COVID-19 economic fallout on the Abrasive Market

A recently published report by Research Dive states that the global abrasive market is broadly categorized into four main segments namely, by type, by material, by end use, and region.

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Global Market Scenario

As per the latest report by Research, the global abrasive market is estimated to garner revenue of $64,873.4 million at a stable CAGR of 6.1% from 2019-2026. This growth is due to the increasing requirement of abrasives for industrial purposes such as machine maintenance, mechanical operation, and metal fabrication in automotive and machinery industries.

  1. By Type- The bonded type sub-segment held a dominant share in the market and is predicted to garner revenue of $23,643.6 million by 2026. The variant of abrasives is available in a variety of forms including wheels and disks. The objects are made using rubber and vitreous materials which is why the bonded abrasive is used in a variety of applications, leading to the sub-segment’s market growth.
  1. By Material- The synthetic material sub-segment is set to dominate the market with a tremendous increase in revenue from $33,529.1 million in 2018, to over $54,092.0 million by 2026 at a steady CAGR of 6.2% over the forecast period. The two materials that are essentially used are silicon carbide and aluminium oxide. This growth is credited to the use of synthetic material in various industrial processes such as polishing noble metals, grinding metal alloys, and more.
  1. By End Use- The automotive sub-segment experienced a rise in the revenue from $11,715.0 million in 2018 to over $18,813.3 million from 2019-2026. This is expected to dominate the market as abrasives are extensively used for renovation and maintenance process of engine parts, accessories, and interiors of automobiles.
  1. Region- The Asia-Pacific region is predicted to garner revenue of $18,579.5 million by 2026 rising from $11,311.0 million in 2018. This growth is due to the large number of industries being set up in the Asia-Pacific countries such as China, India, and Japan. These countries apart from being growing economies are also some of the largest contributors to the global abrasives market.

Key Players

Some of the leading players who have contributed to the growth of the market are – Saint-Gobain Abrasives, Henkel, Asahi Diamond Industrial Co. Ltd, 3M, Deerfos, Bosch, Carborundum Universal Limited, DowDuPont, Tyrolit, and Fujimi Incorporated. The report also contains an in-depth account of all the recent updates such as product launches, strategic partnerships, research work as well as mergers and acquisitions.

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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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