Dublin, September 29, 2021 (GLOBE NEWSWIRE) – The report “Global Abrasive Market 2021-2028” has been added to ResearchAndMarkets.com offer.
The global abrasives market size is expected to reach USD 47.82 billion by 2028, with a CAGR of 4.2% during the forecast period.
The market is expected to be driven by the increasing growth of the metal fabrication industry due to demand from end-use sectors, such as automotive, aerospace, agriculture, and medical. Abrasives are tools used to shape and give a smooth finish to the surface of the product.
Depending on the product, the market has been segmented into plasters, adhesives and others. The coatings segment is expected to register the fastest growth rate during the forecast period owing to the increasing application of coated materials in metalworking, where products, such as sandpaper, are used for deburring. China held the largest share of the world market in 2020. The country is also a leader in terms of production to meet domestic demand, as it is also a huge manufacturing center.
According to USGS statistics, China was the largest producer of molten aluminum oxide and silicon carbide abrasives in 2019. The increase in production in China has forced other players to the value chain to expand their manufacturing capabilities. For example, in August 2020, Ahlstrom-Munksjo announced new investments in its Binzhou factory for the production of abrasive backing paper. This investment aims to strengthen the company’s position as a leading producer of abrasive substrates around the world.
Despite the positive market outlook for the future, market growth fell in 2020 due to the Covid-19 pandemic. Several companies suffered losses in 2020 when manufacturing operations were suspended, impacting both manufacturing and consumption of the products.
For example, the abrasives division of Grindwell Norton Ltd. reported declining sales due to a decline in industrial activity and a foreclosure in the first quarter of 2020.
Highlights of Abrasives Market Report
- The related products segment held the largest revenue share of over 43% in 2020 due to the growing demand for these products from many industries including steel, automotive, cutting tools, food processing and general engineering, among others.
- Automotive and transportation application dominated the market with a share of over 35% in 2020 and will maintain the leading position throughout the forecast years
- The growth of this application segment can be attributed to the growing production of electric vehicles (EVs) and the growing number of their charging stations.
- Metals manufacturing is expected to register the fastest CAGR during the forecast period. Metal fabricators are looking for high performance abrasive discs and finishing materials to reduce downtime in manufacturing operations
- Asia-Pacific is expected to register the fastest growth rate of 4.7% during the forecast period due to the rapid growth of the manufacturing sector in developing economies, such as India, China and South Korea
- Asahi Diamond Industrial Co., Ltd.
- Bosch Limited
- Henkel AG & Co. KGaA
- ABRASIVES SAK LIMITED
- Saint Gobain
- sia Abrasives Industries AG
- TYROLIT Group
For more information on this report, visit https://www.researchandmarkets.com/r/dptgu9