Global Abrasives Market to 2023: Focus on Automotive, Machinery, Aerospace, Metal Fabrication, Electrical & Electronic Industries
DUBLIN, July 18, 2018 /PRNewswire/ --
The "Abrasives Market by Material (Natural, Synthetic), Type (Bonded, Coated, Super), Product Type (Disc, Cups, Cylinder), End-use Industry (Automotive, Machinery, Aerospace, Metal Fabrication, Electrical & Electronics) & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The market size will grow from USD 42.34 billion in 2018 to reach USD 56.59 billion by 2023, at a CAGR of 5.97%.
The abrasives market has been growing in accordance with the global automotive, metal fabrication, and machinery industries. With rapid urbanization and industrialization, the need for new machinery has increased significantly throughout the world, which has played a huge part in providing the necessary momentum to the global abrasives market after the economic slowdown witnessed between 2007 and 2009. The recovery of the global economy would also boost the demand in this market.
This report has been segmented on the basis of material, type, product type, end-use industry, and region. The aerospace sector is projected to be the fastest-growing segment in the abrasives market during the forecast period. The automotive segment accounted for the largest share in 2017, in terms of both value and volume. Rapid urbanization and increased spending power in emerging economies propel the growth of the automotive industry.
The segmentation based on type consists of coated, bonded, and super abrasive. The coated abrasives segment is projected to grow at a high growth rate between 2018 and 2023. Based on material, the natural segment was the largest in 2017 as it provides benefits such as cost effectiveness, non-toxicity, low material consumption rate, purity, and high productivity rates. These benefits help to manufacture automotive, machinery, electrical, and electronics components with less maintenance, with ease, and of better quality.
Asia Pacific is the most attractive market for abrasives, owing to the rapid growth in industries such as automotive, machinery, and metal fabrication in the region. The growth of this region is supplemented by the increase in consumption and production of industrial products in developing economies such as India and China. A rise in disposable income, especially in developing countries, has led to an exceptional demand for passenger and commercial vehicles. Thus, this augmented demand for automobiles is expected to indirectly drive the growth prospects of the abrasives market in the coming years. Rise in the sales of electronic devices is likely to boost the demand for coated abrasives in the electronics industry during the forecast period, especially in the consumer goods sector.
The stringent regulations and fluctuating prices of raw material are the major restraints for the abrasives market. Acquisitions and new product developments are important strategies adopted by many automotive companies in recent years. In February 2016, Saint-Gobain Abrasives entered into a new partnership with Detroit Speed (US), a manufacturer of high-quality automotive components systems and a builder of vintage custom cars. Through the partnership, Saint-Gobain Abrasives aims to supply Norton brand abrasives to Detroit Speed for its refinishing applications. The company will also display, promote, and sell the Norton brand of products in Detroit Speed booths at all shows and events.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Abrasives Market
4.2 Asia Pacific Abrasives Market, By Type & Country, 2017
4.3 Leading Countries in the Abrasives Market, 2017
4.4 Abrasives Market, By Material
4.5 Abrasives Market, By Type
4.6 Abrasives Market, By Product Type
4.7 Abrasives Market, By End-Use Industry
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Metal Fabrication Industry
5.2.1.2 Growing Automobile Market
5.2.1.3 Massive Production of Electronics Components
5.2.1.4 Growing Medical Devices Market
5.2.1.5 Decreasing Cost of Synthetic Diamond
5.2.2 Opportunities
5.2.2.1 Untapped Asia-Pacific Region has Huge Scope for Abrasive Market
5.2.3 Challenges
5.2.3.1 Stringent Regulations
5.2.3.2 Volatile Costs of Raw Materials
6 Industry Trends
6.1 Introduction
6.2 Supply Chain
6.3 Porter's Five Forces Analysis
7 Abrasives Market, By Material
7.1 Introduction
7.2 Natural Abrasives
7.3 Synthetic Abrasives
7.3.1 Synthetic Abrasives Market, By Subtype
7.3.1.1 Increasing Demand for Metallic Abrasives Drives the Growth of Synthetic Abrasives Segment
8 Abrasives Market, By Type
8.1 Introduction
8.2 Coated Abrasives
8.3 Bonded Abrasives
8.4 Super Abrasives
9 Abrasives Market, By Product Type
9.1 Introduction
10 Abrasives Market, By End-Use Industry
10.1 Introduction
10.2 Automotive
10.3 Machinery
10.4 Metal Fabrication
10.5 Electrical & Electronics Equipment
10.6 Others
11 Abrasives Market, By Region
12 Competitive Landscape
12.1 Introduction
12.2 Widely Adopted Strategy By Key Players, 2008-2017
13 Company Profiles
13.1 Introduction
13.2 Robert Bosch GmbH
13.3 3M Company
13.4 Compagnie De Saint-Gobain S.A.
13.5 Henkel
13.6 Asahi Diamond Industrial
13.7 Dowdupont
13.8 Fujimi Incorporated
13.9 Carborundum Universal
13.10 Krebs & Riedel Schleifscheibenfabrik
13.11 Deerfos
13.12 Tyrolit Group
13.13 Nippon Resibon Corporation
13.14 Sankyo-Rikagaku
13.15 Abrasiflex
13.16 Noritake
For more information about this report visit https://www.researchandmarkets.com/research/r3tfdw/global_abrasives?w=5
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