The global abrasives market size is projected to grow from USD 46.4 billion in 2020 to USD 58.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast year. The growth of this market is attributed to the increasing demand for abrasives in various end-use industries for polishing, grinding, coarse sanding, lacquer sanding, and repair sanding.
The growth in the Asia Pacific region is driven by factors such as the augmented demand for automobiles, rise in the sales of electronic devices, efforts towards standardization, expanding application segments, increasing urbanized population in China and India, along with the growth in disposable income in these countries are driving the growth of the Asia Pacific abrasives market.
The abrasives market has been dominated by large players, such as Robert Bosch GmbH (Germany), 3M Company (US), Compagnie de Saint-Gobain S.A. (France), Henkel AG & Co. KGaA (Germany), Asahi Diamond Industrial Co., Ltd. (Japan), Fujimi Incorporated (Japan), Ska Industries (India), Carborundum Universal Ltd (India), KREBS & RIEDEL Schleifscheibenfabrik GmbH & Co. KG (Germany), and Deerfos Co., Ltd. (Korea). These players have adopted various growth strategies, such as merger & acquisitions, Contracts & partnerships, new product launch, and expansions to increase their market shares, expand their geographical footprints, and enhance their product portfolios.
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New Product launch accounted for the largest share of all the strategic developments that took place in the abrasives market between January 2015 and February 2020. Key players, such as Robert Bosh GmbH (Germany) and Saint-Gobain Abrasives (US), have adopted this strategy to strengthen their product portfolio, expand their market share and to exceed their customers’ expectations in the abrasives market.
Robert Bosch GmbH (Germany) held the leading position in the global abrasives market in 2019. The company has maintained its leadership position through its strong distribution network across
Europe and the American markets. Robert Bosch GmbH (Germany) is among the leading manufacturers of abrasives for many of the markets it serves. It adopted a new product launch as its key strategy to capture the market. In March 2018, Bosch extended its new product in the range of abrasives by developing 2 step grinding system for angle grinders that enable higher removal rate and offer finer surfaces. The abrasive product helps in saving time up to 25%. The launch of this product has strengthened the company’s product portfolio.
Sain-Gobain Abrasives (US) is also one of the leading players in the abrasives market, in 2019. The company retained its leadership position through its strong geographical presence and wide customer base across the world. The company adopted various strategies including partnerships, new-product launch, merger, and contract to sustain the leading position in the abrasive market. In May 2018, Saint-Gobain Abrasives renewed its partnerships with Bud Racing Kawasaki (France). This strategy enabled the company to strengthen the company’s customer base and maintain a strong market position.
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