The global abrasives market share is expected to reach USD 63.98 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period. The increasing demand for abrasives in the automotive industry will have a positive impact on the abrasives market growth. Moreover, coated and non-woven abrasives are both used to refinish auto bodies.
The increasing demand for abrasives in the automotive industry will have a positive impact on the abrasives market growth. Moreover, coated and non-woven abrasives are both used to refinish auto bodies.
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Rising Technological Advancement to Propel Market trend in North America
The market in North America stood at USD 9232.8 million in 2018 and is expected to grow rapidly during the forecast period. The growth in the region is attributable to the advancement in precision tooling and machine part manufacturing along with technological development. Europe is likely to witness high growth during the forecast period owing to the automobile production hub in the region. The rising demand for cleaning and maintenance of automobiles to augment the growth of the market in Europe.
Therefore, the surge in the sales of automobiles will boost the abrasives market revenue during the forecast period. Furthermore, the growing auto-export in countries such as India will fuel demand abrasives in the forthcoming years. According to data released by India’s Department for Promotion of Industry and Internal Trade (DPIIT). The industry has attracted Foreign Direct Investment (FDI) worth US$ 22.35 billion during the period from April 2000 to June 2019. In addition, the growing investment by foreign giants for the development of automobile manufacturing plants will steer the potential for abrasives in the foreseeable future. For instance, in October 2018, As of October 2018, Honda Motors Company announced to set up its third factory in India for launching hybrid and electric vehicles with the cost of Rs 9,200 crore (US$ 1.31 billion), its largest investment in India so far.
According to the report, published by Fortune Business Insights in a 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 market size stood at USD 37.09 billion in 2018.
The report incorporates several factors that have impacted the abrasives market share in recent years. Besides providing insights on the growth stimulators, it reveals a few factors that have restricted the market growth. The report highlights a few of the leading products, significant companies, and considerable industry developments of recent times. The competitive landscape has been discussed in-depth in the abrasives market report. Forecast values for the market have been provided in the report for the period of 2019 to 2026. Moreover, the report recognizes areas that have witnessed the highest demand and applications for the product in recent years.
Rising Demand from Automotive Sector to Drive Market
The growing use of abrasives in the automotive industry can be an essential factor augmenting the growth of the market. They are used for engine parts sizing, repairing, cleaning of auto body, interior, and exterior. It is also utilized to clean the surfaces for oiling, smooth welds, smooth edges, fitting, polishing, or painting as well as the insides of pipes. Moreover, the inflated demand for abrasives from the automotive industry will create lucrative business opportunities for the market. For instance, coated and non-woven abrasives are both used to refinish auto bodies, while super abrasives or grinding wheels are used in the engine
Gain More Insights into the Abrasives Market Research Report: https://www.fortunebusinessinsights.com/abrasives-market-102177
Some of the Major Companies Operating in the Abrasives Market Include:
- The 3M Company (U.S.)
- Saint-Gobain (U.S.)
- Krebs & Riedel (Germany)
- Asahi Diamond Industrial Co., Ltd. (Japan)
- Robert Bosch GmbH (Germany)
- Fujimi Incorporated (Japan)
- Henkel AG & Co. KGaA (Germany)
- Carborundum Universal Limited (India)
- NIPPON RESIBON CORPORATION (Japan)
- KWH Mirka (Finland)
- NORITAKE CO., LIMITED (Japan)
- Other Key Players
Launch of New Quantum3 by Saint-Gobain to Support Proliferation
Saint-Gobain Abrasives, the global leader in abrasives and cutting, grinding, and finishing operations, unveiled its new Norton QUANTUM3™ RightCut Wheels, adding to its Norton QUANTUM3™ (NQ3) lines of Depressed Center Grinding Wheels and Combination Wheels. Furthermore, the Saint-Gobain Abrasives also partnered with Airgas to provide Norton QUANTUM3™ RightCut Wheels through Airgas exclusively for a limited period of 3 months. Air Airgas is a leading U.S. supplier of industrial, medical and specialty gases as well as related hard goods, including maintenance, repair and operations (MRO), welding and safety equipment and supplies. The collaboration between both companies is expected to aid the abrasives market trends in the forthcoming years. Furthermore, Product Manager Cutting-off & Grinding Wheels Northern Europe & South Africa at Saint-Gobain Abrasives said in a statement “Increased user comfort is a massive bonus for Norton Quantum3 Grinding Wheels thanks to the special grain/bond composition which adapts to all grinding conditions and leads to a reduction in the vibration levels during the operation, this, in turn, maximizes performance.”pe.