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By 2028, the global abrasives market is expected to reach 66.71 billion U.S. dollars, with a compound annual growth rate of 7.13% during the forecast period 2021-2028.
Newark, New Jersey, USA, November 9, 2021/EINPresswire.com/-According to a report released by The Brainy Insights, the global abrasives market is expected to grow from USD 38.87 billion in 2020 to USD 66.71 billion in 2028 In the US dollar, during the forecast period 2021-2028, the compound annual growth rate is 7.13%. The Asia-Pacific region will account for 53.56% of the main market in 2020. The presence of many major local and global manufacturers in the region is one of the key factors driving market growth. In addition, major infrastructure construction in countries such as India and China has further promoted the demand for abrasives. On the other hand, North America is expected to grow at a significant compound annual growth rate of 8.2% during the forecast period. Increasing demand for abrasives in various end-use sectors such as the aerospace, automotive, and metal manufacturing industries is driving market growth.
Some of the major players in the global abrasives market are Tyrolit Group, Asahi Diamond Industrial, 3M Company, Robert Bosch GMBH, Compagnie de Saint-Gobain SA, Henkel, Defos, Sak Industries, Fujimi Incorporated and Carborundum Universal Limited. The main players mainly focus on adopting various strategies, such as partnerships, mergers and acquisitions, new product development and geographic expansion, in order to gain a considerable share of the global abrasives market. In April 2015, Compagnie de Saint-Gobain SA announced that it had acquired a 70% stake in Brazil-based British Indústria e Comércio Ltda, which produces and sells non-woven abrasives for industrial applications. This acquisition will help strengthen Compagnie de Saint-Gobain SA's position in the market and help expand its customer portfolio.
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The raw material types are divided into natural and synthetic parts. The synthetic raw materials sector is expected to grow at the highest compound annual growth rate of 7.8% during the forecast period. The increasing use of synthetic raw material abrasives in various end-use industries is driving the growth of the market. The type part includes coated abrasives, bonded abrasives and super abrasives. During the forecast period, coated abrasives are expected to grow at the highest compound annual growth rate of 7.56%. Coated abrasive is a thin layer of particles that are attached to the substrate with the aid of a binder.
The end-use industries include aerospace, automotive, machinery, metal manufacturing, electrical and electronic equipment, etc. The automotive sector occupies a leading position in the global market, with a major market share of 15.42 billion in 2020. With the continuous advancement of technology in the automotive industry, the demand for abrasives in the automotive industry continues to increase.
Due to the increasing use of abrasives in the automotive industry, the global abrasives market is growing rapidly. Abrasives are mainly used in industry for cleaning, dust removal, grinding and polishing of auto parts. In addition, the growing demand for abrasives in the metal manufacturing industry has further promoted the growth of the market. In addition, technological advancements in the abrasives industry provide various growth opportunities for suppliers in the market. However, high manufacturing costs may hinder the growth of the market during the forecast period.
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