Industrial Abrasives Market: Insights
The global industrial abrasives market is estimated to witness a significant CAGR during the forecast period (2019-2026). The growth of the industrial abrasives market is anticipated to increase with the growing manufacturing industry, along with other factors, such as rise in automobile, electrical and electronics’ industries among others. The market is also expected to grow owing to operations such as grinding, buffing, polishing and sanding used in automotive industry. Industrial Abrasives are of different sizes and shapes depending on the processes in which they are used. Industrial abrasives are also used in process of fabrication of different parts in the machinery sector which is expected to boost the demand in the market. Volatile raw material cost, time to time replacement of product and strict government laws and regulations are some of the factors expected to hamper the growth of industrial abrasives market.
Industrial Abrasives Market: By Product
On the basis of type, the global industrial abrasives market is segmented into metallic and non-metallic. The metallic abrasives segment is expected grow during the forecast period, owing to its usage in various end use industries such as automotive, metal fabrication, and machinery among others. The metallic abrasives doesn’t wear and tear as compared to the non-metallic abrasives, hence it is widely accepted by wide range of end use industry verticals. The market for non-metallic abrasives is also expected to increase during the forecast period owing to its usage in various finishing processes and easy carrying property of the product.
Industrial Abrasives Market: By Application
On the basis of application, the global industrial abrasives market is classified into machinery, transportation, electrical & electronics, and metal fabrication among others. The transportation segment is expected to hold the largest market share in the application segment. The growth of the segment can be attributed to multiple factors, one of them being increasing purchasing power. Increased demand for passenger and commercial vehicles is one of the major factors expected to propel the growth of the market. The use of robotics with different processes including sanding, grinding and polishing in various end use industries such as automobile, machinery, and metal fabrication among others is another major factor expected to propel the demand during the forecast period.
Industrial Abrasives Market: By Region
Asia-Pacific is expected to hold the largest market share. The fast growing automobile and metal fabrication industries in China, India, and South Korea are expected to be the prime factors contributing to the growth of industrial abrasives industry. According to the report published by China Internet Information Center, Chinese automobile manufacturers sold more than 29.4 million vehicles in 2017. According to statistics published by IBEF (India Brand Equity Foundation), in year 2017, Indian auto industry became the 4th largest in the world, with net sales registering an increase of 9.5% from past year to approximately, 4.02 million units.
North America is expected to witness considerable growth in the industrial abrasives market. The growth of the market in the region can be attributed to increased technological advancement in the field of precision tools and sophisticated machine parts. The presence of leading metal fabrications companies including Metals USA, Kern Steel Fabrication, and AMCO USA among others are expected to have positive impact on the industrial abrasives market in the region. The market of Industrial Abrasives is also expected to grow in Middle East and Africa. Increased foreign direct investment is one of the major factors propelling the market growth in MEA region. Increased installation of manufacturing plant by some of the multinational companies including Koensigsegg, BMW, and LG among others is expected to positively influence the growth of the market.
Industrial Abrasives Market: End Use Landscape
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section briefs you about company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase industrial abrasives. The key end-users of the markets are BMW, LG, Bosch, and Siemens among others.
Industrial Abrasives Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Industrial Abrasives Market: Share & Competitor Analysis
Some of the key players operating in the industrial abrasives market are 3M, Saint-Gobain, Henkel, DuPont, Almatis, Fujimi, Jason, Carborundum, Asahi Diamond Industrial, and Hermes Abrasives among others.
In December 2017, Saint Gobain launched ultra-thin grinding wheel “Norton Quantum3 UTG”, making the product very light, comfortable and easy to use. The product is also expected to offer the operator substantial benefits in terms of comfort, durability, and material removal.
In June 2011, 3M launched a new range of fibre discs 3M Cubitron II with ultra-sharp fast-cutting points to increase productivity, throughput, comfort, and grinding speed in a range of abrasive applications.
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