New York, USA, May 04, 2021 (GLOBE NEWSWIRE) -- The global abrasives market was projected to register a revenue of $45,108.5 million in 2020. However, in the current situations, i.e. in 2020, the market size has reached up to $24,809.7 million.
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Market Insights Before and After COVID-19 Pandemic:
A latest report published by Research Dive on the global abrasives market puts forth the impact of the COVID-19 pandemic on the industry growth. Before the outburst of the pandemic, the market was expected to rise at 6.2% CAGR from 2019 to 2026. However, the sudden rise of COVID-19 pandemic has hindered the market growth to a certain extent. Market analysts have projected that the market will grow with a CAGR of 5.7% after the end of the COVID-19 pandemic. Currently, the market is witnessing a drop in the growth rate owing to stoppage of manufacturing industries such as textile, automobile, and many others, which are the major users of abrasives.
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Market Circumstances amidst COVID-19 Pandemic:
The key reason for the decline in the revenue of the abrasives market is the implementation of lockdown in several COVID-19 infected countries which has impacted the mining activities. Furthermore, the strict government rules related to mining of barite, which is a raw material used for preparation of abrasive, and closure of production units are deteriorating the growth of the market during the crisis period.
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Post COVID-19 Scenario of the Market:
As per market experts, the global abrasives market is expected to recover from the suffered losses by the third or fourth quarter of 2022 and garner a revenue of $62,715.3 million by 2026. A rise in the demand of abrasives in the automotive and electronic industries is expected to boost the market growth in the coming years.
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Major Players in the Market:
1. Saint-Gobain Abrasives
2. Bosch
3. Henkel
4. Carborundum Universal Limited
5. Asahi Diamond Industrial Co. Ltd
6. DowDuPont
7. 3M
8. Tyrolit
9. Deerfos
10. Fujimi Incorporated
For instance, in July 2020, 3M Abrasives System Division, a branch of 3M company focused on ensuring reliable performance and guaranteeing exemplary safety and a superlative finish, launched a webinar series for industrial professionals to provide unique insights into abrasive technology and best practices. Such initiatives are likely to unlock rewarding opportunities for the market growth in the near future.
The report endows numerous industry-top tactics and approaches like successful strategic moves & developments, product/service line, business performance, Porter Five Forces analysis, and SWOT analysis of the top players, functioning in the global market. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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