Abrasives is a material that is used to smooth out other softer materials through extensive rubbing.
Global Abrasives Market Analysis, 2020 research report depicts a deep dive market analysis of statistics of Global Abrasives market which consists of regional and country-wise market size, forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end-users, applications, product type, technologies, competitive benchmarking, etc.
According to MarkNtel Advisors’ research report “Global Abrasives Market Analysis, 2020”, the Global Abrasives market is anticipated to grow at a CAGR of around 6% during 2021-26F. The growth of the market is attributed to robust urbanization and industrialization globally, burgeoning demand for abrasive among automobiles, aerospace, metal fabrication and machinery along with snowballing production of automobiles, electronic equipment, medical devices in developing economies such as India and China. Moreover, robust growth in the automotive industry is anticipated to accentuate the demand for abrasives in the forthcoming period.
Automotive Segment Acquired the Considerable Market Share
Based on Application, Automotive segment acquired the considerable market share in the Global Abrasive market 2019 owing to its wide application in repairing, cleaning of auto body, engine part sizing and for polishing of the interior and exterior of automobile. The rising demand for passenger cars due to increasing middle-class populace and growing disposable income are anticipated to fuel the demand for abrasive in the coming years. Thus, this is anticipated to drive the growth of the Abrasives market globally in the near future as revealed by the MarkNtel Advisors’ research report “Global Abrasives Market Analysis, 2020”.
Impact of COVID-19
The growth of the abrasives market is come to a stagnant position due to the COVID-19 outbreak as the pandemic has affected the sectors such as automotive, machinery, metal fabrication resulted in temporary closure of the manufacturing facilities and disruption in the supply chain. The strict government regulation for the extraction of raw material is predicted to be the biggest restraints in the forecast period. Moreover, the shutdown has also influenced the mining activities worldwide has also affected the demand for the abrasives. However, the market has gained pace and is anticipated to grow at a high rate in the near future.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Abrasives market include Robert Bosch GMBH, 3M Company, Saint-Gobain Abrasives, Inc., Fujimi Incorporated, Asahi Diamond Industrial Co., Ltd., Cumi Murugappa Group (Carborundum Universal Limited), Mirka Ltd., Henkel AG & Co. KGaA, Nippon Resibon Corporation, Sankyo Rikagaku Co., Ltd., Noritake Co. Ltd., Tyrolit Group, Boride Engineered Abrasives, Flexovit USA, Inc., Abrasive Technology, Inc. etc.
Key Questions Answered in the Market Research Report:
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of Global Abrasives Market?
2. What is the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations in the Global Abrasives Market?
4. Who are the key competitors or market players and how they perform in Global Abrasives Market based on competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Abrasives Market study?