Rapid industrialization and growth in the automotive industry are the key factors that are likely to fuel demand for steel abrasives during the forecast period.
Albany, NY -- (SBWIRE) -- 12/08/2017 -- The global steel abrasives market is projected to witness a steady demand over the forecast period 2015-2020, according to a new research report added to the repository of Market Research Reports Search Engine (MRRSE). According to the report, the global steel abrasive market is likely to grow at steady pace on accounting of a slew of macroeconomic and microeconomic factors. The report titled "Steel Abrasives Market - Global Industry Expert Opinions Analysis, Emerging Opportunities, Market Size, Share, Growth Drivers, Market Trends, Statistics And Forecast 2015 – 2020" offers comprehensive forecast and analysis on the global steel abrasives market and gives readers valuable guidance and insights on the key factors likely to shape the market during the forecast period.
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According to the report, rapid industrialization and growth in the automotive industry are the key factors that are likely to fuel demand for steel abrasives during the forecast period. The report further projects that developing countries will be key to the growth of the steel abrasives market, as demand from developed markets has somewhat plateaued. China, Brazil, India, and South Africa are among the countries where high demand for steel abrasives can be expected during the forecast period. Of particular significance can be the automotive industry in Asia Pacific, as it has shown significant growth in the last five years. Although automotive sales have decline a bit in the last two years, the outlook on the automotive market in China and India remains positive. On account of steady demand from the automotive industry, the steel abrasive market is likely to tread along steadily during the forecast period. The key factor fuelling the demand for steel abrasives in the automotive industry is its recyclability. On the back of stringer regulations and taxes on industrial waste, end-users have been forced to incorporate more sustainable solutions in their supply chain. Use of steel abrasives has a lot of potential in terms of environment conservation, and end-users are likely to adopt the product during the forecast period.
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On the back of rising demand from China and India, Asia Pacific is likely to remain the largest market for steel abrasives during the forecast period. The Asia Pacific steel abrasives market is likely to grow at a steady pace, as demand from automotive and industrial sector provide an impetus to growth. On the other hand, demand from North America and Europe is likely to remain subdued due to relatively slower growth, and preference for alternatives of steel abrasives.
The leading players profiled in the report include Abrasive Technology Incorporated, Cabot Microelectronics Corporation, Fairmount Minerals Limited and Winoa
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