Pune, Aug. 17, 2020 (GLOBE NEWSWIRE) -- The global abrasives market size is expected to reach USD 63.98 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period. The growing utilization of abrasives in grinding and polishing applications will create lucrative business opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled “Abrasives Market Size, Share & COVID-19 Impact Analysis, Types By Material (Natural and Synthetic), By Product (Bonded, Coated, and Super), By Application (Automotive, Electrical & Electronics, Metal Fabrication, Machinery, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 42.08 billion in 2019.
The tragedy caused by communicable coronavirus has put enormous pressure on industries and sectors across the globe. The governments of several countries have instigated lockdown to prevent the spread of this infectious disease. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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The abrasives market comprises:
- Analytical description of the market size
- Dynamic insights on eminent players
- Dominant regions in the market
- Key market trends and drivers
- Essential data on COVID-19
Market Driver:
Rising Demand from Automotive Sector to Drive Market
The growing use of abrasives in the automotive industry can be an essential factor augmenting the growth of the market. They are used for engine parts sizing, repairing, cleaning of auto body, interior, and exterior. It is also utilized to clean the surfaces for oiling, smooth welds, smooth edges, fitting, polishing, or painting as well as the insides of pipes. Moreover, the inflated demand for abrasives from the automotive industry will create lucrative business opportunities for the market. For instance, coated and non-woven abrasives are both used to refinish auto bodies, while super abrasives or grinding wheels are used in the engine
Market Restraint:
Disruption in Manufacturing Activities to Retard Growth During COVID-19
The coronavirus has adversely affected the metal fabrication, machinery, automotive sectors. The disruption in the export and import activities due to the restriction on international flights will further restrict the growth of the market. The commotion caused by the lockdown will negatively impact the market. Stringent policies for the production and supply of raw material will destructively influence the abrasives industry.
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Regional Analysis:
Surging Construction Industry to Aid Expansion in Asia Pacific
The market in Asia Pacific is expected to experience a rapid growth rate during the forecast period owing to the booming construction industry in countries such as China, Japan, and India. The increasing advancement and urbanization will influence the healthy growth of the market in the region. The metal fabrication and machinery business in china will contribute positively to the growth of the market. Europe is expected to witness a substantial growth rate during the forecast period due to rising automobile production and consumption. The growing inclination towards the cleaning and maintenance of automobiles will spur opportunities for the market. The market in North America is expected to bolster impressively due to the rapid development of precision tooling and machine part manufacturing in the US.
Notable Development:
February 2019: Sak Abrasives Inc. announced that it has acquired the Buffalo Abrasives Inc. located in Buffalo, New York, USA. Buffalo Abrasives is one of the leading manufacturers of resin bonded grinding wheels.
List of the Leading Companies Operating in the Abrasives Market are:
- The 3M Company (U.S.)
- Saint-Gobain (U.S.)
- Krebs & Riedel (Germany)
- Asahi Diamond Industrial Co., Ltd. (Japan)
- Robert Bosch GmbH (Germany)
- Fujimi Incorporated (Japan)
- Henkel AG & Co. KGaA (Germany)
- Carborundum Universal Limited (India)
- NIPPON RESIBON CORPORATION (Japan)
- KWH Mirka (Finland)
- NORITAKE CO., LIMITED (Japan)
- Other Key Players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Abrasives Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Material
- Natural
- Synthetic
- By Product
- Bonded
- Coated
- Super
- By Application
- Automotive
- Electrical & Electronics
- Metal Fabrication
- Machinery
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Material
- North America Abrasives Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Material
- Natural
- Synthetic
- By Product
- Bonded
- Coated
- Super
- By Application
- Automotive
- Electrical & Electronics
- Metal Fabrication
- Machinery
- Others
- By Country
- U.S
- Canada
- By Material
TOC Continued…!!!
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