Abrasives Market worth $70.5 billion by 2027

According to recent market research "Abrasives Market by Material (Natural, Synthetic), Type (Bonded, Coated, Super), Product Type (Disc, Cups, Cylinder), End-use Industry (Automotive, Machinery, Aerospace, Metal Fabrication, Electrical & Electronics), and Region - Global Forecast to 2027", The abrasives market is projected to grow from USD 42.3 billion in 2018 to reach USD 70.5 billion by 2027, at a CAGR of 5.97%.

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Disc grinding wheel is projected to witness high consumption during the forecast period

Grinding wheel, the most important abrasive product, is involved in the manufacturing of machinery, electrical, electronic components, and automotive components. It is made of an abrasive grain, and is a self-sharpening cutting tool. The majority of grinding wheels made have a vitreous, ceramic bond, and are made of clays and feldspars. The disc grinding wheel segment accounted for the largest share in 2018 due to higher speed, improved efficiency, and better productivity.

Automotive segment held the largest market share of the abrasives market

The automotive segment accounted for the largest share in 2018 due to the rise in disposable income, especially in developing countries, which has led to an unprecedented demand for passenger and commercial vehicles. Efficient finishing of automobiles requires abrasives for sizing engine parts, deburring, cleaning, repairing and maintaining the body, interiors, and accessories of the automobile. They are primarily used to smooth out welds, clean the interior of pipes, and to smoothen out uneven and rough surfaces and edges. Furthermore, coated abrasives are used in the transportation sector for finishing and grinding applications. Thus, this augmented demand for automobiles is expected to indirectly drive the growth prospects of the abrasives market in the coming years.

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Asia Pacific to play a key role in the abrasives market

The growth in Asia Pacific region is driven by factors such as the augmented demand for automobiles, rise in the sales of electronic devices, efforts toward standardization, expanding application segments, rapid urbanization in China and India, along with the growth in disposable income in these countries.

At a global level, companies such as Bosch (Germany), 3M (US), DowDuPont (US), Saint-Gobain Abrasives (France), and Fujimi Incorporated (Japan) are providing abrasive products. Large construction players such as LafargeHolcim (France), Balfour Beatty PLC (UK), and Kier Group (UK) have a scope to enter into abrasive services. Other players in the market include Henkel (Germany), Tyrolit (Austria), Asahi Diamond Industrial Co., LTD (Japan), Deerfos (Korea), and Carborundum Universal Limited (India).

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Bosch was one of the prominent players contributing significantly to the growth of the global abrasives market in 2017. The company has maintained its leadership position through its strong distribution network across the European and American markets. Bosch (Germany) is among the leading manufacturers of abrasives for many of the markets it serves. It adopted new product launches as its key strategy to capture the market share. Through this strategy, it aims to gain a competitive advantage in the abrasives market. In November 2016, Bosch extended its new product in the range of abrasives by developing sanding sheet, which is an open net structure that enables dust extraction across the entire surface in comparison to conventional sanding sheets.

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