The global abrasives market size is expected to grow by USD 9.15 billion during 2020-2024, progressing at a CAGR of over 4% during the forecast period. Download latest version with COVID-19 analysis Free Sample Report
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Technavio has announced its latest market research report titled Global Abrasives Market 2020-2024 (Graphic: Business Wire)
The demand for abrasives from the automotive industry is one of the major factors propelling the market growth. However, factors such as improper storage causing technical issues will hamper the market growth.
In the automotive industry, abrasives are used for sizing engine parts, deburring, and cleaning. They are also used for repairing and maintaining autobody, interiors, and accessories. Furthermore, they are used for smoothening welds, cleaning pipe interiors, and roughen or smoothen surfaces and edges. Coated abrasives are popularly used abrasives in the automotive industry. In the transportation sector, coated abrasives are used in finishing and grinding applications. The increasing motor vehicle production will drive the demand for abrasives, fueling the market growth.
More details: www.technavio.com/report/abrasives-market-industry-analysis
Global Abrasives Market: End-user Landscape
In the general engineering industry, abrasives are applied to grinding wheels that are used as cutting tools. They are generally used in abrasive jet machining technology or pencil blasting and abrasive microblasting. These technologies do not generate heat and can be used in major applications such as blasting and manufacturing tools. Abrasives are applied to buffs that are multifaceted tools that are used in numerous applications, ranging from cutting to polishing. Buffing is suitable for finishing pots and pans, alloy ware, and flat pans. Meter buffs, wavering buffs, and classic airway buffs are some types of buffs used in such applications. Market growth in this segment will be slower than the growth of the market in the fabrication, automotive, and electronics segment.
Global Abrasives Market: Geographic Landscape
APAC was the largest abrasives market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the thriving automotive, electronics, general engineering and tooling, and construction industries will significantly drive abrasives market growth in this region over the forecast period. 71% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for abrasives in APAC. Market growth in this region will be faster than the growth of the market in regions.
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Abrasives Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by end-user
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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