Pune, India -- (SBWire) -- 08/28/2018 --Abrasives are widely used in the end user industries such as automobile, building & construction, electronics, and metal fabrication among others. The Global Abrasives Market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the global market and is projected to continue leading, owing to the growing urbanization and industrialization in the developing countries if the region. The major countries attributing to this growth are India and China. The presence of the most populated countries in the region has augmented the construction and automotive sector which in turn is expected to boost the market growth during the forecast years. In addition to this, the growing electrical and electronic sector mainly in Japan and China has positively impacted the Abrasives Market due to its growing use in memory disks, fiber optics and semi-conductors among others.
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North America is a dominant region in the market of Abrasives and is expected to retain its dominance during the forecast years. The developed end user industry coupled with the increasing adoption rate are the major factor driving the market growth. The growing investment in the construction sector mainly in U.S. and Canada is further expected to surge the market growth during the forecast years. Furthermore, the developed electronic sector coupled with the presence of the 'big three' automobile companies namely General Motors, Ford and Fiat Chrysler is also expected to substantially add to the market growth.
European market of abrasives is set to grow at a steady pace during the forecast period. The presence of the developed automobile sector and the electronic industry are the major factor driving the market growth. Furthermore, the growing metal fabrication industry in Europe is also contributing substantially to the growth of the market. The Middle Eastern market of abrasives is expected to grow during the forecast years. The growing construction of stadia, hotels, and other public infrastructure mainly in Qatar and Saudi Arabia owing to the FIFA world cup 2022 is expected to boost the market of abrasives in the region.
Segmentation
The Global Abrasives Market is segmented into material, product, type and end user industry. On the basis of material, the market is segmented into natural abrasives and synthetic abrasives. On the basis of product, the Global Abrasives Market is segmented into grinding wheels, sandpaper and others. On the basis of type, the market is bifurcated into coated abrasives, bonded abrasives, and super abrasives. On the basis of end use industry, the market is further segmented into automotive, machinery, metal fabrication, electrical and electronics, building and construction, and others
Competitive Analysis
Some of the prominent players operating in the Global Abrasives Market are Robert Bosch GMBH (Germany), 3M Company (U.S.), DuPont (U.S.), Saint-Gobain Abrasives, Inc. (France), Fujimi Incorporated (Japan), Henkel AG & CO. KGAA (Germany), Tyrolit Group (Austria), Asahi Diamond Industrial Co., LTD (Japan) Deerfos Co., Ltd (Korea), and Carborundum Universal Limited: (India).
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Abrasives Market Size, Global Share, Industry Analysis, Research Report, Business Opportunity, Worldwide Regional Trend 2018 to 2023
Global Abrasives Market: by Source (natural and synthetic), by Material (aluminum oxide, silicon carbide, emery, corundum, boron carbide), by Type (bonded, coated, super), by Application (automotive, metalworking, machinery, electrical & electronics, construction), and by Region – Forecast till 2023