Post COVID-19 Impact on Abrasive Market –
With the emergence of the COVID-19 crisis, the world is fighting a health pandemic as well as an economic emergency, almost impacting trillions of dollars of revenues.
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Our study helps to acquire the following:
• Long-term and short-term impact of Covid-19 on the market
• Cascading impact of Covid-19 on Abrasive Market, due to the impact on its extended ecosystem
• Understanding the market behavior Pre- and Post-COVID-19 pandemic
• Strategy suggestions to overcome the negative impact or turn the positive impact into an opportunity
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Pre COVID-19 Analysis of Abrasive Market –
According to a abrasive market analysis by Research Dive, the global market forecast will be $64,873.4 million by 2026, registering 6.1% CAGR, is increasing from $40,396.5 million in 2018.
Driving Factors That Shape Abrasive Market Trends:
Increasing product consumption in the end-use sectors like automotive, manufacturing, machinery and construction sectors, coupled with the rising technological developments in the metal fabrication, and machine manufacturing are some of the current abrasive market trends.
Increasing demand for smooth surface finish on the machine components will further enhance the abrasive market growth. Increasing need to reduce the noise levels from the machines is another factor, which will drive the demand for abrasive products in the coming years. The rapid progress in the automotive sector of the developing countries is expected to create abundant investment opportunities in the global abrasive market in the future period. However, the growth of the global abrasives market is expected to get hampered due to the stringent regulations on the production process of these products, can cause a restriction to the growth of abrasive market.
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Based on type, the market is categorized into coated abrasive, bonded abrasive and super abrasive. The super abrasive segment is anticipated to experience a notable market size, and is expected to reach $19,098.9 million in 2026, at a CAGR of 6.3% over the forecast period. This is mainly owing to extensive adoption of super abrasive in the automotive and machinery end uses for high-speed grinding and free cutting. Bonded segment held the dominant abrasive market share in 2018, owing to its availability in different forms like wheels and discs and they find application in precision and rough grinding. Bonded segment is registered for $14,946.7 million in 2018, is expected to register for $23,643.6 million by 2026, at 5.9% CAGR in the future timeframe.
Based on the material, synthetic material segment is expected to dominate the global abrasive market during the forecast period and will surpass $54,092.0 million by 2026.
This growth is attributed to the high demand for aluminum oxide and silicon carbide abrasives from the major end-use industries. Natural material segment will experience a moderate growth rate and is anticipated to register for $10,781.5 million by 2026.
Based on end use, the electronics segment had a share of over 20% in 2018, and is estimated to register for $13,371.2 million by 2026, at a CAGR of 6.5%. This is majorly due to the rise in the demand for the advanced abrasives materials in specialized areas to achieve high enough dimensional accuracy, good quality surface of the LED surface and optic electric components.
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Asia-Pacific market is projected to experience a notable growth rate, and is expected to register a market size of $18,579.5 million by 2026, at a CAGR of 6.4%. This is owing to the rise in the demand from several end use industries that use abrasive materials. China held the majority of the abrasive market size in Asia-Pacific, owing to the existence of an ample amount of raw materials, coupled with presence of many companies. Europe market dominated the global market in 2018, is anticipated to grow at a significant growth rate during the forecast period. This is majorly due to the growing construction activities, coupled with the expansion of machinery and automobile industries.
3M, Asahi Diamond Industrial Co. Ltd., Deerfos, Bosch, Carborundum Universal Ltd., Henkel, DowDuPont, Tyrolit, Fujimi Incorporated, and Saint-Gobain Abrasives are some of the top key players of the global abrasive market. These manufacturers are continuously increasing their efforts on R&D activities, as it will help to raise their position in the global abrasive market. For instance, in march 2018, Robert Bosch launched a two stage grinding equipment for angle grinders consist of an SCM disc, which is used to achieve high removal rate and fine surface to fulfill the ever-increasing demand for the high surface finishing in the end-use industries.
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