Global Abrasives Market Led by Demand from APAC Automotive, Electronics Industries
Abrasives are substances used to shape or polish a substance to a desired end level. The result can be achieved by rubbing the abrasives against the substance in question, or direct impact.The global abrasives market generates significant demand from various industries such as metalworking, automotive, transportation, and electronic goods. The simple nature of abrasives and the relatively high benefits has resulted in a constant growth trend for the global abrasives market in the last few years. This trajectory is set to continue in the coming years, with the global abrasives market set to grow at a CAGR of 5.5% from 2013 to 2019. The market’s total revenue was US$35,203.6 million in 2012, according to a leading U.S.-based market research firm, and would escalate to US$51,389.7 million by 2019.
Transparency Market Research, the market analysis company that has made this prediction, expects demand from the automotive and electronics industries to drive the global abrasives market in the coming years. These two industries are booming at present, with growing affluence of Asian, African, and Latin American consumers leading to ever-increasing demand for these two products from these hitherto unexplored markets. This is a major factor propelling the global abrasives market.
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Bonded Abrasives Lead Global Market, Raw Superabrasives to Gain in Prominence
In 2012, the global abrasives market was led by the product category of bonded abrasives. This is due to strong demand for the same from the leading end users of abrasives. However, loose abrasive grains, the second largest product category within the abrasives market in 2012, is expected to grow at a strong CAGR over the forecast period. Raw superabrasives will, however, exhibit the highest CAGR, due to the rising trend of replacement of bonded abrasives by loose abrasive grains and raw superabrasives.Other product types in the global abrasives market include coated abrasives, steel abrasives, and others.
Machinery, Automotive, Electronics Sectors to Lead Demand for Abrasives
Major end-use segments of the global abrasives market are machinery, metal fabrication, automotive, electronics, transportation, construction, medical devices, and power generation. Of these, the machinery sector leads demand from the global abrasives market, generating revenue totaling more than US$8,000 million in 2012. With a 5.4% CAGR expected for the segment from 2013 to 2019, it is expected to retain its dominance over the global market.
Metal fabrication was the second largest end-use sector of the global abrasives market and will retain a significant share in the market over the forecast period. However, other end-use industries such as automotive and electronics will claim the highest CAGRs over the forecast period. As mentioned earlier, this is largely due to growing prominence of these two industries in the emerging regions of the world.This is also reflected in the geographical segmentation of the global abrasives market.
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China Leads Global Market for Abrasives due to Demand from Various End-use Sectors
Asia Pacific is the largest as well as the fastest growing regional segment of the global abrasives market, due largely to demand from the automotive, electronics, as well as transportation industries in China. Other Asian countries such as India, Japan, and South Korea are also raising their demand for abrasives steadily and are expected to be major players in the global market in the near future.
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