Abrasives Market worth $58.0 billion by 2025 | Key players Robert Bosch GMBH, 3M Company, Saint-Gobain Abrasives, Inc., Fujimi Incorporated, Kier Group PLC.

According to recent market research the "Abrasives Market by Raw material (Natural & Synthetic), Product type (Coated, Bonded, and Super), End-use Industry (Automotive, Machinery, Aerospace, Metal fabrication, Electrical & electronics equipment, Others), and Region - Global Forecast to 2025", The global abrasives market size is projected to grow from USD 46.4 billion in 2020 to USD 58.0 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. The market is projected to witness significant growth in the next few years with the growing automotive, metal fabrication, electronics, electrical, medical, and construction industries. Abrasive is a material or substance such as pumice, sandpaper, or emery, which is used for grinding, cleaning, polishing, and smoothing. Abrasives are used in a wide range of domestic, industrial, and technological applications. The synthetic segment, by raw material, is projected to be a faster-growing segment in the abrasives market owing to its sturdiness and durability property.

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The machinery segment, by end-use industry, accounted for a larger market size for abrasives in 2019, in terms of both value and volume. Development in machinery and equipment utilized in manufacturing the components of machines, which is expected to be one of the significant factors providing opportunities in the abrasives market. Moreover, rising demand for heavy machinery will spur the demand for industrial abrasives in the machinery industry such as alumina zirconia oxide. Manufacturers are expected to modernize and replace obsolete conventional machinery to increase the level of automation and improve product quality and consistency. These factors dominate the machinery industry in the abrasives market.

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.

At a global level, companies such as Robert Bosch GMBH (Germany), 3M Company (US), Saint-Gobain Abrasives, Inc. (US), and Fujimi Incorporated (Japan) are providing abrasive products. Large construction players such as LafargeHolcim (France), Balfour Beatty PLC (UK), Kier Group PLC (UK), and Carillon PLC (UK) have scope to enter into abrasive services. Other players in the market include Henkel AG & CO. KGAA (Germany), Tyrolit Group (Austria), Asahi Diamond Industrial Co., LTD (Japan), Sak Industries (India), Deerfos Co., Ltd (Korea), and Carborundum Universal Limited: (India).

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The global elevators and escalators market size is projected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, at a CAGR of 6.4% from 2021 to 2026. The elevators & escalators market has been growing in accordance with the construction industry. Factors, such as rapid urbanization, the growing number of high-rise buildings, changing demographics, adoption of energy-efficient products, and continuous development of innovative technologies are driving the demand for elevators & escalators.

A few of the major players are, KONE Corporation (Finland), United Technologies (US), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (Republic of Korea/ South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel) among others. These players have adopted various growth strategies, such as mergers & acquisitions, and expansions, to increase their market shares 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.

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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