Abrasives Market: Introduction
A report by Transparency Market Research on the global abrasives market finds that it would expand at a steady 5.5% CAGR between 2021 and 2031. Rising at this pace, the market would likely to cross the value of US$ 97.7 Bn by 2031.
Among different types of products being sold in the global abrasives market, the loose abrasive grains are set to rise at a healthy rate over the next couple of years, owing to their solid demand from manufacturers, predicts the TMR report. From a geographical standpoint, Asia Pacific accounts for a leading share of the global abrasives market. Moreover, it is expected to contribute significantly to the market growth, powered primarily by China, which leads with respect to production of abrasive materials and abrasive products
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Surging Automotive and Electronic Sectors Fueling Demand in Market
Abrasives are being increasingly used in transportation, machinery, metal fabrication, and electronic & electrical equipment sectors for imparting a proper finish to the surface and getting the desired shape of objects. According to the lead analyst of the report, “Abrasives find usage in automotive, manufacturing, and electronics for a perfect polish to their surface. They are also used for shaping materials through grinding, removal of surface layers of paint or corrosion, polishing finished products, and cutting hard materials made of steel or concrete.”
With surging sales of automotive and electronic products, the global abrasive market is expected to tread on a steady growth trajectory over the next couple of years. The expansion of the metal fabrication segment is another major driver for the market. Besides, end users of construction, medical devices, cleaning & maintenance, and power generation are also expected to positively influence the demand for abrasives across the globe.
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Range of Materials Find Usage as Abrasives for Various Purposes
Some of the materials used as abrasives in the global abrasives market are silicon carbide, which is normally used for non-ferrous metals, aluminum oxide or alumina, which is the most commonly used abrasive for high tensile materials, ferrous alloys, wood, diamond used for ceramic grinding or final polishing, cubic boron nitride, garnet, glass, alumina and zirconia alloys.
Posing a challenge to the global abrasives market, on the other hand, is the strict rules framed by governments against the usage of silica abrasives and fluctuating prices of feedstock.
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Abrasives Market: Key Players
Operational efficiency and R&D of better products are two factors determining the success of manufacturers in the global abrasives market. Banking upon such strategies, companies that hold a prominent position in the market are Robert Bosch GmbH, Saint Gobain SA, DuPont, Henkel AG & Co. KGaA, 3M, and Tyrolit Schleifmittelwerke Swarovski K.G.
Overall, the global abrasives market is fragmented with numerous large and small companies. They are seen resorting to mergers & acquisitions and partnerships to tap into synergies and grow further.
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