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The Growing product innovations and manufacturing processes of Abrasives Market in Various Industries to investment opportunitie
The abrasives market is expected to witness significant growth in the future with the increasing popularity of their benefits and usage in the automotive, metal fabrication, machinery, medical, and electrical &electronics industries. The abrasives market is one of the fastest-growing markets and holds application in various industries. The growing application in the metal fabrication industry, and decreasing cost of synthetic diamond is also one of the key drivers of the abrasives market. Advancements in terms of product innovations and manufacturing processes in the market are also expected to create strong investment opportunities for the global players. The stringent regulations regarding raw materials and manufacturing process along with fluctuating prices of raw materials is expected to be the strongest restraints for the industry.
MarketsandMarkets projects that the global abrasives market will grow from USD 41.21 Billion in 2015 to USD 58.43 Billion by 2021, at a CAGR of 6.10%. Increase in GDP of countries has enabled the people to invest in new automotive and metal fabrication projects and also increased the per capita income of an individual, which in turn has resulted in the growing demand for new manufacturing, are projected to drive the abrasives market.
At a global level, companies such as Robert Bosch GMBH (Germany), 3M Company (U.S.), E.I. du Pont de Nemours and Company (U.S.), Saint-Gobain Abrasives, Inc. (France), and Fujimi Incorporated (Japan) are providing abrasive products. The players adopted various strategies to expand their global presence and increase their market shares. Expansions; new product launches; acquisitions; and partnerships, agreements, contracts, and joint ventures are some of the key strategies adopted by market players to achieve growth in the abrasives market.
In 2015, Saint-Gobain Abrasives launched Norline, the latest premium and high performance cut-off and grinding wheels. The addition of these abrasive products will increase the product range on Saint-Gobain Abrasive Inc. In 2012, 3M launched a new product called 3M Cubitron II abrasives. This product reduces abrasive costs, increases part throughput, provides better leverage capital equipment, and decreases metal repair and lower overall manufacturing cost. This product has distinct features such as it cuts faster, lasts longer, and requires less grinding pressure. In 2008, Robert Bosch Acquired sia Abrasives Industries AG (France) to strengthen its activities in surface technology, and to extend its existing portfolio of abrasive products. This synergies will benefit from both from their respective competencies in development, application, manufacturing, and marketing.
Abrasives Market by Material (Natural, Synthetic), Product (Grinding Wheel, Sandpaper, Others), Type (Bonded, Coated, Super), End-Use Industry (Automotive, Machinery, Metal Fabrication, Others) - Global Forecast to 2021
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