Global Abrasives Market: Snapshot
The global abrasives market has been rising hand-in-hand with the global machinery, automotive, and metal fabrication industry. The revival of economic growth globally post the economic slowdown of 2007 leading to a sizeable demand for machinery for the rising industrialization and urbanization has played an important role in providing the necessary momentum to the global abrasives market.
On the other hand, acting as a barrier to the growth of the global abrasives market are stringent regulations in place for the use of silica abrasives and volatile prices of raw materials.
In matters of competition, the global abrasives market displays fragmentation with the presence of a large number of global and regional players. Mergers and acquisitions, business alliances, and product innovation are some of the growth strategies that players in this market are focused on to steal a march on their competitors.
View Report Preview:
As per estimates by a report by Transparency Market Research, the global abrasives market will rise at a CAGR of 5.5% between 2013 and 2019, for the market to reach a valuation of US$51,389.7 mn by the end of 2019. The market was evaluated at US$35,203.6 mn in 2012.
Demand from Abrasive Product Manufacturers to Benefit Loose Abrasive Grains Segment
The global abrasives market is studied on the basis of product, end user, and geography in this report. Depending upon product, the global abrasives market is classified into bonded abrasives, raw superabrasives, loose abrasive grains, coated abrasives, steel abrasives, and others. Of them, the segment of bonded abrasives held the leading share in 2012 with a revenue contribution of US$12, 278.3 mn in the same year.
On the other hand, the segment of raw superabrasives is expected to display the leading growth at a CAGR of 7.7% between 2013 and 2019 vis-à-vis revenue. This is because abrasive product manufacturers are increasingly displaying demand for loose abrasive grains, which in turn is positively influencing the raw superabrasives product segment. In addition, the segment of loose abrasive grains is anticipated to display robust growth in the upcoming years as the demand for loose abrasive grains is on the rise from abrasive product manufacturers.
The segments of the market classified based on end-use are machinery, transportation, metal fabrication, electrical & electronic equipment, and others. Machinery was evaluated as the leading end-use segment in 2012. Expanding at a CAGR of 5.4% between 2013 and 2019, the machinery segment is expected to become worth US$12, 418.5 mn by the end of 2019 from US$8,586.7 mn in 2012.
Metal fabrication is the second-leading end use segment of the global abrasives market. The segments of transportation and electrical and electronic equipment are anticipated to register significant growth in the coming years due to the rapidly increasing demand for automobiles and electrical and electronic appliances across the globe. The others end-use segment that includes medical devices, construction and cleaning and maintenance, and power generation is estimated to display substantial demand for abrasives in the coming years.
High Volume Production of Abrasive Materials in China Makes Asia Pacific Attractive
The key regions into which the global abrasives market is divided are North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is currently the leading regional market for abrasives and is expected to contribute substantially to the global market. China is the leading domestic market for the production of abrasive materials and abrasive products. Therefore, Asia Pacific will display the leading growth rate over the forecast period between 2013 and 2019.
Request to view Sample Report:
Leading players in the global abrasives market include Saint Gobain SA, Robert Bosch GmbH, TYROLIT Schleifmittelwerke Swarovski K.G., 3M, DuPont, and Henkel AG & Co. KGaA.