Abrasives Market is Projected to grow at a CAGR of 5.97% from 2018 to 2023
“Increasing demand from the machinery industry coupled along with the growing automotive industry is expected to drive the abrasives market”
The global abrasives market is estimated at USD 42.34 billion in 2018 and is projected to reach USD 56.59 billion by 2023, at a CAGR of 5.97%. The growth of the abrasives market is driven by the increased demand for automotive and machinery applications, throughout the world, especially in Asia Pacific due to the rapid urbanization and industrialization. Also, the accurate manufacturing features involving various applications (grinding, cutting, polishing, sanding, and others) of abrasives are majorly attracting end-use industries. With the emergence of new technologies, contractors and consumers are looking for advanced manufacturing, which drives the market for abrasives, globally. Factors such as the volatile cost of raw materials coupled with stringent regulations related to the use of abrasives are expected to hinder the growth of the abrasives market in the long term.
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“Coated abrasives projected to grow at the highest rate during the forecast period”
The coated segment is projected to be the fastest-growing type in the next five years. Increasing demand from welding, automotive, foundry, and jewelry industries is also expected to propel the coated abrasives market growth in the next five years. Market participants are focusing on novel products such as wide belts, flexible belts, nonwoven fabric abrasives, seeded gel abrasives, and polyester backed abrasives. This factor is also expected to boost the demand during the forecast period.
“Asia Pacific is projected to dominate the abrasives market by 2023”
Asia Pacific accounted for the largest share of the abrasives market and is projected to dominate the market by 2023. This market is projected to grow at the highest rate during the forecast period. The rise in disposable income, exceptional demand for passenger and commercial vehicles, and rise in the sales of electronic devices are driving the abrasive market growth. Due to the increasing consumption and production of industrial products in developing economies such as India and China, the abrasives market in these countries is expected to provide high-revenue growth opportunities during the forecast period.
Breakdown of Primaries
Primary interviews were conducted with a number of industry experts to collect data related to different aspects of the abrasives market. Primary sources include professionals such as opinion leaders, executives, vice presidents, and CEOs of companies in the construction and abrasive industries.
The following is the breakdown of primaries:
By Company Type: Tier 1: 35%; Tier 2: 30%; Tier 3: 35%
By Designation: C-level: 65%; Manager Level: 35%
By Region: Europe: 28%, North America: 25%, Asia Pacific: 22%, Middle East & Africa: 15%, South America: 10%
The tier of the companies is defined on the basis of their total revenues, as of 2017.
Tier 1: Revenue > USD 500 Million
Tier 2: USD 100 Million > Revenue > USD 500 Million
Tier 3: Revenue < USD 100 Million
The various abrasive companies profiled in the report are as follows:
- Bosch (Germany)
- 3M (US)
- DowDuPont (US)
- Saint –Gobain Abrasives(France)
- Fujimi Incorporated (Japan)
- Henkel (Germany)
- Tyrolit (Austria)
- Asahi Diamond Industrial Co., LTD (Japan)
- Deerfos (Korea)
- Carborundum Universal Limited (India)
Related Report:
Global Abrasives Industry Market Research Report
The Abrasives market revenue was xx.xx Million USD in 2013, grew to xx.xx Million USD in 2017, and will reach xx.xx Million USD in 2023, with a CAGR of x.x% during 2018-2023. Based on the Abrasives industrial chain, this report mainly elaborate the definition, types, applications and major players of Abrasives market in details. Deep analysis about market status (2013-2018), enterprise competition pattern, advantages and disadvantages of enterprise Products, industry development trends (2018-2023), regional industrial layout characteristics and macroeconomic policies, industrial policy has also be included. From raw materials to downstream buyers of this industry will be analyzed scientifically, the feature of product circulation and sales channel will be presented as well. In a word, this report will help you to establish a panorama of industrial development and characteristics of the Abrasives market.
Read More: https://watchersofmarkets.com/products/global-abrasives-industry-market-research-report
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Posted by
Vinay Kudale
on Friday August 24 2018, 2:37 AM EDT.
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