New York, USA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global abrasive market is likely to register a revenue of $64,873.4 million by 2026, at a CAGR of 6.1% during the forecast period from 2019 to 2026. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Abrasive Market Dynamics
As per the analysts of Research Dive, the growing product demand from automotive and machinery industries, and increasing demand for abrasive materials from several sectors including machine maintenance, metal fabrication, and mechanical operations are the major factors anticipated to accelerate the growth of the global abrasive market over the forecast period. Besides, the rapid developments along with the rising industrialization activities in both developing as well as developed countries worldwide are projected to create huge growth opportunities for the abrasive market in the estimated timeframe. However, the lack of availability of and price volatility of raw materials may restrict the market growth in the coming years.
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Super Abrasive Sub-segment to Grow Significant CAGR
By type, the super abrasive sub-segment accounted for $11,715.0 million in 2018 and is predicted to observe lucrative growth over the forecast period. This growth is majorly owing to the growing acceptance and usage of super abrasive material in metal fabrication, automotive, and machinery sectors.
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Synthetic Sub-segment to Grow at Healthy Rate
By material, the synthetic material sub-segment accounted for $33,529.1 million in 2018 and is predicted to observe substantial growth over the forecast period. The extensive usage of synthetic material type for the fine grinding of metal alloys, polishing of noble metals, and adjusting dental enamel are the factors expected to drive the sub-segment’s growth in the abrasive market.
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Electronics Sub-segment to Observe Significant Growth
By end use, the electronics sub-segment is predicted to garner a revenue of $13,371.2 million by 2026 and witness lucrative growth during the analysis period. The significant development in the industry to manufacture device components and optic electric parts is expected to drive the electronics sub-segment of the global abrasive market by 2026.
Asia-Pacific Region to Observe Lucrative Growth
By region, the Asia-Pacific abrasive market is projected to garner a revenue of $18,579.5 million and observe prominent growth over the forecast period. This growth can be attributed to the rapid growth in the industrialization in the developing countries, which has additionally produced increase in the number of manufacture facilities in the region. India, China, and Japan are the developing economies and main contributors in the Asia-Pacific region.
Prominent Abrasive Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global abrasive market are:
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 June 2021, Harsco Corporation, a global leader and provider of environmental solutions for specialty and industrial waste streams, announced the launch a new innovative product line of abrasive materials namely, ‘SURE/CUTTM’ under its BLACK BEAUTY brand.
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