Acumen Research and Consulting, Recently Published Report On “Abrasives Market Size, Share, Trends, Scope, Growth Opportunity and Forecast 2019-2026”
LOS ANGELES, July 08, 2019 (GLOBE NEWSWIRE) -- The global abrasives market size is estimated to grow at CAGR above 5.6 % over the forecast time frame 2019 to 2026 and reach the market value around USD 61 billion by 2026.
Increased automotive manufacturing and demand for superabrasives is expected to boost development in high-performance apps. The world demand for abrasives will be boosted quickly by increasing end-user sectors. These products are used to clean, smooth and polish product surfaces in the transport, electronics, manufacturing and other end use industries.
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In 2018, Europe represented over 19% of sales as the second biggest market share. The increasing demand for bonded and coated abrasives appropriate for precision grinding is ascribed to regional development. The growth prospects for the synthetic abrasive segment are anticipated to be ongoing in Russia, Poland, and western European countries.
During this forecast era, the segment of electronic and electrical machinery is expected to grow by around 8% in sales at CAGR. Technological advances, combined with increasing electronic and electricity demand, are anticipated to have a beneficial impact on the world economy as well as on increasing population and consumption expenditure. The IBEF, for example is anticipated to achieve USD 100 billion by 2022 from USD 21 trillion in 2017, owing to development in the country's power industry, according to the Indian electrical equipment market.
The growing sector of furniture and interior and the growing sector of metalworking. The demand for home office furniture, which in turn raised demand for pcs, table-tops, office chairs and filing cabinets, has recently risen by increasing numbers of telecommuters. The demand growth is directly linked to the multiple applications and is projected in the evaluation period to stimulate abrasive market growth. Increasing consumer base and increasing demand for long-term consumer goods provided the emerging economies with an increased scope for the electronics industry. Furtnermore is projected to boost demand for abrasive substances in developing nations around the world, with an increased middle class population and a continuing development in the electronics industry during the 2019-26 review period. However, fluctuating raw material prices have a negative effect on the producer's profit margin, which will in turn hinder market growth.
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The Segment of Natural Abrasives will record a revenue CAGR of 5.4% due to demand from North American and European countries.
Metal manufacturing is anticipated to decrease the manufacturing costs by the highest CAGR of 5.1 percent during the predicted era.
As a result of the rising demand for high-precision grinding in the Asian Pacific and North American car industries, the Bonded segment maintained a market share of more than 50 percent in 2018.
Due to growing infrastructure operations and development in the production section of developed nations in the area, Asia Pacific is anticipated to register over 7 percent of the largest CAGR market over the coming seven years.
A two-phase angle grinding system was created by Bosch in March 2018. It comprises of a SCM disk used for good surface finish.
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Key Players & Strategies
Market competition is strong since most products are priced likewise, even if the features of each company may differ slightly. The leading manufacturers include the Saint-Gobain, 3 M Company, NIPPON RESIBON CORPORATION, Robert Bosch GmbH, DRONCO and KWH Mirka. One of the biggest strategic initiatives taken by players is new product development. For example, the new WPF Next Gen abrasive paper, suitable for both dry and wet hand sanding, was launched in November 2019 by Mr Mirka.
Manufacturers undertake a number of strategic initiatives to boost their market share, worldwide footprints and market client base. Sak Abrasives Inc., for instance, purchased Buffalo Abrasives Inc. in February 2019.
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