New York, USA, June 15, 2022 (GLOBE NEWSWIRE) -- According to Research Dive, the global abrasive market is estimated to generate a revenue of $64,873.4 million by 2026, and grow at CAGR of 6.1% over the forecast period (2019 to 2026). The all-inclusive report on airport stands equipment market provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.
Market Dynamics
As per our analysts, the increasing product demand from the automotive & machinery industries and the growing usage of abrasives materials in various sectors including machine maintenance, metal fabrication, and mechanical operations are the major factors expected to boost the growth of the abrasive market over the forecast period. In addition, the rapid industrialization in the developing countries and the novel advancements & developments in the economic circumstances are projected to create huge growth opportunities for the global market by 2028. However, the price volatility and the lack of availability of raw materials are estimated to restrict the market growth in the projected timeframe.
Request Free PDF Sample of Abrasive Market@ https://www.researchdive.com/download-sample/47
Super Abrasive Sub-segment to Observe Significant Growth
By type, the super abrasive sub-segment is predicted to account for $11,715.0 million by 2026 and is expected to observe noteworthy growth during the analysis period. This is mainly due to the rising acceptance of super abrasive material in metal fabrication, automotive, and machinery sectors.
Synthetic Sub-segment to be Most Lucrative
By material, the synthetic sub-segment is estimated to generate a revenue of $54,092.0 million by 2026 and is anticipated to hold the maximum market share in the abrasive market over the forecast period. This sub-segment growth is mainly due to the growing usage of synthetic material type for adjusting dental enamel, fine grinding of metal alloys, and polishing of noble metals. In addition, aluminum oxide and silicon carbide are major contributors of synthetic material types in the abrasive market.
Automotive Sub-segment to Hold the Largest Market Share
By end-use, the automotive is expected to surpass a revenue of $18,813.3 million by 2026 and hold the majority of market share in the analysis period. This rapid growth of the sub-segment is majorly owing to the increasing adoption of abrasives in the automotive sector for maintaining and renovating the body of automobiles, such as engine parts, accessories, and interiors.
Check our more Post COVID-19 Impact on Abrasive Market. Get in touch with our Expert Analyst@ https://www.researchdive.com/connect-to-analyst/47
Asia-Pacific Region to Have Enormous Growth Opportunities
By region, Asia-Pacific is projected to garner a revenue of $18,579.5 million by 2026 and generate massive growth opportunities for the abrasive market during the forecast period. The rapid growth of the region can be attributed to the rapid growth in the industrialization and an increase in the number of manufacturing facilities in the fast-growing countries of the region. India, China, and Japan are the major contributors and developing economies in the Asia-Pacific region.
Prominent Market Players
Some of the top players of the global abrasive market are:
- Saint-Gobain Abrasives
- Henkel
- Bosch
- Carborundum Universal Ltd.
- DowDuPont
- Asahi Diamond Industrial Co. Ltd.
- 3M
- Deerfos
- Tyrolit
- Fujimi Incorporated
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
For instance, in in March 2020, Carborundum Universal Ltd., one of the largest and oldest conglomerates in India, invested a sum of USD 6.60 million with an aim to double its coated abrasives installed capacity and cater to the rising demand from the domestic as well as international markets.
Request an On-demand Customization research report of the Abrasive Market@ https://www.researchdive.com/request-for-customization/47
More about Abrasive Market:
- Abrasives - types and working
- 5 Tips for Choosing the Ideal Abrasive for Metal Fabrication
- Abrasives: Various Types, Applications, and COVID-19 Impact of Abrasives
