Yahoo Finance Abrasive Tools Market to Grow at 4% CAGR by 2026 | Market Research Future (MRFR)
Key Companied Profiled are Asahi Diamond Industrial Co., Ltd (Japan), Robert Bosch (Germany), Jason Incorporated (US), Fujimi Incorporated (Japan), DuPont (US), Tyrolit (Austria), Saint Gobain Abrasives, Inc (US), CMC Materials Toyoda (US), Henkel AG & Co. KGaA (Germany), and Almatis (Germany)., among others.
Pune, March 09, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The abrasive tools market is anticipated to grow at a 4% CAGR over the forecast period (2020- 2026), reveals the current Market Research Future (MRFR) report. Abrasive tools, simply put, are materials or products such as emery, pumice, or sandpaper that are used for polishing, smoothing, grinding, and scraping. It is basically used to shape any piece of work through the rubbing process to gain a reective and smooth surface. Some of its key physical properties include the degree of purity, grain size and shape, toughness, friability, and hardness. At times ceramics too are used for polishing, grinding, and cutting materials.
Alluring Features that Boost Market Growth
According to the MRFR report, there are numerous factors that are propelling the abrasive tools market share. Some of these include the growing demand in polishing and grinding applications in various end use industries like machinery, electronics and electrical, metal fabrication, and automotive, burgeoning need from the automotive industry as it is used to make automotive components that help to modify operating parameters such as reducing high-performance engine carbon dioxide emissions and component machining, and lowering noise levels.
On the contrary, rising raw material cost and uncertainty in economic conditions may hamper the global abrasives tools market growth over the forecast period.
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COVID-19 Analysis
The impact of the worldwide pandemic has been felt across different sectors like automotive, machinery, metal fabrication, and others. Disruption in exports from the large-scale manufacturing in China has made interruptions across. In the US, moreover, the lockdown had led to the closure of plants that is adding to the pressure on the worldwide supply base where consumers and companies are at risk. The outbreak has created a shift globally in the supply chain that has impacted the automotive, machinery, metal fabrication, and other industries that in turn has led to downshift and disruption in demand. Abrasives like boron nitride, silicon carbide, aluminium oxide, and others are found by nature, often by extracting from the below ground. The worldwide shutdown has affected the mining activities and thus created pressure on the demand. Stringent government regulations on the production of raw materials and manufacturing units being shutdown are likely to be the biggest constraints.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the abrasives tools market based on end use, raw material, and type.
By type, the abrasive tools market has been segmented into super, bonded, and coated. Of this, the super segment will lead the market over the forecast period.
By raw material, the abrasive tools market has been segmented into synthetic and natural. Of these, the natural segment will dominate the market over the forecast period and at a high CAGR.
By end use, the abrasive tools market has been segmented into electronics and electrical, metal fabrication, aerospace, heavy machinery, automotive, and others. Of these, the automotive segment will spearhead the market over the forecast period.
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Regional Analysis
APAC to Remain Driving Force in Abrasive Tools Market
Geographically, the global abrasive tools market is bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World. Of these, the APAC region will remain the driving force in the market over the forecast period. Rapid economic growth, the fast growth of various industries like metal processing, machinery, and automobiles, advancements in technology, growing construction industries, a growing need in India, Japan, and China, high demand from machinery business and metal fabrication in China, rising middle-class population, accessibility of low-cost labor, the presence of emerging economies, and high volume production in different industries are adding to the global abrasive tools market growth in the region.
North America to Hold Second-Largest Share in Abrasive Tools Market
The global abrasive tools market in North America is predicted to hold the second-largest share over the forecast period. The rapid development of precision tooling and machine part manufacturing, technological advances, and the rapidly expanding electronics industry, is adding to the global abrasive tools market in the region. US holds the utmost market share.
Europe to Have Favorable Growth in Abrasive Tools Market
In Europe, the global abrasive tools market is predicted to have favorable growth over the forecast period. The growing need for abrasive auto components, the region being the hub for automobile production that increases product consumption, high level of maintenance and cleaning of automobiles, the demand for abrasives that are diamond-based, large production capacities, and wonderful properties of CVD diamonds in different applications are adding to the global abrasive tools market growth in the region.
Rest of the World to Have Sound Growth in Abrasive Tools Market
In RoW, the abrasive tools market is predicted to have sound growth over the forecast period. The increasing furniture, construction, aerospace, and automotive industries, increasing woodworking, polishing, and solid surface grinding, and metal fabrication for the construction industry are adding to the global abrasive tools market growth in the region.
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Competitive Landscape
The prominent players profiled in the global abrasive tools market report include Almatis (Germany), Henkel AG & Co. KGaA (Germany), CMC Materials Toyoda (US), Saint Gobain Abrasives, Inc (US), Tyrolit (Austria), DuPont (US), Fujimi Incorporated (Japan), Jason Incorporated (US), Robert Bosch (Germany), and Asahi Diamond Industrial Co., Ltd (Japan), among others.
The global abrasive tools market is highly fragmented and competitive with the presence of several international and domestic market players. These players have incorporated several strategies to stay at the forefront and also cater to the customers growing needs, such as contracts, collaborations, joint ventures, and partnerships, and others. Besides, they are also investing in research and development activities to strengthen their portfolios and also create hold in the market.
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