Global Abrasives Market 2019-2023| Increasing Demand from the Automobile Industry to Boost Demand| Technavio
LONDON--(BUSINESS WIRE)-- Technavio’s analysts forecast the global abrasives market to grow at a CAGR of nearly 6% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global abrasives market for the period 2019-2023. (Graphic: Business Wire)
Growth in the medical industry is one of the major trends being witnessed in the global abrasives market 2019-2023. In the medical industry, abrasives are used for cleaning and providing finishing to medical devices. These implant devices are complex and should be thoroughly cleaned to adhere to the health and safety standards. To clean implantable devices, catheters, needles, guide wires, tubular components, surgical instruments, vascular stents, and medical molding, micro-abrasive blasting is used as it provides precise and efficient cleaning.
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According to Technavio analysts, one of the key factors contributing to the growth of the global abrasives market is the increasing demand from the automobile industry:
Global abrasives market: Increasing demand from the automobile industry
Abrasives, in the automobile industry, are used for sizing engine parts, deburring, and cleaning. They are also used for repairing and maintaining autobody, interiors, and accessories. They are used for smoothing welds, cleaning pipe interiors, and roughen or smooth surfaces and edges. In the automotive industry, coated abrasives are popularly used abrasives.
According to a senior analyst at Technavio for research on metals and minerals, “In the transportation sector, coated abrasives are used in finishing and grinding applications. Growing motor vehicle production will drive the demand for abrasives during the forecast period. Countries such as Germany, Italy, the US, India, and China are the major automotive manufacturing countries that use abrasive for vehicle production.”
Global abrasives market: Segmentation analysis
The global abrasives market research report provides market segmentation by type (coated abrasives, bonded abrasives, and super abrasives), end-user (general engineering and tooling, fabrication, automotive, electronics, and others), and by region (APAC, Europe, North America, and ROW). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The coated abrasives segment held the largest market share in 2018, accounting for nearly 51% of the market. This type segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 55%. This region is expected to dominate the market through 2023, with nearly 2% increase in its market share.
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Five Forces Analysis
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- Vendors covered
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- Competitive scenario
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Source: Technavio Research