Pune, India -- (SBWIRE) -- 10/09/2018 -- Regional Analysis

The global abrasives market is further categorized into five regions: Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa. In 2017, Asia Pacific emerged as the major abrasives market due to flourishing growth of various industries such as construction, electrical & electronics, and automotive. Asia Pacific region accounted for around 63% of the overall value share in 2017 and is estimated to reach USD 30,516.6 million at the highest CAGR of around 5.49% over the forecast period. The demand for abrasives is estimated to surge in different economies such as Japan, India, China, and Rest of Asia Pacific due to various government initiatives to increase the flow of FDI in the manufacturing sector. China accounts for the largest market value and is predicted to retain their dominance over the assessment period with a healthy CAGR of 5.64%.

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The Asia Pacific emerged as the largest abrasives market in 2017 followed by Europe and North America. European region accounted for around 12% of the overall market share (in terms of value) in 2017 and is estimated to grow at a significant CAGR over the assessment period. European countries such as France, Germany, the U.K, and Italy are the major contributors to the regional market growth and are expected to retain their dominance during the forecast period on account of a strong manufacturing base for the transportation and automobile sector. In Europe, Germany holds the leading position in the regional market and accounts for largest market share, which is further followed by the U.K.

Segmentation

The abrasives market is categorized on the basis of source, material, type, application, and region. On the basis of source, the market is bifurcated into natural and synthetic.

On the basis of the material, the market is categorized into aluminum oxide, silicon carbide, emery, corundum, boron carbide, and others.

On the basis of the type, the market is classified into bonded, coated, super, and others.

On the basis of application, the market is categorized into automotive, metalworking, machinery, electrical & electronics, construction, and others.

On the basis of the region, the market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.

Key Findings

Global abrasives market is projected to reach USD 47,170 million at a CAGR of 4.98% during the review period of 2017-2023.

Coated abrasives emerged as the most promising segment by type and acquired 35% of the global market share in 2017 at the moderate CAGR of 4.90%.

In terms of application, metalworking segment holds for the largest share of 28% in the global market and is expected to grow significantly during the review period.

Among the material segment, aluminum oxide aluminum oxide accounted for the largest market share in 2017. Asia Pacific region has accounted for over 63% share of the global market in 2017.

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