The abrasives market is expected to grow by USD 9.15 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global Abrasives Market 2020-2024 (Graphic: Business Wire)
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Abrasives find a large number of applications in the automotive industry. They are widely used for sizing engine parts, deburring, cleaning, and also for repairing and maintaining autobody, interiors, and accessories. Countries such as Germany, Japan, the US, India, and China are witnessing a rapid increase in the demand for passenger and commercial vehicles. For instance, during 2015-2018, the production of commercial vehicles increased at a CAGR of over 13% and the production of all other types of motor vehicles increased at a CAGR of over 5%. These factors are driving the growth of the global abrasives market.
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As per Technavio, increasing usage of abrasives in the electronics industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Abrasives Market: Increasing Use of Abrasives in the Electronics Industry
Coated and bonded abrasives are widely used in the electronics industry to polish fiber optic connectors and to polish edges and flat surfaces of electronic devices and semiconductors. Abrasives are also used in various other applications such as sizing of silicon bricks, surface grinding and chamfering of silicon blocks, ingot chopping, wafer slicing, LED substrate surface grinding, and others. The market is witnessing an increase in the production and demand for electronic devices in countries such as China, Japan, South Korea, and Taiwan. This is increasing the consumption of bonded and coated abrasives in the electronics industry, which is fueling the growth of the global abrasives market.
"Increased use of abrasives in the medical industry and the rising demand for PSA-backed coated abrasives will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Abrasives Market: Segmentation Analysis
This market research report segments the abrasives market by end-user (general engineering and tooling, fabrication, automotive, electronics, and others) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the abrasives market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the thriving automotive, electronics, general engineering and tooling, and construction industries in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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