Global Abrasives Market is estimated to reach USD 45.1 Billion by 2024 at a CAGR of 6.42 %. — 2024
Abrasives Market: Summary
The Global Abrasives Market is estimated to reach USD 45.1 Billion by 2024 at a CAGR of 6.42 %.
Abrasives are referred to as the quality of material, usually, a mineral which is utilized to shape or finish work pieces through polishing and rubbing. They are extensively used in a wide range of industries, technologies and domestic applications in the process such as cutting, drilling, honing, lapping, buffing, sharpening, amongst others. Hardness is one of the important properties required in abrasives materials and hardness should be greater than the substance of material that is been worked. Additionally, toughness (or rigidity), grain shape & size, the character of fracture, and purity are some of the other properties of abrasives taken into consideration.
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Abrasives Market: Drivers & Restraints
Rise in Construction Industry
Abrasives are being used in the construction of bridges and buildings where metalworking applications such as wed preparation or smoothing of welding seams. Additionally, abrasives in construction buildings are used in floor, ramps, steps, and stairways which are subject to slipping hazards. Likewise, many materials used in constructions are been shaped by mechanical methods and abrasive methods such as grinding, lapping, polishing, and amongst others. The construction industry is expected to bloom during the forecast period owing to factors such as a rise in disposable income, increasing urbanization, self-reliant construction culture, and amongst others. Thus, growth in the construction industry is expected to boost product market growth during the forecasted period.
Increase in adoption for Digitalization
Digital transformation has continued impacting the organization and is expected to rise in the coming years. Increasing investment, initiatives of the executives, IoT, and artificial intelligence and amongst others are some of the factors expected to boost the demand for digitalization. Abrasives are used in the manufacturing of printed circuit boards (PCB) which are key elements in any electronic device like computers, laptops, routers, and others. Electronic devices used for digitalization are manufactured with the help of abrasives. Thus, increasing adoption for digitalization is expected to surge the growth of the abrasive market.
Abrasives are widely used in various industries such as construction, automotive, electronics & electrical, manufacturing, and others. During the process of manufacturing, some types of emissions are likely to results such as chlorides and volatile organic compounds. These emissions may be harmful to humans. Some government bodies such as Environmental Protection Agency (EPA), Centers for Disease Control and Prevention (CDC), and others have imposed regulations during the manufacturing and use of abrasive products. For instance, the European Standard, EN 13743 stats the safety requirements for coated abrasive products which help to reduce or removal of hazards resulting from the design and application of the coated abrasive products and clamping devices. However, stringent regulations imposed by the government may hinder the growth of the abrasive market.
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Abrasives Market: Key Segments
· Key Abrasives Market Segments by Type: Bonded, Coasted, Super, and Others
· Key Segments by Material: Natural and Synthetic
· Key Abrasives Market Segment by Application: Buffing, Honing, Drilling, Grinding, and Others
· Key Segments by End Users: Automotive, Manufacturing, Construction, Electronics & Electrical, and others
· Key Regions Covered: North America, South America, Europe, Asia-Pacific, Middle East & Africa, and South America, with individual country-level analysis
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Abrasives Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Abrasives Market, by Type
Abrasives Market, by Material
Abrasives Market, by Application
Abrasives Market, by End User
· Electronics & Electrical
Abrasives Market, by Region
· South Korea
· Rest of Asia-Pacific
· The Netherlands
· Rest of Europe
Middle East and Africa
· Saudi Arabia
· Rest of Middle East & Africa
· Rest of South America
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