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The global abrasives market size was USD 41.05 billion in 2021. The market is projected to grow from USD 43.43 billion in 2022 to USD 64.81 billion by 2029 at a CAGR of 5.9% during the 2022-2029 period.
Fortune Business Insights™ publishes this information in its report titled, "Abrasives Market Size, Share & COVID-19 Impact Analysis, By Material (Natural and Synthetic), By Product Type (Bonded, Coated, and Super), By Application (Automotive, Electrical & Electronics, Metal Fabrication, Machinery, and Others), and Regional Forecast, 2022-2029."
Restricted Production Activities Amid Pandemic Hindered Global Market
The COVID-19 pandemic has affected several industries to a great extent. Manufacturing operations were halted to restrict the virus's spread. These factors affected the production and sales rate of the product used in the automobile and construction sectors. Also, the product demand decreased gradually during the initial lockdown phase due to restrictions imposed by governments.
Sak Abrasives Inc. Acquired Buffalo Abrasives Inc.
Sak Abrasives Inc. announced the acquisition of Buffalo Abrasives Inc. The company focuses on expanding its business reach and delivering new products to its target customers. Also, the company is known as one of the leading manufacturers of resin bonded grinding wheels. Furthermore, the mission of this acquisition is to develop and deliver advanced products and enhance its organizational portfolio.
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Rising Product Application in Construction Sector to Bolster Market Growth
The market is expected to witness prominent growth during the projected period owing to rising application of the product for construction activities. The rising product demand for coating applications is estimated to boost market share. Also, the surging demand for these products from the automobile sector is projected to fuel the global abrasives market growth during the forecast period.
Business Acquisitions Allow Companies to Augment Growth
The prominent companies in this market implement several strategies to enhance their business performance. The companies form strategic alliances and acquisitions to globalize their brand and propel growth.
Notable Industry Development:
List of Key Players Covered in the Report:
Further Report Findings:
Asia Pacific is projected to hold a dominant market share during the projected period due to rising technological advancements. The regional market stood at USD 22.89 billion in 2021. The increasing industrialization and rising commercialization are projected to fuel regional market growth in the coming years.
Based on material, the market is bifurcated into natural and synthetic. The synthetic segment is anticipated to lead the global market share due to increasing application of the product in various elements.
Table of Segmentation:
Value (USD Billion)
By Material, Product Type, Application, and Region
By Product Type