Analysis of COVID-19 Crisis-driven Growth Opportunities in Abrasive Market
Operational efficiency and research and development of better products are the two factors determining the success of manufacturers in the global abrasives market. Banking upon such strategies, companies that have come to hold a prominent position in the market are Robert Bosch GmbH, Saint Gobain SA, DuPont, Henkel AG & Co. KGaA, 3M, and TYROLIT Schleifmittelwerke Swarovski K.G.
Overall, the global abrasives market is fragmented with numerous large and small companies. They are seen resorting to mergers and acquisitions and partnerships to tap into synergies and grow further.
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Transparency Market Research on the global abrasives market finds that it would rise at a steady 5.5% CAGR between 2013 and 2019. Rising at this pace, the market would likely attain a value of US$51.39 bn by 2019.
Among the different types of products being sold in the global abrasives market, the loose abrasive grains is set to rise at a healthy clip in the next couple of years owing to their solid demand from manufacturers, predicts our report. From a geographical standpoint, Asia Pacific accounts for a leading share in the global abrasives market. Going forward too, it is expected to contribute significantly to the market, powered primarily by China, which leads with respect to production of abrasive materials and abrasive products.
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Surging Automotive and Electronic Sectors Fuelling Demand in Market
Mainly driving growth of the global abrasives market is the rising application of abrasives in transportation, machinery, metal fabrication, and electronic and electrical equipment for imparting a proper finish to the surface and getting the desired shape of objects. Adds the lead analyst of our report, “Abrasives find usage in automotive, manufacturing and electronics for a perfect polish to their surface. They are also used for shaping materials through grinding, removal of surface layers of paint or corrosion, polish finished products, and cut hard materials made of steel or concrete.”
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Global Abrasives Market, by Product
- Bonded Abrasives
- Coated Abrasives
- Raw Superabrasives
- Steel Abrasives
- Loose Abrasive Grains
Global Abrasives Market, by End Use
- Machinery
- Electrical and Electronic Equipment
- Transportation
- Metal Fabrication
Global Abrasives Market, by Region
- Asia Pacific
- Europe
- North America
- Middle East and Africa
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