Global Abrasive Market Estimated to Generate a Revenue of $64,873.4 Million at a CAGR of 6.1% by 2026 – Exclusive COVID-19 Impact Analysis [243 pages] Report by Research Dive

Global abrasive market is predicted to experience a significant growth during the forecast period, 2019-2026. Bonded sub-segment is expected to be the most lucrative. Automotive sub-segment is predicted to be the most profitable. Synthetic sub-segment is estimated to be the most beneficial. Asia-Pacific is expected to lead the market.

New York, USA, June 16, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global abrasive market is projected to register a revenue of $64,873.4 million at a CAGR of 6.1% during the forecast period (2019-2026), increasing from $40,396.5 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market growth factors, challenges, restraints and various opportunities. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.

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Dynamics of the Market

Drivers: Automotive and machinery industries use abrasive materials for different applications including mechanical operations, metal fabrications, and machine maintenance. In the automotive sector, the diamond abrasive materials are used for the crushing and mending processes as they improve polishing time and glossy appearance of the cars and other vehicles. These factors are enhancing the growth of the market.

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Restraints: There is a lack of availability of raw materials leading to high cost of the abrasive materials. This is the main factor restricting the growth of the market during the forecast period.

Opportunity: Rapid industrialization in the developed and developing economies is going to create many opportunities for the growth of the global market.

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Key Segments of the Market

The report has divided the market into different segments based on type, material, end-use, and regional analysis.

Type: Bonded Type Sub-Segment Expected to Garner the Highest Revenue

Bonded type sub-segment is predicted to garner the maximum revenue of $23,643.6 million by the end of 2026. The bonded type abrasives are available in many forms including discs and wheels made of rubber and vitreous materials, which has increased the demand of this type of abrasive. This is the main factor enhancing the growth of the market sub-segment.

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Material: Synthetic Sub-Segment Expected to be the Most Lucrative

Synthetic sub-segment recorded a revenue of $33,529.1 million in 2018, and is further predicted to garner a revenue of $54,092.0 million by the end of 2026, at a CAGR of 6.2%. Synthetic material type is used for various purposes such as polishing of noble metals, fine grinding of metal alloys, and adjusting dental enamel. This is the main factor behind the growth of the market segment.

End-Use: Automotive Sub-Segment Expected to be the Most Profitable

The automotive sub-segment is predicted to surpass a revenue of $18,813.3 million during the forecast period, rising from $11,715.0 million in 2018. The main factor behind this growth is the rising adoption of abrasives by automotive industries. Abrasives are used for renovating and refurbishing automobile vehicles and their parts such as accessories, interiors, and engine parts. These factors are contributing to the growth of the market sub-segment during the forecast period.

Region: Asia-Pacific Expected to Dominate the Market

Surpassing the revenue of $11,311.0 million in the year 2018, the Asia-Pacific regional market is predicted to dominate the market with a revenue of nearly $18,579.5 million during the analysis period. The industrialization is happening at a fast pace in the countries such as Japan, China, and India in recent years. Automotive and manufacturing companies are also growing in this region like never before. These are the factors leading to the growth of the abrasive market.

Key Players of the Market

1. Saint-Gobain Abrasives
2. Bosch
3. Henkel
4. Carborundum Universal Limited
5. Asahi Diamond Industrial Co. Ltd
6. DowDuPont
7. 3M
8. Tyrolit
9. Deerfos
10. Fujimi Incorporated

In June 2021, 3M , an American multinational conglomerate corporation, joined hands with Pandemic Action Network to collaborate on programs to help curtail the spread of COVID-19 and work together to prepare for future pandemics. Pandemic Action Network is a network of organizations from around the world to end the coronavirus pandemic.

The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here To Get Absolute Top Companies Development Strategies Summary Report


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