New York,USA, Aug. 24, 2021 (GLOBE NEWSWIRE) -- A latest report on the global abrasives market published by Research Dive sheds light on the impact of COVID-19 pandemic on the present and future lookout of the market. This report is a valuable study for stakeholders, investors, market participants, and new players looking for comprehensive insights on the impact of COVID-19 on the market growth.
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Key Highlights of the Report:
The COVID-19 pandemic has had a negative impact on the growth of the global market for abrasives in 2020. As per the report, the global abrasives market garnered $40,396.5 million in 2018 and is expected to hit $62,715.3 million, rising at a CAGR of 5.7% from 2019 to 2026.
Factors Impacting the Market Growth during the COVID-19 Crisis:
The global abrasives market has witnessed deterioration in growth as the mining of abrasives was ceased owing to the implementation of lockdown restrictions on various industries during the pandemic. The market is expected to recuperate from the incurred losses by the third or fourth quarter of 2022. Moreover, implementation of strict rules by government on the mining of raw material and shutdown of manufacturing factories are likely to restrict the growth of the global market in the forecast period.
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Current Face of the Market Due to COVID-19:
Before the outbreak of the pandemic, the market was estimated to garner $45,108.5 million in 2020. In the present situation, the market size has declined and reached up to $24,809.7 million in 2020.
As abrasives are extensively used in numerous industrial sectors such as textile, automobile, and many others, their demand is expected to rise in the upcoming years. Moreover, growing demand for abrasives from the electronic industry is likely to open doors to lucrative opportunities in the upcoming years. A considerable rise in the adoption of abrasives in the medical and biotechnology industry is likely boost the development of abrasives market.
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Future Lookout of the Market:
According to the report, the global abrasives market is expected to observe significant growth after the end of the COVID-19 pandemic, owing to rising investments in R&D activities, partnerships, and new developments in the market. Some of the leading players, such as
- 3M
- Robert Bosch GmbH
- Fujimi Incorporated
- Compagnie de Saint-Gobain S.A.
- Sak Industries
- Deerfos
- Henkel
- Carborundum Universal Limited
- Tyrolit Group
and others, are expected to come up with cutting-edge developments and pave way for rewarding opportunities for the market growth in the forthcoming years.
For instance, in November 2020, Saint-Gobain Abrasives, the leading manufacturer and supplier of abrasives for commercial applications, household, and automotive refinishing usage, introduced a novel online resource center focusing on the safe usage of Norton abrasive products.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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