The global abrasive market is projected to experience remarkable growth in the upcoming years. The growing demand for abrasive in various end use industries is boosting the growth of the market. The bonded type sub-segment and automotive sub-segment are projected to dominate the market in the forecast period. The Asia Pacific market is expected to observe significant growth in the near future.
New York, USA, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Research Dive has added a new report to its repository on the global abrasive market. As per the report, the market is anticipated to surpass $64,873.4 million by 2026, growing at a CAGR of 6.1% from 2019 to 2026. This report is drafted by expert market analysts after performing a detailed evaluation of factors such as market drivers, restrains, investment opportunities, key segments, and market players. The report is a reliable research study, delivering meticulous market insights for new entrants, investors, prevailing market players, stakeholders, shareholders, etc.
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Factors Impacting the Market Growth:
The rising demand for abrasives in the automotive, metal fabrication, mechanical operations, machine maintenance, and machinery industries is boosting the growth of the global abrasive market. Moreover, the growing developments and rising industrialization activities in developed as well as developing nations across the globe are anticipated to unlock profitable opportunities for the market growth during the forecast period. However, shortage of raw materials and the price instability of abrasive materials are likely to impede the market growth.
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The report segments the global abrasive market into type, material, end use, and region.
Bonded Type Sub-segment to Hold Highest Market Share in the Forecast Period
Among type segment, the bonded type sub-segment is projected to grab the greatest market share by garnering $23,643.6 million by 2026. This is mainly due to the growing preference for bonded type abrasives in various applications due to their availability in numerous forms such as discs and wheels made of rubber and vitreous materials.
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Automotive Sub-segment to Grab Major Share in the Forecast Period
Among end-use segment, the automotive sub-segment is expected to seize the highest market share by gathering $18,813.3 million by 2026. This growth is mostly due to growing need for abrasives in the automotive sector for refurbishing and maintaining the automobiles’ body parts such as engine parts, accessories, and interiors.
Asia-Pacific Region to Perceive Significant Growth in the Forecast Period
The report evaluates the global abrasive market across several regions such as Asia Pacific, Europe, North America, and LAMEA. Among these, the Asia-Pacific region is anticipated to observe widespread growth by garnering $18,579.5 million by 2026. This is mainly owing to the rapid growth in the industrialization in the developing countries such as Japan, China, and India in this region.
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Major Players in the Market:
1. Saint-Gobain Abrasives
4. Carborundum Universal Limited
5. Asahi Diamond Industrial Co. Ltd
10. Fujimi Incorporated
The report endows numerous industry-top tactics and approaches like successful strategic moves & developments, product/service line, business performance, Porter Five Forces analysis, and SWOT analysis of the top players, functioning in the global market. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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