Pune, India, Aug. 15, 2018 (GLOBE NEWSWIRE) -- According to Market Research Future, the Global Abrasives Market is expected to display a moderately healthy CAGR of 4.98% over the forecast period of 2017 to 2023. MRFR has also revealed several pertinent market figures in its report and has divulged that the abrasives market is set to achieve an estimated evaluation of USD 47,170 Mn by the end of the assessment period (2017-2023)
Rapidly increasing industrialization and urbanization has led to the increasing demand for machinery and increased consumerism across various end-use industry verticals and indirectly created an increased demand for abrasives.
Used commonly for finishing and/or polishing of materials to deliver a smooth final effect, abrasives applications have grown considerably in terms of scope and scalability. The on-going expansion of the automotive industry and the growing furniture and metal fabrication industry have resulted in the proportional growth of the abrasives industry. Increasing freelance positions and work from home opportunities have upsurged the demand for home office furniture such as desks, which has consequently increased the demand for abrasives. Moreover, with rising global populations and swift urbanization, the demand for housing has gone up and with it, the demand for well-made furniture which requires the extensive use of abrasives for a smooth finish. The general demand for durable consumer goods has to lead to an increased scope for the consumer electronics sector. These sectors are growing at a considerable pace, particularly in emerging markets. Emerging markets have a truly wide scope of opportunity as the automotive, electronics and furniture sectors in these countries are witnessing robust growth.
Despite the promising future in store for the market, fluctuating costs of raw materials are expected to pose a challenge to the growth of the global abrasives market. Abrasives are witnessing increased usage as surface cleaners and as an important step in coating preparation. This trend is expected to result in market expansion opportunities. Moreover, opportunities for the market are expected to rise in the medical sector as abrasives are increasingly being used in the production of medical equipment.
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The global abrasives market has a highly competitive landscape, the nuances of which have been captured by MRFR in their report. Notable market players included in the report are Jason Incorporated, Noritake Co. Ltd., Schaffner Manufacturing Company Inc., DEERFOS CO Ltd, Saint-Gobain Abrasives Inc., Robert Bosch GmbH, Fujimi Incorporated, Tyrolit Group, Cabot Microelectronics, Asahi Diamond Industrial Co. Ltd., Sia Abrasives Industries AG, Carborundum Universal Limited, DowDuPont Inc., 3M, KREBS & RIEDEL, and Schaffner Manufacturing Company.
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MRFR's Abrasives Market report includes a meticulous segmental analysis which has been performed on the basis of source, material, type, application, and region. By source, the market is divided between natural and synthetic.
By material, the market is segmented into silicon carbide, aluminum oxide, emery, corundum, boron carbide, and others. Aluminum oxide has been found to represent the largest share of the market due to its extensive use in abrasives.
By type, the market is categorized by bonded, coated, super, and others. The coated abrasives segment dominates the market with over a third of the market share and is expected to witness moderate growth at a CAGR of 4.90% during the forecast period.
By application, the market is segmented into automotive, metalworking, machinery, electrical & electronics, construction, and others. The metalworking and machinery segments are the most prominent segments in terms of market size due to the high demand for abrasives in these sectors in response to growing industrialization in emerging markets.
Globally, the market is divided to represent various regions which include North America, Latin America, Europe, the Middle East & Africa, and the Asia-Pacific.
Browse the market data and information spread across 210 pages with 258 data tables and 35 figures of the report “Abrasives Market Report - Forecast 2017-2023” in-depth alongside in-depth table of content (TOC) at: https://www.marketresearchfuture.com/reports/abrasives-market-5391
Flourishing Automotive Sector among others Contribute to APAC’s Lead Position
Asia-Pacific leads the global abrasives market due to the presence of several fast-developing markets where there are thriving automotive, construction, and electronics industries. The region captures over 60% of the global market share. MRFR has ascertained that the market is anticipated to grow at a CAGR of 5.49% over the forecast period and reach an estimated value of USD 30,516.6 Mn by 2023. APAC is undergoing industrialization, and the region has become a manufacturing hub due to the ease of availability with regards to raw materials and the availability of reduced operating costs. This has allowed several manufacturing industries to thrive and increased the demand for abrasives. China accounts for the most significant country in the regional market and is set to grow at a CAGR of 5.64% over the review period.
Europe and North America follow the Asia Pacific and represent the second and third largest market respectively. Europe is expected to witness sustained growth from countries such as France, Germany, the UK, and Italy due to the presence of a strong manufacturing base for the automotive sector in the region. Meanwhile, North America has reached some degree of maturity which is expected to witness modest growth due to the rising demand from the furniture sector.
Latin America is expected to witness a similar growth pattern to that of North America. However, the Middle East and African region are expected to display considerable growth due to the rapidly increasing construction activities in emerging Middle Eastern countries such as Kuwait, Turkey, United Arab Emirates, and Saudi Arabia.
Browse Related Reports:
Coated Abrasives Market Research Report, by Type (Aluminum Oxide, Silicon Carbide, Zirconia Aluminum oxide, Ceramic Aluminum oxide, Garnet, Emery), Backing Material (Cloth, ("J" Weight, "X" Weight and "H" Weight), Paper ("A" Weight, "C" and "D" Weights, and “F” Weight, Fiber and Combination)By Application (Metal Working, Wood Working, Automotive, Electronics & Semiconductors, Aerospace & Defense), and Region - Forecast till 2022
Super Abrasives Market Information by Product Type (Vitrified Diamond, Vitrified CBN, Resin Bond Diamond, Resin Bond CBN, Metal/ Hybrid Bond CBN), Application (Cutting Tools, Tool Industry, Machinery, Electronics/ Smartphones), and Region – Forecast till 2023
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