Global, Abrasive

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10.01.2023 - 14:07:54

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

is anticipated to generate a revenue of $64,873.4 million and rise at a CAGR of 6.1% during the estimated timeframe from 2019 to 2026.

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.

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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.

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Key Players of the Market

The major players of the abrasive market include

Asahi Diamond Industrial Co. LtdCarborundum Universal LimitedDowDuPontHenkel3MBoschTyrolitSaint-Gobain AbrasivesFujimi IncorporatedDeerfos

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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.

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