Growing Metal Fabrication Industry is Expected to Drive the Abrasives Market
PUNE, India, July 12, 2018 /PRNewswire/ --
The report "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), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Abrasives Market is projected to grow from USD 42.34 billion in 2018 to reach USD 56.59 billion by 2023, at a CAGR of 5.97%. The market is projected to witness significant growth in the next few years with the growing automotive, metal fabrication, electronics, electrical, medical, and construction industries. An abrasive is a material or substance such as pumice, sandpaper, or emery, which is used for grinding, cleaning, polishing, and smoothing. They are used in a wide range of domestic, industrial, and technological applications.
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Disc grinding wheel is projected to witness high consumption during the forecast period
Grinding wheel, the most important abrasive product, is involved in the manufacturing of machinery, electrical, electronic components, and automotive components. It is made of an abrasive grain, and is a self-sharpening cutting tool. The majority of grinding wheels made have a vitreous, ceramic bond, and are made of clays and feldspars. The disc grinding wheel segment accounted for the largest share in 2017 due to higher speed, improved efficiency, and better productivity.
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Automotive segment held the largest market share of the Abrasives Market
The automotive segment accounted for the largest share in 2017 due to the rise in disposable income, especially in developing countries, which has led to an unprecedented demand for passenger and commercial vehicles. Efficient finishing of automobiles requires abrasives for sizing engine parts, deburring, cleaning, repairing and maintaining 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 Asia Pacific region is driven by factors such as the augmented demand for automobiles, rise in the sales of electronic devices, efforts toward standardization, expanding application segments, rapid urbanization in China and India, along with the growth in disposable income in these countries.
At a global level, companies such as Bosch (Germany), 3M (US), DowDuPont (US), Saint-Gobain Abrasives (France), and Fujimi Incorporated (Japan) are providing abrasive products. Large construction players such as LafargeHolcim (France), Balfour Beatty PLC (UK), and Kier Group (UK) have a scope to enter into abrasive services. Other players in the market include Henkel (Germany), Tyrolit (Austria), Asahi Diamond Industrial Co., LTD (Japan), Deerfos (Korea), and Carborundum Universal Limited (India).
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