- High demand for abrasives to cut hard materials such as concrete or steel, as well as to remove paint or rust from the surface, is estimated to drive the market
- Firms in the global abrasives market take advantage of substantial value-grab possibilities in Asia Pacific. Rapid urbanization and rise of the Industry 4.0 sector are likely to fuel regional market.
ALBANY, N.Y., May 3, 2022 /PRNewswire/ -- Transparency Market Research: The value of the global abrasives market stood over US$ 54 Bn in 2020. The global market is estimated to rise at a CAGR of 5.5% during the forecast period, from 2021 to 2031. The global abrasives market is estimated to surpass valuation of US$ 97.7 Bn by the end of 2031. Firms in the global abrasives market is likely to benefit from the booming electronics and automotive industries, which provide steady revenue sources. Abrasive materials are in high demand due to applications such as sandblasting, transportation, and metal fabrication. Abrasives are used by professionals in the automotive and electronics industries to cut hard substances such as steel or concrete, to shape materials by grinding, and then polish finished items.
Firms in the global abrasives market ensure delivery of high-quality consumables, as the electronics and automotive industries are fiercely competitive marketplaces. In addition, the demand for high-quality abrasives is being fueled by high-ticket-priced autos and electronics, which play an important role in making manufacturing processes better for operators and technicians. The growth of the metal fabrication industry is presenting manufacturers with new revenue prospects.
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Data-driven research is becoming a more crucial technique for providing end consumers with new solutions. This study has a significant impact on expanding the abrasive product selection. As a result, producers of steel abrasives, coated abrasives, and bonded abrasives are ramping up output.
Key Findings of Market Report
- In order to expand their product portfolio, companies are acknowledging the significance of R&D investments as well as operational effectiveness. To provide novel abrasive items to the market, companies are utilizing diamond for ceramic grinding and high tensile materials. Besides, the automotive sector, companies are unlocking revenue potential in various other industries, such as medical devices, cleaning and maintenance, and power generation to generate revenues.
- Abrasive manufacturers are expanding their product lines by offering two-step grinding systems for angle grinders that allow for faster removal rates and smoother surfaces. In the manufacturing, automobile, and electronics businesses, such abrasive materials aid save time during production. The need for abrasive goods is being fueled by heavy-duty industrial applications.
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- In the forthcoming years, the global abrasive market is predicted to rise steadily owing to rising sales of automotive as well as various electrical devices
- The Asia Pacific region is now the biggest regional markets for abrasives, and it is likely to make a significant contribution to the global market. Abrasive materials and products are produced in large quantities in China, which is the world's top home market. As a result, Asia Pacific is likely to register strong growth during the forecast period.
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Global Abrasives Market: Growth Drivers
- The global abrasives market has grown in lockstep with the industrial, metal fabric, and automotive industries. Following the global economic recovery after COVID-19, there has been a significant increase in the demand for machinery. The global abrasives market is likely to benefit from expanding urbanization as well as industrialization.
- The global abrasives market is fragmented in terms of competitiveness, with a significant number of international as well as regional companies. Business alliances, mergers & acquisitions, and product innovation are only a few of the growth methods undertaken by firms to get an advantage over their competitors.
Global Abrasives Market: Key Competitors
- Saint Gobain SA
- TYROLIT Schleifmittelwerke Swarovski K.G.
- The 3M Company
- Robert Bosch GmbH
- DuPont
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Global Abrasives Market: Segmentation
Product
- Bonded Abrasives
- Coated Abrasives
- Raw Super Abrasives
- Steel Abrasives
- Loose Abrasive Grains
- Others
End User
- Machinery
- Electrical & Electronic Equipment
- Transportation
- Metal Fabrication
- Others
Chemicals & Materials Industry battles Tangible Impact of Economic and Cultural changes, Explore Transparency Market Research's award-winning coverage of the global Chemicals & Materials:
Steel Abrasives Market - https://www.transparencymarketresearch.com/steel-abrasives-market.html
Non-woven Abrasives Market - https://www.transparencymarketresearch.com/non-woven-abrasives-market.html
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