Preparation Abrasives Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Preparation Abrasives Market grew at a CAGR of 3.8% between 2017-2021 and is estimated to be US$ 5,876.9 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.2% and is expected to reach a valuation of US$ 8,868.0 Mn by 2032 end.
Failure of shoreside equipment is undoubtedly related to the cost of restoring the parts and equipment and the reduction in operational time. For instance, a nearshore structure might recover about US$ 1.13 million per day by removing 45,000 fossil fuel casks per day at the cost of $25 per cask. Therefore, there is a very high likelihood that prices may increase during manufacturing shutdowns or device failure. Thus, the plant owners emphasize using preservation mixtures that minimize the negative impact on offshore manufacturing operations. In addition to using preservation solutions virtually, market rivals also require production on schedule, under budget, and in volume for offshore framework environments.
ChemView Consulting has analyzed that several abrasive products are employed for non-engine parts and accessories, including brakes, steering wheels, wheels, and axles. Brakes have a unique abrasive with a non-directional scratch pattern to gather tools. The brake screech is removed, and heat-sensitive metals’ discoloration is decreased.
The interior and outside of cars are prepared and polished with abrasive sandpaper. Additionally, it is anticipated that the market would be severely impacted by the escalating raw material price variations and the state of the economy.
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Segments Covered in Report
By Product Type:
- Electrical & Electronics
- Metal Fabrication
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Preparation Abrasives Market
- Based on the product type, the coated sector maintained the largest market share for abrasives. Grain, a backing material, and bonding adhesive make up the covered section.
- These elements give the product a distinctive quality that suits it for various uses. Segment growth will be fueled by coated abrasives in consumer goods, fabrication, hand and power tools, general engineering, furniture, and surgical devices.
- Based on the application, in 2021, the automotive and transportation sector had the highest revenue share—more than 35.0%. Abrasives are utilized in the automotive industry for various tasks, including coarse and lacquer sanding. To improve the surface finish of automobile components, super abrasives—in the form of diamond discs—are also favored for grinding and polishing.
- The greatest revenue share of more than 53.8% was accounted for by the Asia Pacific, which led the global market. The regional market will experience the fastest CAGR between 2023 and 2032 as it continues to grow. Throughout the projection period, market growth is anticipated to be driven by improvements in infrastructure, increased manufacturing sector investments, and an increase in EV production in the region’s developing economies.
Key companies covered in the market study are The 3M Company, Saint-Gobain, Krebs & Riedel, Asahi Diamond Industrial Co., Ltd., Robert Bosch GmbH, Fujimi Incorporated, Henkel AG & Co. KGaA, Carborundum Universal Limited, NIPPON RESIBON CORPORATION, KWH Mirka, NORITAKE CO., LIMITED
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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