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Global Abrasives Market to Expand at 5% CAGR Owing to Rising Demand in Automobile Industry

Global Abrasives Market to Expand at 5% CAGR Owing to Rising Demand in Automobile Industry

The global market for abrasives has been examined in a detailed market research report recently added to the portfolio of The report, titled “Global Abrasives Market 2016-2020,” states that the market will expand at a healthy 5% CAGR over the period between 2016 and 2020. Growth will be primarily driven by the rising applications of abrasives in the automobile industry.

Abrasives are used for the efficient finishing of automobiles in processes such as deburring, sizing engine parts, and cleaning. Abrasives are also used for repairing and maintaining the interior, body, and accessories fitted in automobiles. In other industrial applications, abrasives are primarily used for purposes such as cleaning the interiors of pipes, smoothing out welds, and smoothing out rough or uneven edge and surfaces. Moreover, coated abrasives are used in the transportation industry for a variety of finishing and grinding applications.

Over the past few years, a significant rise in disposable income, especially of the people residing in the developing parts of the globe, has led to an unprecedented rise in demand for commercial and passenger vehicles. This augmented demand for vehicles has in turn benefitted the global market for abrasives in the past few years and is expected to propel the market over the report’s forecast period.

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The report states that the increasing adoption and use of garnet will propel the global abrasives market over the forecast period. Owing to the imposition of stringent regulations in a number of industries, garnet is increasingly replacing silica-based abrasives. As garnet is cheaper than silica and its physical structure makes it more suitable for a number of industrial applications, the shift from silica to garnet will significantly change the growth dynamics of the global abrasives market in the years to come.

The report segments the global abrasives market on the basis of type into bonded, coated, and super abrasives. Of these, the segment of coated abrasives dominated the global abrasives market in 2015, accounting for a share of over 50% in the market. The demand for coated abrasives is high in industries such as white goods, hand and power tools, automobile, ancillaries, furniture, construction, and fabrication.

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From a geographic perspective, the global abrasives market has been segmented into North America, APAC, Europe, and Rest of the World (RoW). Of these, APAC dominated the global abrasives market in 2015 and is expected to generate revenues worth over US$33 bn by 2020. The market for abrasives in APAC will be driven by factors such as strengthening economies, rise in per capita incomes, and the flourishing automobiles and construction industries.

The market is highly competitive and features the presence of a large number of small- and large-sized companies. Vendors in the market compete on the basis of price, performance and quality, innovation, and customer-centrism.

Some of the most influential vendors in the market are DuPont, 3M, Henkel, Saint-Gobain, Robert Bosch, Allied High Tech Products, Cabot Microelectronics, Almatis, Tyrolit Schleifmittelwerke Swarovski KG, and Asahi Diamond Industrial.

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