Pune, India, May, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Abrasives Research Report.
Abrasives are gaining prominence in the global market with the growing usage in the end use applications such as electrical & electronics, automotive, machinery, metalworking, construction, and others.
Some of the factors that are positively influence the growth of the abrasives market are rapid urbanization, rising demand from the furniture & interior industry, and increasing building & construction activities. Moreover, modern industrialization with the growing demand for customization in the machining has created demand for abrasives. Applications of abrasives are increasing, especially for customized products such as high-end engines from the automotive industry and dental prosthetics in modern dentistry. Furthermore, GDP and healthy employment in emerging economies are driving the demand for versatile furniture, which is expected to give new momentum to the global abrasives market. However, fluctuation in raw material prices are affecting the cost of abrasives product, which, in turn, is expected to hamper the market growth.
Global abrasives market is estimated to grow at a CAGR of 4.98% to reach USD 47,170 million by the end of 2023.
MRFR in its report has offered a segmental analysis of the market based on source, material, type, application, and region.
Based on the type, the market is segmented into natural and synthetic.
Based on the material, the market is classified into aluminum oxide, silicon carbide, emery, corundum, boron carbide, and others. Among the material segment, aluminum oxide emerged as the leading type segment with largest global share, followed by silicon carbide. Aluminum oxide is predominantly used for metalworking and woodworking application. Emery is another prominent material segment after silicon carbide, rising use in metal fabrication and automotive sector is projected to fuel the segment growth.
Based on the type, the market is segmented into bonded, coated, super, and others. Based on the application, the market is classified into automotive, metalworking, machinery, electrical & electronics, construction, and others. The metalworking segment accounted for around 28% market share in 2017 and is projected to expand at a significant CAGR of around 4.90% during the review period. In the metalworking sector, abrasives are used for a wide range of application such as polishing, grinding, deburring, and other metalworking application. This wide usage of abrasives is estimated to drive the segmental growth.
The global abrasives market is further classified into five regions namely Latin America, the Middle East & Africa, North America, Europe, and Asia Pacific.
Asia Pacific dominated the global abrasives market in 2017, accounting for more than 63% of the value share of the global abrasives market. The regional market trends driving the growth of the abrasives market include the increasing contribution from the metalworking and an automotive segment to the numerous developing economies and expanding end-user application industry across Asia Pacific region.
Other developing countries of Europe, Latin America, the Middle East & Africa, and North America are predicted to register moderate growth due to the broad utilization of abrasives in numerous applications.
Market Research Future (MRFR) recognizes the following companies as the key players in the global abrasives market: Saint-Gobain Abrasives, Inc., Robert Bosch GmbH, Fujimi Incorporated, TYROLIT group, Asahi Diamond Industrial Co., Ltd, Cabot Microelectronics Corporation, Jason Incorporated, Noritake Co., Ltd, Schaffner Manufacturing Company, Inc, DEERFOS Co., Ltd, sia Abrasives Industries AG, Carborundum Universal Limited, DowDuPont, Inc., 3M, and KREBS & RIEDEL.
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