Portland, OR, March 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the U.S. and Canada Abrasive Market accounted for $7.35 billion in 2018, and is projected to reach $11.9 billion by 2026, growing at a CAGR of 6.2% from 2019 to 2026.
High demand from the electronic industry and rise in demand in vehicle and bicycle brakes have boosted the growth of the U.S. and Canada abrasive market. However, restrictions on the use of silica-based abrasives hamper the market growth. On the contrary, increase in demand in the medical and biotechnology sector is expected to create lucrative opportunities in the near future.
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The U.S. and Canada abrasive market is segmented on the basis of type, applications, industry verticals, material, and country. Based on type, the market is divided into bonded abrasives, coated abrasives, and super abrasives. The bonded abrasive segment dominated the market in 2018, accounting for nearly half of the market. However, the super abrasives segment is estimated to register the highest CAGR of 6.7% during the forecast period.
On the basis of applications, the market is categorized into cutting, sanding, grinding, blending, finishing, brushing, and others. The grinding segment held the largest share in 2018, contributing to more than one-fourth of the total revenue. Moreover, the segment is estimated to register the fastest CAGR of 7.0% during the forecast period.
Based on industry verticals, the market is divided into automotive (only cars), automotive aftermarket service, construction, oil, gas and petrochemicals, aerospace, food processing, pharmaceuticals, transportation equipment (except cars), metal fabrication, mining, shipyards, cannabis, others. The aerospace segment is estimated to register the highest CAGR of 7.5% during the forecast period. However, the automotive (only cars) segment dominated the market in 2018, accounting for more than one-fourth of the total market.
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The market across the U.S. held the lion’s share in 2018, contributing to more than 90% of the market. However, the market across Canada is expected to register the highest CAGR of 7.9% during the study period.
The market report includes an in-depth analysis of the major market players such as Avery Abrasives Inc., Robert Bosch GmbH, Hermes Schleifmittel GmbH, Compagnie de Saint-Gobain S.A., Carborundum Universal Limited (CUMI), Klingspor AG, Vereinigte Schmirgel-und Maschinen-Fabriken AG (VSM), Stanley Black & Decker, Pearl Abrasive, Flexovit 3M Inc, Sait Abrasive S.p.A. (United Abrasives, Inc.), Extreme Abrasives, Rapid Abrasives & Accessories Inc., Makita Corporation (Makita Canada Inc.) Gemtex Abrasives and Günter Wendt GmbH.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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