Abrasives Market to Grow at 4.8% CAGR by 2030
Remarkable expansion of automotive production and rise in demand for abrasives in metal fabrication industry are the major factors which are expected to drive the growth of abrasives industry during the forecast period of 2020-2030.
The Abrasives market is expected to witness a CAGR of around 4.8% from 2020-2030, as per a new report published by Next Move Strategy Consulting.
According to the report, massive production of electronics components, rising urbanization and industrialization and increase in demand for manufactured industrial products are importance factors driving the abrasives market growth.
Based on type, the global abrasivesmarket is segmented into bonded, coated, and super abrasives. The bonded abstractive segment accounted for the largest market share in 2019 and it is likely to maintain the lead in the coming years.The growth of bonded abrasives segment is driven by rise in demand for the advanced technology-based machineries and increase in requirement for bonded abrasives from the upcoming automotive industry.
Based on material, the global abrasivesmarket is segmented into natural and synthetic abrasives. The natural abrasives segment is further divided into corundum, garnet, emery, and pumice. The synthetic abrasives segment is further divided into silicon carbide, synthetic diamond, alumina and others. The synthetic abrasives segment is likely to be the fastest growing segment and whose growth is driven by ever increasing demand for customized products as per the requirement and industrial growth in emerging nations across the globe.
Based on product type, the global market is segmented into disc, cups, and cylinder. The disc abrasives segment accounted for the largest abrasives market share in 2019 and it is likely to maintain the lead in the coming years. The growth of disc abrasives segment is driven byincrease in awareness about disc abrasivesmeeting abrasives strict safety requirementsby various regulatory authorities and increase in number of industrial applications of disc abrasives.
Based on end use industry, the global market is segmented into automotive, machinery, aerospace, metal fabrication, electrical & electronics.The automotive segment accounted for the largest abrasives market share in 2019 and it is likely to maintain the lead in the coming years. The growth of automotive segment is driven by increase in the use of different types of synthetic as well as natural abrasives in automotive industry, investments in research and development activities for innovative product developmentand potential demand for passenger and commercial vehicles. One of the recently observed abrasives market trend includes high demand for abrasives in metal fabrication.
The prominent players in the abrasives market are Saint-Gobain Abrasives, Inc., Robert Bosch GmbH, Fujimi Incorporated, 3M Company, Cosentino S.A., Henkel AG & Co. KGAA, Asahi Diamond Industrial Co., Ltd., Dupont., and Carborundum Universal Limited
Browse key industry insights spread across 410 pages with 291 market data tables & 237 figures & charts from the report at https://www.nextmsc.com/report/abrasive-market in detail along with the table of contents:
Key Insights from the Abrasives Market Report:
- Asia-Pacificis the global leader in the global abrasivesmarket and is expected to maintain is lead during the forecast period
- The market share forautomotive industry segment is expected to be largest segment due to rise in the demand for abrasives in automotive industry
- Next Move Strategy Consulting has identified key players in abrasives market includesSaint-Gobain Abrasives, Inc., Robert Bosch GmbH, Fujimi Incorporated, 3M Company, Cosentino S.A., Henkel AG & Co. KGAA, Asahi Diamond Industrial Co., Ltd., Dupont., and Carborundum Universal Limited
The Report Abrasives Market – Segmented by Type, Material, Product Type, End User and Geography
About Next Move Strategy Consulting
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