New York, March 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Abrasives Market Global Market Report 2022" - https://www.reportlinker.com/p06248264/?utm_source=GNW
Ltd, Carborundum Universal Limited, Nippon Resibon Corporation, Krebs & Riedel, Abrasiflex, Noritake Co. Ltd, Sankyo-Rikagaku, Sia Abrasives Industries AG., Jason Incorporated and Schaffner Manufacturing Company Inc.
The global abrasives market is expected to grow from $36.65 billion in 2021 to $39.46 billion in 2022 at a compound annual growth rate (CAGR) of 7.68%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $56.59 billion in 2026 at a CAGR of 9.43%.
The abrasives market consists of sales of abrasives by entities (organizations, sole traders, and partnerships) that are used to shape or finish a workpiece by rubbing, resulting in the wear of a portion of the workpiece due to friction.Grinding wheels, sandpapers, honing stones, polishes, cut off wheels, tumbling and vibratory mass-finishing media, sandblasting, pulp stones, ball mills, and other instruments and items are all examples of abrasives.
Industry can only generate the very exact components and ultra-smooth surfaces required in the production of automobiles, aeroplanes, and space vehicles, as well as mechanical and electrical appliances and machine equipment, using abrasives.
The raw materials used in abrasives are natural and synthetic.The natural abrasives use natural raw materials to manufacture abrasives.
Diamond, corundum, and emery are natural abrasives that occur in natural deposits and may be mined and processed for use with little modification.The various types of abrasives are bonded abrasives, coated abrasives, super precision abrasives and super construction abrasives and occur in different forms such as block form and powdered form.
The abrasives are used in grinding, cutting, polishing, drilling, finishing and others and the end user are automotive, machinery, aerospace, electrical & electronics, construction and furniture.
Asia Pacific was the largest region in the abrasives market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing electrical vehicle (EV) industry is expected to propel the growth of the abrasives market.An electric vehicle (EV) is one that uses an electric motor and is charged at electric stations rather than an internal-combustion.
This upswing is coupled with the compelling need to populate the huge worldwide road network with electric vehicle (EV) charging stations, as the meteoric rise of the electric car shows every indication of lasting far into the future.As a result, demand for stainless steel (and the abrasives needed to finish it) to provide numerous electric vehicle charging stations is expected to grow for years.
In almost all circumstances, stainless steel will need at least one abrasive treatment to finish it before it can be used in any significant fashion in the real world.Every stainless steel weld, for example, necessitates some degree of grinding and polishing.
According to "Power Technology", EV sales have surged, with increases in all three major car markets: China, the United States, and Europe. In the first half of 2021, sales climbed by 160 percent year over year to 2.6 million vehicles, accounting for 26 percent of new vehicle sales worldwide. Therefore a rise in electrical vehicles industry the driving the growth of abrasives.
Strategic collaborations between companies is a key trend gaining popularity in the abrasives market.Companies manufacturing abrasives are undergoing partnerships and collaboration to develop new technologies and products.
For instance in October 2020, Bosch, a German multinational engineering and technology company headquartered in Gerlingen, Germany has partnered with Behr Bircher BBC AG a Swiss based company that manufactures and assembles precision parts for various industries, made an agreement to purchase 40% of shares in Sia abrasives holding AG for a deal amount of $110 million dollars.This collaboration allows Bosch’s power tools division to expand its surface technology efforts and expand its existing abrasive product offering.
Also, in March 2020, Marco Group International, a US-based company that manufactures abrasives, coating equipment and engineered system partnered with APE Companies, a US-based company that produces abrasives and safety products for various industrial contractors.This cooperation allows both companies to become a top North American distributor of surface preparation, abrasives, and safety products with retail stores present in 24 locations across the United States and Canada.
This partnership is a significant step forward for both organisations, as it will enable the merged company to better serve its clients by providing more locations and a wider range of products.
In September 2020, RPM International, a US-based company that manufactures sealants and building materials acquired Ali industries, LLC for an undisclosed amount.The deal enables RMC International broadens their segment’s surface preparation capabilities by adding abrasives to their line-up of patch, repair and cleaning products.
RPM International also hopes to expand Ali’s distribution network and expand their business into new regions as a result of this deal.This acquisition also provides considerable opportunity to strengthen partnerships with important retailers and better meet customer abrasives needs.
Ali industries, LLC is a US-based manufacturer of abrasive products to the consumer retail market.
The countries covered in the Abrasives Market market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06248264/?utm_source=GNW
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