Albany, NY -- (ReleaseWire) -- 07/03/2014 -- Which observes that the revenue generated by abrasives market was USD 35,203.6 million in 2012 and is expected to reach USD 51,389.7 million by 2019, growing at a CAGR of 5.5% from 2013 to 2019. The global demand for abrasives was 13,939.7 kilo tons in 2012.
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Abrasives are natural or synthetic substances used to grind, clean, scour, abrade or remove solid material by rubbing action or by impact. Abrasives are used in various forms such as grinding wheels, honing stones, sandpapers, cutoff wheels, polishes, sand for blasting, pulp stones, tumbling and mass-finishing media, ball mills and other tools and products. Machinery segment was the largest end user of abrasives in 2012 while transportation is expected to be the fastest growing end user segment in future. The rising global demand for abrasives from transportation, electrical and electronic equipment and medical device industry is anticipated to drive the global abrasives market in the coming years.
The machinery segment dominated the demand for abrasives in 2012 and accounted for 23.8% of the global demand. It is expected Transparency Market Research to maintain its position in the next few years with a decent rate of growth. On the other hand, the transportation segment is growing at a rapid pace and is expected to continue the growth in the future as well. The modest growth in the automotive and aerospace industry across the globe, especially in the Asia Pacific region, is predicted to drive the demand for abrasives in the next six years. Apart from that, the electrical and electronic equipment market of abrasives is projected to record strong growth in the coming years, due to the growing demand for electronic appliances all over the world.
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The global abrasives market is dominated by Asia Pacific, which accounted for 55.8% of global volumes consumed in 2012. Growth of abrasives market in Asia Pacific is mainly driven by the increasing demand from the automotive and electronic equipment industry in developing Asian countries such as China and India. Asia Pacific was followed by Europe with slightly over 20% share in total volume consumption. The slowdown in the North American and European markets has prompted the major market players to emphasize on the tremendously attractive Asia Pacific market. The key players in the abrasives market are Saint Gobain SA, 3M, Robert Bosch GmbH, DuPont, TYROLIT Schleifmittelwerke Swarovski K.G. and Henkel AG & Co. KGaA among others.
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