The increasing popularization of hybrid cars and electric vehicles, rapid industrialization and urbanization and rising adoption of abrasives among end-user industries such as automotive, machinery and metal fabrication are some of the factors propelling the growth of the Global Abrasives Market over the forecast years. Moreover, growing demand and sales for passenger and commercial vehicle, burgeoning application of abrasives in medical device and snowballing investments by the companies in R&D activities to develop innovative are strongly contributed toward the growth of the market in the forthcoming years.
According to MarkNtel Advisors’ research report “Global Abrasives Market Analysis, 2020”, the Global Abrasives market is anticipated to grow at a CAGR of around 6% during 2021-26F. Based on Application, Automotive segment acquired the significant market share in 2019. The growth of the segment is attributed to growing disposable incomes, burgeoning demand for passenger and commercial vehicles along with burgeoning inclination towards hybrid and electric vehicle. Moreover, Electrical & Electronics market segment is also growing at a rapid rate on account of increasing penetration of smartphones and introduction of innovative electronics products. Thus, this is anticipated to fuel the demand for abrasive in the coming years.49
“Global Abrasives Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Abrasives providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Acquired the Majority Market Share
North America acquired the majority market share in the Global Abrasives market in 2019. The US dominated the North America region. This is due to burgeoning demand for abrasives for auto components, robust growth in the automotive industry due to rising government inclination towards hybrid and electric vehicle along with snowballing demand for smartphones. Moreover, snowballing demand from electrical & electronics along with increasing government initiatives and rising inflow of FDI in the manufacturing sector are anticipated to promulgate the growth of the Abrasives Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Abrasives Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share 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., Abrasive Technology, Inc. etc.
Key questions answered in the study: