August 30, 2022 01:38 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The global abrasives market size was USD 41.05 billion in 2021. The market is projected to grow from USD 43.43 billion in 2022 to USD 64.81 billion by 2029 at a CAGR of 5.9% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Abrasives Market, 2022-2029". As per the report, the market is expected to grow during the projected period due to increasing demand for the product from the automotive industry.
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List of Key Players Profiled in the Report:
The report provides complete information and insights on recent developments and trends in the market. Also, the impact of COVID-19 pandemic on global market development is highlighted further in this report. Furthermore, the drivers and restraints affecting the market growth during the projected period are mentioned further in the report. Regional market insights on segmented market areas are provided further along with a list of key market players in the industry.
Strategic Acquisition Allow Companies to Propel Growth
The leading companies in this industry focus on various strategies to improve their business performance. The companies form strategic alliances and partnerships to globalize their brand and propel growth.
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Increasing Demand from the Automotive Sector to Propel Growth
The market is anticipated to witness prominent growth during the forecast period due to the rising product application for construction activities. Also, the increasing demand for these products from the automobile sector is projected to fuel the global abrasives market growth during the forecast period. The surging product demand for coating applications is anticipated to boost market share.
However, lack of raw material availability and strict regulations may hinder the market growth.
Synthetic Segment to Lead Global Market Due to Rising Application
By material, the market is bifurcated into natural and synthetic. The synthetic segment is anticipated to lead the global market share due to high application of these products in various elements.
High Abrasive Use in Different Products to Boost Coated Segmental Growth
Based on product type, the market is trifurcated into bonded, coated, and super. The coated segment is anticipated to grow during the projected period. The increasing use of coated abrasives in consumer goods, furniture, surgical products, and fabrication products is anticipated to fuel the segmental growth.
Metal Fabrication to Propel Growth During Forecast Period
On the basis of application, the market is divided into automotive, electrical & electronics, metal fabrication, machinery, and others. The metal fabrication segment will grow in the coming years due to the rising demand for metal equipment.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Halted Manufacturing Affected Market Growth During Pandemic
The outbreak of COVID-19 pandemic had a negative impact on various industries. The demand for abrasives decreased gradually during the initial lockdown phase due to restrictions imposed by governments. Also, manufacturing operations were halted to restrict the virus's spread. These factors affected the production and sales rate of the product used in the automobile and construction sectors.
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Asia Pacific Holds Dominant Market Share Due to Rapid Commercialization
Asia Pacific is estimated to dominate the global abrasives market share during the forecast period due to the rising technological advancements. Also, increasing industrialization and rising commercialization are projected to fuel regional market growth in the coming years. The regional market stood at USD 22.89 billion in 2021.
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