Abrasives Market - Global Forecast to 2021 - New Market Research Report

From: Fast Market Research, Inc.
Published: Tue Jun 21 2016

Abrasives Market by Material (Natural, Synthetic), Product (Grinding Wheel, Sandpaper, Others), Type (Bonded, Coated, Super), End-Use Industry (Automotive, Machinery, Metal Fabrication, Others) - Global Forecast to 2021

Increasing demand from machinery industry coupled with growing automotive industry is expected to drive the abrasives market"

The global abrasives market size is projected to grow from USD 41.21 billion in 2015 to reach USD 58.43 billion by 2021, at a projected CAGR of 6.10%. The growth of this market is driven by the increased demand from the automotive and machinery industries globally, especially in Asia-Pacific due to urbanization and industrialization. Also, the accurate manufacturing features involving various applications (grinding, cutting, polishing, sanding, and others) of abrasives are attracting the end-use sectors significantly. With the emergence of new technologies, contractors and consumers are looking for advanced and accurate manufacturing, which are driving market for abrasives globally.

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"Coated sector projected to grow at the highest rate during the forecast period"

The coated sector is projected to be the fastest-growing segment on the basis of type, in the next five years. Due to the focus on rapid industrialization in emerging economies and development of the metal fabrication industry, a shift is expected towards the inclination of both, suppliers and consumers, towards abrasives. Increasing demand in welding, automotive, foundry, and jewelry industries is also expected to drive the coated abrasives market in next five years. Market participants are focusing on novel products such as wide belts, flexible belts, nonwoven fabric abrasives, seeded gel abrasives, and polyester backed abrasives. This factor is also expected to boost demand over the forecast period.

"Asia-Pacific is projected to dominate the abrasives market in 2021"
Asia-Pacific accounted for the largest share in the abrasives market in 2015, and is projected to dominate the market in 2021. The market in Asia-Pacific is projected to grow at the highest rate during the forecast period. The rise in disposable income, exceptional demand for passenger and commercial vehicles, and rise in the sales of electronic devices are driving the abrasives market. Due to the increasing consumption and production of industrial products in developing economies such as India and China, the abrasives market in these countries is projected to grow at a higher rate than the rest of the Asian-Pacific countries.

Breakdown of Primaries:

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