CLEVELAND, July 5, 2016 /PRNewswire/ -- World demand for abrasives is forecast to rise 4.4 percent per year to $40.8 billion in 2020, driven by increased manufacturing activity in industrializing countries in the Asia/Pacific region, particularly India and China. Gains in abrasives sales will be supported by increasing demand for high performance, high quality products as manufacturing industries in developing countries modernize. Growth in the US -- which holds the world's second largest national market for abrasives, trailing only China -- is expected to slow as the period of recovery from the 2007-2009 recession recedes. These and other trends are presented in World Abrasives, a new study from The Freedonia Group, a Cleveland-based industry research firm.
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Over the 2015-2020 period, the world's four fastest growing markets for abrasives will be India, China, Indonesia, and Thailand. China will account for the largest share of growth, representing 45 percent of the global increase in abrasives sales between 2015 and 2020. Several other countries in the region, including Malaysia, the Philippines, and Vietnam, will also post strong growth as their manufacturing sectors develop. However, regional gains will be blunted by a sluggish performance in Japan, which was the world's third largest market for abrasives in 2015.
Growth in demand for abrasives is expected to trail the world average in both North America and Western Europe through 2020, because international producers will continue to focus their investments on manufacturing operations in regions with lower costs. In addition, already high standards of living mean that the markets for cleaning and maintenance abrasives in both North America and Western Europe are mature. Growth in abrasives sales in Eastern Europe will outperform that in Western Europe, as many East European countries are becoming increasingly important manufacturers of durable goods. Gains in Central and South America are expected to trail the global average, as many developing countries have recently experienced political and economic turmoil that will continue to impact them over the 2015-2020 period. The Africa/Mideast region is expected to post the strongest growth, although it will remain a minor share of the global total.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group