Abrasives MarketSize and Trends
Market Outlook
- Among material type, the synthetic segment accounts for a major market share. Synthetic abrasives are easily available as compared to naturally occurring ones. An alternative for emery is silicon carbide.
- Although synthetic abrasives consist of certain impurities, these abrasives are preferred against natural abrasives such as emery and corundum due to their higher grain sizes.
- Among end-use industry, automotive segment is expected to witness a major market share over the forecast period due to the emerging technological innovations in terms of this segment. Some innovations like Tesla, driverless tractors, etc. are examples of emerging technologies which will continue to develop during the forecast period owing the growing digital era.
- According to Indian Brand Equity Foundation (IBEF), in 2017, Indian infrastructure sector witnessed 91 mergers and acquisitions deals worth US$ 5.4 billion. This will have an impact on the logistics industry of the region.
- In 2016, as per the World Bank's Logistics Performance Index, India ranked 35th among 160 countries. This is due to the growing industrialization, construction and automation in emerging Asian economies like China and India. Since then, the Asia Pacific abrasives market is expected to dominate the market positioning followed by Europe and North America. Major players like Robert Bosch, Saint-Gobain and 3M have their headquarters in Europe and North America respectively owing to the increasing market share from these players during the forecast period.
Market Dynamics
Properties such as hardness (harder than the surface to be rubbed), durability, flexibility, and brittleness are major factors that boost demand for abrasives during the forecast period. These properties are of utmost use in case of end-user industries such as automotive, machinery, and metal fabrication.
