Pune, June 19, 2020 (GLOBE NEWSWIRE) — The global abrasives market is expected to gain traction from the increasing usage of this mineral in the forms of sandblasting, sandpapers, ball mills, pulp stones, vibratory and tumbling mass-finishing media, honing stones, polishes, and grinding wheels. Fortune Business Insights™ provided this information in a recent report, titled, “Abrasives Market Size, Share & Industry Analysis, By Materials (Natural and Synthetic), By Product (Bonded, Coated, and Super Abrasive), By Application (Automotive, Electrical & Electronics, Metal Fabrication, Machinery, and Others), and Regional Forecast, 2019-2026.” The report further mentions that the abrasives market size was USD 37.09 billion in 2018 and is projected to reach USD 59.34 billion by 2026, exhibiting a CAGR of 6.1% during the forecast period.
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This Report Answers the Following Questions:
- Which region is expected to dominate the market in terms of revenue?
- What are the growth drivers, dynamics, and hindrances that the market may face?
- Which companies are currently operating in the market?
- What are the significant strategies adopted by key players to intensify competition?
Drivers & Restraints-
Rising Number of Applications to Skyrocket Demand for Abrasives
Abrasives are extensively used in the automotive industry for cleaning the auto body, exterior, and interior. They are also used for sizing the parts of engines and repairing. Apart from these, they are utilized for cleaning the interiors of smooth edges, smooth welds, surfaces, and pipes for painting, polishing, fitting, and poling. Both non-woven and coated abrasives are used to refinishing auto bodies. The grinding wheels are required for their engines. These factors are anticipated to propel the abrasives market growth in the near future.
Automotive Segment to Dominate Backed by Rising Usage of Abrasives
Based on application, the market is segregated into machineries, metal fabrication, electrical & electronics, automotive, and others. Out of these, the electrical & electronics segment held 16.73% abrasives market share in 2018. This growth is attributable to the increasing usage of abrasives for blending and insulating wirings in this industry. The automotive segment is likely to dominate the market throughout the forthcoming years on account of the rising adoption of abrasives by this industry as grinding wheels to roughen or smoothen the surfaces.
Asia Pacific to Lead Stoked by Expansion of Construction Industry
In 2018, North America procured USD 9,232.8 million in terms of revenue. The region is projected to exhibit considerable growth in the coming years because of the increasing development of precision tooling and machine part manufacturing industries in the U.S. Coupled with this the ongoing technological advancements in this region would drive the market growth.
Asia Pacific is expected to exhibit the highest market share fueled by the growing construction industry and technological advancements taking place in the developing countries, such as India, Japan, and China. China is considered to be one of the major consumers of abrasives on account of their rising demand from the machinery and metal fabrication industries.
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Key Players Focus on Acquisitions & Product Launches to Expand Geographic Footprints
The market consists of several companies. But, the majority of them are based in Europe. They are trying to strengthen their regional presence by developing novel products, acquiring other local companies, and surging their distribution channels. Below are two of the important industry developments:
- February 2019: Sak Abrasives Inc. acquired Buffalo Abrasives Inc. to broaden its footprint in North Tonawanda. Sak would be able to offer innovative products manufactured in various parts of the world to its customers.
- December 2017: Saint-Gobain unveiled its latest Norton Quantum3 UTG grinding wheel. It provides less downtime, better user comfort, reduced waste, as well as deburring time. It also provides optimal material removal.
Fortune Business Insights™ lists out the names of all the abrasives manufacturers operating in the global market. They are as follows:
- The 3M Company
- Krebs & Riedel
- Asahi Diamond Industrial Co., Ltd.
- Robert Bosch GmbH
- Fujimi Incorporated
- Henkel AG & Co. KGaA
- Carborundum Universal Limited
- Deerfos Co., Ltd.
- Abrasiflex Pty Ltd.
- NORITAKE CO., LIMITED
- Other key players
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