Worldwide Abrasives Industry to 2026 – Increasing Usage in the Construction Industry – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Abrasives Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Global Abrasives Market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
Companies Mentioned
- 3M
- Abrasive Technology, Inc.
- ALLIED HIGH TECH PRODUCTS, INC.
- Almatis GmbH
- ARC ABRASIVES, INC.
- Asahi Diamond Industrial Co.,Ltd.
- CMC Materials
- DEWALT
- Fujimi Incorporated
- Henkel AG & Co. KGaA
- KLINGSPOR
- Murugappa Group (Carborundum Universal Limited)
- NORITAKE CO.,LIMITED
- Pan Abrasives
- Radiac Abrasives
- Robert Bosch GmbH
- RPM International Inc.
- Saint-Gobain
- SAK ABRASIVES LIMITED
- Super Abrasives
- Tyrolit Schleifmittelwerke Swarovski K.G.
- Uneeda Enterprizes, Inc.
Key Market Trends
Increasing Usage in the Construction Industry
- Abrasives are used for heavy-duty applications including grinding, drilling, cutting, and sanding in the building and construction industry.
- These abrasives are used for cutting reinforced concrete, tiles, stone, granite, thus embedded in the machine tools including masonry, floor, tile, and handheld saws, core drilling equipment, floor grinders, and power trowels.
- The global construction industry was valued at about USD 12 trillion in 2019, with a growth rate of about 4%, compared to the previous year. Also, it is expected to reach USD 8 trillion by 2030, primarily driven by countries, such as India, China, and the United States.
- The US construction industry is set to continue to post relatively solid growth over the forecast period, supported by the expanding residential sector.
- In 2019, the total value of new construction put in place was about USD 1365 billion in the United States and reached about USD 1430 billion in 2020, with a growth rate of about 4.5%, which in turn increases the demand for the abrasives market.
- In India, foreign Direct Investment (FDI) received in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) from April 2000 to December 2019 stood at USD 25.37 billion, according to the Department for Promotion of Industry and Internal Trade (DPIIT).
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
- Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
- China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
- Abrasives also find its application in the automotive manufacturing segment. In 2020, the production of automobiles has decreased by around 2% compared to 2019reaching a total of 25.23 million units, thus led to a decrease in the demand for the abrasives to be used in the automotive manufacturing for applications including cutting and grinding.
- China is in the midst of a construction mega-boom. The country has the largest building market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Construction Activities in Asia-Pacific and the United States
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Stringent Regulations on Usage of Silica Abrasives
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porters Five Force Analysis
5 MARKET SEGMENTATION
5.1 Material
5.2 Abrasive Material Type
5.3 Type
5.4 Application
5.5 End-user Industry
5.6 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Significant Investment in Research and Development Activities
For more information about this report visit https://www.researchandmarkets.com/r/gsoo3i
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