Transparency Market Research (TMR) recently published a market study on the global abrasives market. TMR, a market intelligence company based in the U.S., estimates the global abrasives market to be valued at US$51,389.7 million by 2019. The TMR research report projects the global abrasives market to grow at a CAGR 5.5% between 2013 and 2019.
As per the market study, use of abrasive materials and abrasive goods in several industries such as machinery, transportation, electrical & electronic equipment, and metal fabrication for desired surface finish and desired shape of objects is the major factor driving growth of the global abrasives market. However, stringent government regulations on the use of silica abrasives and volatile feedstock prices may hamper growth of the market in the next few years. The market study segments the global abrasives market on the basis of products, end users, and geography. Product-wise, bonded abrasives held the largest market share of the global abrasives market in 2012, followed by coated abrasives and loose abrasive grains, as examined by the research report.Further, as per the findings of TMR analysts, the bonded abrasives segment of the market was valued at US$12,278.3 million in 2012 and is anticipated to reach US$16,719.7 million in 2019, growing at a 4.5% CAGR from 2013 to 2019.
In the product segmentation analysis, the market study points out that the raw superabrasives segment of the market will exhibit the fastest growth in terms of revenue and is forecast to grow at a 7.7%CAGR between 2013 and 2019. Abrasive product manufacturers are increasingly demanding loose abrasive grains, leading to the strong growth prospects of this product segment in the coming years, as further mentioned in the study.The TMR study further adds that the machinery segment accounted as the largest end-use segment of the abrasives market in 2012. The machinery end-use segment generated revenue of US$8,586.7 million in 2012 and is expected to reach US$12,418.5 million in 2019, growing at a CAGR of 5.4% between 2013 and 2019.
Metal fabrication follows the machinery end-user segment in the abrasives market, as pointed out in the study. Owing to the ever-increasing demand for electrical and electronic goods and automobiles worldwide, the electrical and electronics and transportation end-use segments will register the fastest growth in the near future. Other end-user sectors such as medical devices, construction, power generation, and cleaning and maintenance will also have elevated demand for abrasives in coming years, resulting in promising growth prospects for the global abrasives market.