Research Nester published a report titled “Abrasives Market”: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global abrasives market in terms of market segmentation by type, source, material, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global abrasives market is anticipated to grow with a CAGR of ~6% over the forecast period, i.e., 2023-2033. The market is segmented by application into automotive, metal working, machinery, electrical & electronics, and construction. Among these segments, the automotive segment is anticipated to garner the largest revenue by the end of 2033 owing to the increasing automobile industry on account of more use of abrasives in the cleaning of machinery. The number of highway registered vehicles showed a raise of 275,924,442 in 2020, up from 273,602,100 in 2018.
The global abrasives market is estimated to garner a revenue of ~USD 65 billion by the end of 2033, up from a revenue of ~USD 42 billion in the year 2022. A rise in furniture utilization across the globe, and rapid urbanization & an increase in disposable income are some of the major factors expected to drive the growth of the market. Over 50% population worldwide live in urban cities, which is estimated to reach 6 billion with an increase of 1.5 times by 2045.
Geographically, the global abrasives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Out of these, the market in North America region is estimated to garner the highest revenue in the year 2033 on account of increasing passenger and commercial vehicle demand in the region. The U.S passenger car sales value as per imports in 2021 was USD 148,145,016.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Elevating Growth in the Disposable Income to Boost the Market Growth
The U.S disposable income rose from -0.4% in 2022 June to 0.15 in 2022, as per the Bureau of Economic Analysis.
Disposable income is the extra money households have after the removal of taxes. With the rising disposable income, households can save or spend money on luxury which is expected to have a positive impact on the abrasives market growth across the world.
However, lack of raw materials and shortage of labor are expected to operate as key restraints to the growth of global abrasives market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global abrasives market which includes company profiling of 3M, Jason Industrial, KREBS & RIEDEL Schleifscheibenfabrik GmbH & Co. KG, DEERFOS Co. Ltd, DuPont Inc., sia Abrasives Industries AG, Carborundum Universal Limited, Noritake Co., Limited, Schaffner Holding AG, and Tyrolit Schleifmittelwerke Swarovski KG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global abrasives market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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