Global Abrasive Market Predicted to Garner a Revenue of $64,873.4 Million and Grow at a CAGR of 6.1% over the Forecast Period from 2019 to 2026 [243-Pages] | Explained by Research Dive
Dynamics of the Abrasive Market
With the increasing demand for abrasive materials from automotive and machinery industries for metal fabrication, mechanical operations, imparting shiny appearance, and many more, the abrasive market is expected to witness exponential growth over the analysis timeframe. Moreover, the rapid industrialization activities and growing developments in both developing and developed nations are expected to create immense investment opportunities for the market during the forecast period. However, the lack of raw material availability and the presence of price volatility may hamper the growth of the market throughout the estimated period.
Segments of the Abrasive Market
The report has divided the market into segments based on type, material, end-use, and region.By type, the bonded type sub-segment is expected to be the most productive and is predicted to generate a revenue of $23,643.6 million during the forecast period. The increasing applications of bonded type abrasives due to their availability in several forms such as discs and wheels are predicted to upsurge the growth of the market sub-segment over the analysis period.By material, the synthetic material sub-segment is expected to be the most lucrative and is projected to garner a revenue of $54,092.0 million over the estimated timeframe. The increasing use of synthetic material types for the fine grinding of metal alloys, polishing of noble metals, and adjusting dental enamel is expected to bolster the growth of the market sub-segment during the forecast period.By end-use, the automotive sub-segment is predicted to be most profitable and is expected to generate a revenue of $13,371.2 million over the analysis timeframe. The rising adoption of abrasives in the automotive industry for renovating the body of automobiles such as engine parts, interiors, accessories, and many more, is expected to augment the growth of the market sub-segment during the estimated period.By region, the Asia-Pacific region of the abrasive market is predicted to have wide growth opportunities and is expected to generate a revenue of $18,579.5 million over the forecast period. The rapid growth in industrialization has increased the number of manufacturing facilities in this region which is predicted to drive the regional growth of the market during the analysis timeframe.
Key Players of the Market
The major players of the abrasive market includeAsahi Diamond Industrial Co. LtdCarborundum Universal LimitedDowDuPontHenkel3MBoschTyrolitSaint-Gobain AbrasivesFujimi IncorporatedDeerfos
These players are broadly working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in October 2021, Bosch, a German multinational engineering and technology company, announced its acquisition of sia Abrasives, one of the world's leading suppliers of innovative abrasive systems. With this acquisition, Bosch aimed to expand its existing portfolio of abrasive products by locating its global competence center for flexible abrasives in Frauenfeld.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Abrasive Market:5 Tips for Choosing the Ideal Abrasive for Metal FabricationAbrasives: Various Types, Applications, and COVID-19 Impact of AbrasivesAbrasives - types and workingWhich market holds the maximum share for Abrasive Market?
Some Trending Article Links:The global synthetic camphor market size is predicted to be valued at $ 700.9 million by 2031, surging from $ 395.1 million in 2021, at a noteworthy CAGR of 6.0%.The global concrete conditioner market is predicted to be valued at $783 million by 2030, surging from $476 million in 2021The global electrostatic discharge (ESD) films market is estimated to be valued at $1,062.5 million by 2030
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
Mr. Abhishek Paliwal
30 Wall St. 8th Floor, New York NY 10005
(P) +91-(788)-802-9103 (India)
Toll Free: 1-888-961-4454
View original content:https://www.prnewswire.co.uk/news-releases/global-abrasive-market-predicted-to-garner-a-revenue-of-64-873-4-million-and-grow-at-a-cagr-of-6-1-over-the-forecast-period-from-2019-to-2026-243-pages--explained-by-research-dive-301717817.html