HYDERABAD, India, March 29, 2016 /PRNewswire/ --
Mordor Intelligence releases their report on the global super abrasives market. The report titled "Global Super abrasives Market - Segmented by Type, By Application Industry, and Geography - Trends and Forecasts (2015-2020)" discusses the situation of the super abrasives process market across the globe.
The global super abrasives process market includes the revenues earned from super abrasives material and equipment. The market is projected to grow at a fast pace until 2020; from an estimated value of USD 3.43 billion as of 2015 to a projected value of USD 4.87 billion by 2020. The CAGR during the forecast period is 7.26%. Moreover, the growing adaptation of CNC machines will drive the demand for super abrasives products.
The report is segmented by:
- Industry application sectors - aerospace, automotive, medical, electronics, composites, oil industry, and 'Others'
- Type - diamond, cubic boron nitride (CBN), polycrystalline, and 'Others'
Super abrasives offer high speed machining and are cost-effective than standard abrasives in terms of per part cost. However, the high cost of super abrasives is a deterrent to the manufacturing sector. Manufacturers need CNC machines and high production quantities to justify the costs of super abrasives.
Super abrasives, owing to their extraordinary hardness, longevity, and unparalleled performance are becoming an integral part of various commercial and industrial sectors. The development of super abrasives market has led to the increased production by automated CNC equipment, thereby compensating the lack of availability of skilled labor.
Europe held the largest share of the global market as of 2015. It was followed by North America and APAC. APAC is expected to achieve high levels of growth due to soaring manufacturing sector and huge investment in this sector. This is chiefly due to the industrialization in developing countries of China and India. South America is also expected to grow significantly as investments in automotive and oil & gas sectors are growing. Developing countries such as China and India have shown tremendous growth in this market with their emergence as global manufacturing hubs.
Some of the major companies dominating this market for its products, services, and continuous product developments are 3M, A.S.I. Spa, ASI Diamond Industrial Europe, August Ruggeberg, Diamant Gesellschaft Tesch GMBH, Finzler, Schrock & Kimmel GmbH, G&L Beijer Industri AB, Heger GMBH Excellent Diamond Tools, Imerys Fused Minerals, Indasa, Klingspor, Mirka, Saint Gobain Abrasives, SIA Abrasives Ind AG, Zische Euro-Abrasiv, Schleifwerzeuge GmbH among others.
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SOURCE Mordor Intelligence