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The global abrasives market size is expected to showcase exponential growth by reaching USD 58,363.7 million by 2028. This information is published by Fortune Business Insights in its latest report, titled, “Abrasives Market Size, Share & COVID-19 Impact Analysis, By Material (Natural and Synthetic), By Product (Bonded, Coated, and Super), By Application (Automotive, Electrical & Electronics, Metal Fabrication, Machinery, and Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 37,317.1 million in 2020 and is projected to exhibit a CAGR of 5.8% between 2021 and 2028. Factors such as the increasing demand from the automotive sector is expected to boost the product’s demand in the forthcoming years.
Sak Abrasives Inc.’s Acquisition of Buffalo Abrasives Inc. to Strengthen its Market Position in USA
In February 2019, Sak Abrasives, a wholly-owned subsidiary of Sak Industries Private Ltd., announced the acquisition of Buffalo Abrasives Inc., a leading U.S-based manufacturer of resin bonded grinding wheels. Buffalo has its presence in the aerospace, oil & gas, automotive, and bearing industries. The acquisition strengthens Sak’s position in the global market.
Kanika Krishna, COO of Sak, informs, "There is a high demand for Made in USA products and our vision is to ensure availability of varied types of products manufactured in different regions for our customers." Such strategic expansion by companies is expected to favor the product’s demand in the forthcoming years.
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Increasing Demand from Automotive Sector to Augment Growth
According to the data by Down to Earth Organization, by 2030 there will be an addition of around 1.2 billion cars running on roads by 2030. The increasing demand for automotive is expected to boost the product’s adoption worldwide. Abrasives are for deburring, sizing, and cleaning of engine components. Moreover, they are adopted for cleaning inside of pipes and smooth edges for oiling, fitting, polishing, and painting purposes. Therefore, the rising automotive industry is expected to contribute to the growth of the global market in the forthcoming years.
Key Players Focus on Facility Expansion to Strengthen Their Market Positions
The global abrasives market growth is experiencing a positive rate due to the presence of major companies that are focusing on expanding their facilities to cater to the growing demand for the product across several industrial applications. Moreover, other key players are adopting strategies such as partnership, merger and acquisition, and collaboration that will contribute to the market growth.
List of the Companies Profiled in the Global Market:
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Value (USD Million)