carillon PLC (U.K.) have scope to enter into abrasive services. Other players in the market include Henkel AG & CO. KGAA (Germany), Tyrolit Group (Austria), Asahi Diamond Industrial Co., LTD (Japan) Deerfos Co., Ltd (Korea), and Carborundum Universal Limited: (India).
Study Coverage:
The scope of the report covers detailed information regarding the major factors influencing the growth of the Abrasives Market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been conducted to provide insights into their business overview, products & services, key strategies, new product launches, agreements, and recent developments associated with the Abrasives Market.
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