The Global Abrasives Market is projected to grow at a CAGR of 6% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the growing focus of the governments of different countries on infrastructural development, demonstrating a rise in the number of construction projects & propelling the demand for abrasives.
In addition, the swift expansion of the electronics & manufacturing industries is also emerging as prominent consumers of abrasives to scrape metal in small amounts for the manufacturing of semiconductors & electronic appliances with high precision.
Besides, many players are actively participating in numerous research & development activities to bring more innovations in abrasives, such as polyester & fabric-based abrasives and advanced coated abrasives for metal fabrication, among others, contributing to the overall growth of the Global Abrasives Market through 2027, further states the research report, “Global Abrasives Market Analysis, 2022.”
Increasing Sanding & Polishing Applications Driving the Demand for Bonded Adhesives
Based on the Type, Bonded Abrasive is projected to make considerable contributions to the growth of the Global Abrasives Market, hinting toward the presence of lucrative opportunities for the leading players during the forecast period.
This growth attributes to the composition of abrasives exhibiting binders & fine aluminum oxide, finding applications like sanding & polishing metal products widely throughout the world. Besides, owing to the expanding automotive & electronics sectors demonstrating a high demand for abrasives, the overall market growth is likely to register a swift growth in the coming years.
Massive Automotive Industry to Drive the Abrasive Market in Asia-Pacific
On the geographical front, Asia-Pacific is anticipated to dominate the Global Abrasives Market with the largest share during the forecast period. This dominance attributes to the rapidly expansive automotive & electronics industry across different countries in the region, augmenting the demand for abrasives for diverse applications. The same aspect is also generating lucrative opportunities for the leading players to increase their production & distribution capacities to cater to the burgeoning demands throughout Asia-Pacific.
On the other hand, Middle East & Africa is projected to exemplify substantial growth in the Global Abrasives Market during the forecast period. This growth is driven by the construction sector being a prominent industry across different countries, acting as a backbone for the economic liquidity, demonstrating a rise in the number of projects throughout the region. As a result, the requirement for abrasives is mounting substantially and instigating the players to increase their production & distribution capacities to meet the burgeoning requirements throughout the region.
The top players in the Global Abrasives Market are Robert Bosch GMBH, 3M Company, Saint-Gobain Abrasives, Inc., Fujimi Incorporated, Asahi Diamond Industrial Co., Ltd., Cumi Murugappa Group (Carborundum Universal Limited), Mirka Ltd., Henkel AG & Co. KGaA, Nippon Resibon Corporation, Sankyo Rikagaku Co., Ltd., Noritake Co. Ltd., Tyrolit Group, Boride Engineered Abrasives, Flexovit USA, Inc., and Abrasive Technology, Inc.
Key Questions Answered in the Research Report