Analysis of Potential Impact of COVID-19 on 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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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.”
With surging sales of automotive and electronic products, the global abrasive market is expected to tread on a steady growth trajectory over the next couple of years. Metal fabrication is another major driver of demand in the market. Besides, end use segments of construction, medical devices, cleaning and maintenance, and power generation are also expected to positively influence demand in the global abrasives market.
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Range of Materials Find Usage as Abrasives for Various Purposes
Some of the materials used as abrasives in the global abrasives market are silicon carbide which is normally used for non-ferrous metals, aluminum oxide or alumina which are the most commonly used abrasives for high tensile materials, ferrous alloys, and wood, diamond used for ceramic grinding or final polishing, cubic boron nitride, garnet, glass, and alumina and zirconia alloys.
Posing a challenge to the global abrasives market, on the other hand, is the strict rules framed by governments against the usage of silica abrasives and fluctuating prices of feedstock.
This review is based on the findings of a TMR report, titled, “Abrasives (Product – Bonded Abrasives, Coated Abrasives, Raw Superabrasives, Steel Abrasives, and Loose Abrasive Grains; End-use Industries – Machinery, Electrical & Electronic Equipment, Transportation, and Metal Fabrication – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.”
The report segments the Global Abrasives Market into the following:
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
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