Abrasives Market Can be Worth $ 87.80 billion by 2030 Due to Growing Furniture Industry

Pune, India, September 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Abrasives Market.

Abrasives are defined as materials that can polish or clean a hard surface by being grinded or rubbed over them. A new report on the global abrasives market, published by Market Research Future (MRFR), anticipates that this market can surge at 6.06% CAGR between 2022 - 2030. In terms of money value, the market can be worth USD 87.80 billion by 2030.

The prominent market driving factors, along with some trends, for the global abrasives market growth are growing furniture industry & interior industry, expanding automotive sector & transportation sector, and rising metal fabrication industry. Due to the growing number of telecommuters, the demand for computers, desks, filing cabinets, and office chairs is increasing. These items need to be polished with abrasives, and hence, the market for abrasives can surge. In the emerging economies, the consumer base, as well as demand for abrasives, is increasing. Other factors contributing to the global abrasives market growth include continuous growth of the electronics industry and increasing middle-class population in developing countries. However, fluctuating prices of raw material can affect market growth negatively.

Market Segmentation

The global abrasives market segmentation encompasses application, material, source, and type. MRFR’s take on the market surveys various facets of the market in-depth.

The application-based segmentation of this market covers automotive, construction, electrical & electronics, machinery, metalworking, and others. The metalworking segment holds the 28% market share and is expected to grow at 6.06% CAGR during the forecast period. The market for abrasives can surge as abrasives are used for a wide range of applications like deburring, grinding, polishing, and other metalworking application.

Based on material, this market has been segmented into aluminum oxide, boron carbide, corundum, emery, silicon carbide, and others. Aluminum oxide emerged holds the largest market share, followed by silicon carbide. Aluminum oxide is useful for metalworking application and woodworking application. Emery is another prominent material segment due to its rising use in the automotive sector and metal fabrication.   

Regarding source, the market has been segmented into natural sources and synthetic sources. One can expect the market for natural sources to grow due to increasing preference for natural products. By type, the market has been segmented into bonded, coated, super, and others. 

Regional Segmentation

A geographical outlining of the global abrasives market covers Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa (MEA).

Holding 63% of the global market share makes Asia Pacific region the largest regional market. In this region, abrasives are being used maximum in the metalworking sector and an automotive sector. The presence of developing economies like India and China is also contributing to the market growth. Japan is another important country-specific market in this region as many key players are based in this country. An evaluation of the remaining countries in the Asia Pacific region featured in this report calculates the huge market revenue supply from some other countries.

In Europe, Latin America, North America, and the MEA region, the market can witness moderate growth due to the broad utilization of abrasives in numerous applications.

In North America, the market is strong due to presence of many key players, technological advancement, heavy industrialization, growing manufacturing industry, rising demand from furniture as well as interior industry, and presence of various businesses. USA and Canada generate maximum market revenue in this region.

In Europe, the market is strong due to the presence of some key players, technological advancement, growing manufacturing industry, high density of population, heavy industrialization, and presence of various businesses. The most powerful country-specific markets in Europe are France, Germany, Italy, Spain, and the UK. An inspection of the remaining countries in Europe featured in this report speculate the huge contribution to market revenue from many other countries in this region.

In Latin America, the market is decent due to stable economies, rising demand from furniture as well as interior industry, and growing manufacturing industry. The top country-specific markets in this region are Brazil and Mexico. An evaluation of the remaining countries in Latin America featured in this report anticipates a decent contribution to market revenue from some other countries.

In the MEA region, the market can be strong due to increasing building activities as well as construction activities and slowly emerging manufacturing industry. Some of the key country-specific markets in this region are Kuwait, North Africa, Qatar, Saudi Arabia, Turkey, and the UAE. A valuation of the remaining countries in the MEA region featured in this report anticipates a decent contribution to market revenue from some other countries.

Key Players

Big players in the global abrasives market 3M (USA), Asahi Diamond Industrial Co. Ltd. (Japan), Cabot Microelectronics Corporation (USA), Carborundum Universal Limited (India), Deerfos Co. Ltd. (South Korea), DowDuPont Inc. (USA), Fujimi Incorporated (Japan), Jason Incorporated (USA), Krebs & Riedel Schleifscheibenfabrik GmbH & Co. KG (Germany), Noritake Co. Ltd. (Japan), Robert Bosch GmbH (Germany), Saint-Gobain Abrasives Inc. (USA), Schaffner Manufacturing Company Inc. (USA), Sia Abrasives Industries AG (Switzerland), and Tyrolit Group (Austria).

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