PORTLAND, Oregon and PUNE, India, June 12, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Abrasives Market by Type, Material, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023," the abrasives market was valued at $34,615 million in 2016, and is projected to reach $53,634 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023. The automotive segment accounted for nearly half of the global market in 2016.
Abrasives are materials, which are used to mold or finish other rough materials through extensive rubbing. Abrasives work by scraping the outer layers or surfaces for removal of unwanted substances or roughness. Abrasives are used in many end use industries such as metal working, wood working, cleaning, and deburring.
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Increase in demand from automobile manufacturers, medical device manufacturers, and electronic equipment manufacturers drives the global abrasives market. Moreover, rise in consumption of abrasives in cleaning applications and surface treatment, such as grinding, dimensioning, blending, finishing, sharping, and polishing, are some other key aspects that drive the growth of the global abrasives market. However, strict government regulations on the extraction of natural abrasives and fluctuations in raw material prices hinder the market growth.
Abrasives are expected to witness the highest growth rate in automotive industry, owing to increase in demand for passenger and commercial vehicles especially in the developing economies across the globe. Furthermore, rapid urbanization and upsurge in demand for efficient abrasive materials for cutting and grinding precious metals are expected to boost the market growth.
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The automotive segment accounted for around half of the global market, in terms of volume, in 2016. The demand of abrasives has increased due to response to the perennial modifications in the automotive industry. Thus, increase in requirement of high-tech synthetic abrasives and rise in adoption of new abrasive materials especially in automotive industry fuel the demand for abrasives across the globe.
Key Findings of the Abrasives Market:
- The automotive segment is anticipated to grow at the highest CAGR during the analysis period.
- Asia-Pacific is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 5.2%, in terms of volume.
- The automotive application segment occupied around half of the total market in 2016.
- China occupied around two-fifths of the Asia-Pacific market in 2016.
- In terms of value, Italy is expected to grow at a significant CAGR of 6.8% during the forecast period.
In 2016, Asia-Pacific and LAMEA collectively accounted for nearly half of the global market, in terms of volume, and are expected to continue this trend during the forecast period, owing to increase in urbanization, especially in China, India, Brazil, and other developing countries. Moreover, rapid urbanization, increase in per capita income, and growth in overall consumer expenditure drive the growth of the Asia-Pacific market.
The major companies profiled in the report include Robert Bosch GmbH, Cosentino S.A., 3M Company, Henkel AG & Co. KGAA, Saint-Gobain Abrasives, Inc., Dupont, Asahi Diamond Industrial Co., Ltd., Carborundum Universal Limited, Fujimi Incorporated.
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SOURCE Allied Market Research