Abrasive market is predicted to have a negative impact in 2020. The abrasive market is predicted to recover from the pandemic by Q3/Q4 2022.
The abrasive market is primarily driven by the rise in the use in the manufacturing industries and increasing demand in majority of the end use industry in building different products is predicted to boost the market in the forecast period. Moreover due to the shutdown of various industries it is predicted to hinder the market growth in the estimated period. In addition the price of raw material used for extraction of abrasive material is very high which is predicted to be the biggest restraint for the market in the forecast period. During this unpredicted situation, we are helping our clients in understanding the impact of COVID19 on the abrasive market.
According to a study conducted by Research Dive, the abrasive market is expected to register a revenue of $62,715.3 million till 2026, growing at a rate of 5.7% CAGR during, 2019-2026.
The global market is classified on the basis of display type, application, and region. The report offers the complete information about drivers, opportunities, restraints, segmental analysis and major players of the global market.
Factors Affecting the Market Growth
As per our analyst, increasing use of abrasive in various industries is predicted to be the major driving factor for the market in the estimated period. Moreover, rising prices of raw material is predicted to hinder the market growth in the estimated period.
Bonded Segment Is Predicted To Have the Highest Market Share
Depending on type the abrasive market is bifurcated into bonded, coated and super abrasive. Bonded segment generated a revenue of $14,946.7 million in 2018 and is estimated to rise with a CAGR of 5.5% in the estimated period. The bonded material is mostly used in most of the end use industry due to its various chemical properties it can be fused with various material is predicted to boost the segment in the forecast period.
Synthetic Segment Is Predicted To Be the Most Lucrative Segment
Depending on material, the abrasive market is bifurcated into natural and synthetic. Synthetic segment generated a revenue for $33,529.1 million in 2018 and is estimated to rise with a CAGR of 5.7% in the estimated period. High demand for the synthetic in the various end use industries is predicted to boost the segment in the forecast period.
Automotive Segment Is Predicted To Have the Maximum Market Share
Depending on end use, the abrasive market is bifurcated into automotive, metal fabrication, machinery, electronics, construction and others. Automotive segment generated a revenue for $11,715.0 million in 2018 and is predicted to grow at a CAGR of 5.7% in the forecast period. Increasing manufacturing activities across the globe is predicted to be the one of the major driving
Regional Breakdown of the Market
Depending on the region, the abrasive market is bifurcated into North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific market generated a revenue for $11,311.0 million in 2018 and is predicted to grow at a CAGR of 6.0% in the forecast period. Increasing manufacturing units in various end use industry and various government regulation for setting up the manufacturing units is predicted to boost the region market in the forecast period.
Top Companies Leading the Market
The major key players in the market are Robert Bosch GmbH, 3M, Fujimi Incorporated, Compagnie de Saint-Gobain S.A., Sak Industries, Deerfos, Tyrolit Group, Carborundum Universal Limited, Henkel and among others.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.