Abrasives Market Growth

The abrasives market reached a value of $42.6 billion in 2022 and is projected to grow to $67.0 billion by 2032, with a CAGR of 4.7% during the forecast period.

The global abrasives market is driven by an increase in demand from building and construction sector, proliferation of construction and infrastructure projects, infrastructure development”

— David Correa

WILMINGTON, DELAWARE, UNITED STATES, March 15, 2024 /EINPresswire.com/ — Allied Market Research presents a comprehensive report on the global abrasives market, titled “Abrasives Market By Type, Material, End Use Industry: Global Opportunity Analysis and Industry Forecast, 2023-2032.” The report outlines the market dynamics, growth drivers, challenges, and future opportunities shaping the abrasives industry.

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Market Insights:

– The abrasives market reached a value of $42.6 billion in 2022 and is projected to grow to $67.0 billion by 2032, with a CAGR of 4.7% during the forecast period.
– Key growth drivers include increased demand from the building and construction sector, infrastructure development in emerging economies, and rising renovation and maintenance activities.
– However, volatility in raw material prices and intense competition pose challenges to market growth.
– Opportunities lie in the growing focus on surface quality and sustainability across industries.

Segmentation:

– The market is segmented based on type (bonded abrasives, coated abrasives, super abrasives), material (natural, synthetic), end-use industry (automotive, metal fabrication, machinery, electronics, construction, others), and region.
– Bonded abrasives and synthetic materials are expected to maintain their lead positions throughout the forecast period.
– The automotive segment dominates the end-use industry category, with significant contributions to market revenue.

Regional Outlook:

Asia-Pacific held the highest market share in 2022 and is projected to maintain dominance by 2032, driven by robust industrial growth and rapid urbanization, especially in emerging economies like China and India.

COVID-19 Impact:

– The COVID-19 pandemic disrupted global supply chains, affecting production and distribution of abrasives.
– Despite challenges, the emphasis on sustainable practices is driving demand for eco-friendly abrasives, encouraging manufacturers to develop innovative solutions.

Key Players:

– Leading market players include 3M Company, Carborundum Universal Limited, Saint-Gobain, and others.
– These players adopt various strategies such as new product launches, collaborations, and expansions to maintain their market dominance.

Conclusion:
The global abrasives market shows promising growth prospects driven by increasing demand from key industries and the adoption of sustainable practices. Understanding market dynamics and leveraging strategic initiatives will be crucial for stakeholders to capitalize on emerging opportunities in the coming years.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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