Rise in demand for abrasives in automobile and electronics industries drive the growth of the global abrasives market. However, limitations on the use of silica-based abrasives hinder the market growth. On the other hand, increase in demand in medical and biotechnology sector create new opportunities in the coming years.
A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.
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The global abrasives market generated $34.61 billion in 2016, and is estimated to reach $53.63 billion by 2023, witnessing a CAGR of 6.5% from 2017 to 2023.
The report helps clients in comprehending the first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contain in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.
The bonded segment contributed to the largest share in 2016, and is estimated to maintain its dominant position during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 6.4% from 2017 to 2023.
The Abrasives market report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.
Based on region, Asia-Pacific contributed the highest share in terms of volume, and will maintain its dominance throughout the forecast period. The region would register the highest CAGR of 5.2% from 2017 to 2023.
Abrasives Companies Covered Market:- Robert Bosch GmbH, 3M Company, Cosentino S.A., Saint-Gobain Abrasives, Inc., Henkel AG & Co. KGAA, Asahi Diamond Industrial Co., Ltd., Dupont, Fujimi Incorporated and Other.
Analysis of COVID-19 impact
The outbreak of the pandemic has had a massive impact on the majority of industries and the Abrasives market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Abrasives market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.
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