Asia-Pacific contributed the highest share in terms of volume, and will maintain its dominance throughout the forecast period.
PORTLAND, OREGON, UNITED STATES, August 1, 2022 /EINPresswire.com/ — Rise in demand for abrasives in automobile and electronics industries drive the growth of the global abrasives market. Asia-Pacific contributed the highest revenue share in 2016, and will maintain its dominance throughout the forecast period. During the coronavirus pandemic, the demand for abrasives has been reduced owing to the operational restrictions on its end user industries.
According to a new report published by Allied Market Research, titled, “Abrasives Market by Type, Material, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the abrasives market was valued at $34,615 million in 2016, and is projected to reach $53,634 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023. The automotive segment accounted for nearly half of the global market in 2016.
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COVID-19 impact analysis:
The outbreak of the COVID-19 pandemic left a significant impact on the global economy. The abrasives market report provides a detailed study of the micro- and macro-economic impacts of the pandemic. Moreover, the analysis depicts the direct impact of COVID-19 on the abrasives market. It recapitulates the detailed information about the market extent and shares owing to the impact of the outbreak. The report also emphasizes on the supply chain and the sales of the abrasives market. Last but not the least; the study also exhibits a post-COVID-19 scenario, portraying different measures and initiatives taken by the government bodies across the world.
The bonded segment contributed to the largest share in 2016, and is estimated to maintain its dominant position during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 6.4% from 2017 to 2023.
Increase in demand from automobile manufacturers, medical device manufacturers, and electronic equipment manufacturers drives the global abrasives market. Moreover, rise in consumption of abrasives in cleaning applications and surface treatment, such as grinding, dimensioning, blending, finishing, sharping, and polishing, are some other key aspects that drive the growth of the global abrasives market. However, strict government regulations on the extraction of natural abrasives and fluctuations in raw material prices hinder the market growth.
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Some ruling enterprises in the global abrasives market are examined in the report along with the citation of innovative product launches by them, their collaborative undertakings & endeavors, several merges & acquisitions, and many more. The frontrunners operating in the global abrasives industry include Bosch GmbH, 3M Company, Cosentino S.A., Saint-Gobain Abrasives, Inc., Henkel AG & Co. KGAA, Asahi Diamond Industrial Co., Ltd.
The automotive segment accounted for the largest share in 2016, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period.
• Qualitative as well as quantitative assessment of the market on the basis of the detailed categorization involving both the economic and non-economic factors.
• Analysis at country and regional level, which portrays the share of the product or service in different regions.
• Elaborative company profiles section, which provides different pointers such as key executives, business enactment, company overview, product/service portfolio, R&D expenditure, current scenario, and prime strategies of the key market players.
• The forecasted market outlook of the abrasives market based on recent developments, which incorporate the analysis of drivers, market trends, and growth opportunities.
• The COVID-19 impact on the abrasives market
• Post-sales support and free customization
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