According to a new report published by Allied Market Research, titled, "Abrasives Market by Type, Material, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023," the abrasives market was valued at $34,615 million in 2016, and is projected to reach $53,634 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023. The automotive segment accounted for nearly half of the global market in 2016.

The demand for abrasives in the automotive industry is increasing considerably, owing to rise in demand for efficient and smooth surfaces. Moreover, growth in demand for cost-effective synthetic abrasives for electronics and construction applications presents lucrative opportunities for players in the global abrasives market.

In 2016, Asia-Pacific and LAMEA collectively accounted for nearly half of the global market, in terms of volume, and are expected to continue this trend during the forecast period, owing to increase in urbanization, especially in China, India, Brazil, and other developing countries. Moreover, rapid urbanization, increase in per capita income, and growth in overall consumer expenditure drive the growth of the Asia-Pacific market.

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The major companies profiled in the report include Robert Bosch GmbH, Cosentino S.A., 3M Company, Henkel AG & Co. KGAA, Saint-Gobain Abrasives, Inc., Dupont, Asahi Diamond Industrial Co., Ltd., Carborundum Universal Limited, Fujimi Incorporated.

Increase in demand from automobile manufacturers, medical device manufacturers, and electronic equipment manufacturers drives the global abrasives market.

Moreover, rise in consumption of abrasives in cleaning applications and surface treatment, such as grinding, dimensioning, blending, finishing, sharping, and polishing, are some other key aspects that drive the growth of the global abrasives market. However, strict government regulations on the extraction of natural abrasives and fluctuations in raw material prices hinder the market growth.

Abrasives are expected to witness the highest growth rate in automotive industry, owing to increase in demand for passenger and commercial vehicles especially in the developing economies across the globe. Furthermore, rapid urbanization and upsurge in demand for efficient abrasive materials for cutting and grinding precious metals are expected to boost the market growth.

The automotive segment accounted for around half of the global market, in terms of volume, in 2016. The demand of abrasives has increased due to response to the perennial modifications in the automotive industry. Thus, increase in requirement of high-tech synthetic abrasives and rise in adoption of new abrasive materials especially in automotive industry fuel the demand for abrasives across the globe.

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Author's Bio: 

I am Srushti helwande . My keen interest in reading and writing. I forayed into the field of writing due to my love for words and the urge to do something different. I have been a part of the content resource team here in Allied Market Research. We have a dedicated team for content development wherein, we coordinate with the Market Analysts and create a precise content. I am personally involved in writing content for user engagement. I owe a responsibility to make sure the content is rich and user-centric. Allied Market Research has given me the chance to gain knowledge about different subjects.