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Metal Abrasives industry Growth
Global metal abrasives market is driven by several factors, including increasing demand for energy-efficient and lightweight materials in various industries.
WILMINGTON, DELAWARE, UNITED STATES, June 25, 2024 /EINPresswire / -- Allied Market Research recently released a comprehensive report titled "Metal Abrasives Market By Material, Type (Steel and Others), Type (Coated Abrasives, Bonded Abrasives, and Super Abrasives), End-Use Industry (Automotive, Metalworking, Building and Constructions, Machinery and Equipment, And Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global metal abrasives market reached a value of $6.2 billion in 2022 and is anticipated to grow to $9.6 billion by 2032, with a compound annual growth rate (CAGR) of 4.6% from 2023 to 2032.
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Key Drivers of Growth:
The growth of the global metal abrasives market is driven by several factors, including increasing demand for energy-efficient and lightweight materials in various industries. Metal abrasives play a crucial role in abrasive blasting, grinding, polishing, and other processes, further bolstering market expansion. Additionally, advancements in technologies such as 3D printing are creating new opportunities for the use of metal abrasives in manufacturing.
Challenges and Restraints:
However, the market faces challenges such as health hazards associated with metal abrasives and concerns over their environmental impact. Volatility in raw material prices also presents a challenge to market stability and growth.
Segment Insights:
Material Type: Steel dominated the market in 2022, holding over four-fifths of the market share. The "others" segment, which includes materials like glass beads and garnet, is expected to grow at a faster rate, driven by their diverse applications in surface preparation and cutting technologies.
Type: Bonded abrasives held the largest market share in 2022 and are projected to continue leading through 2032. Super abrasives, however, are expected to grow at the highest CAGR, primarily due to their applications in demanding industries such as oil and gas exploration.
End-Use Industry: Metalworking accounted for the largest share of the market in 2022, driven by the need for surface finishing and preparation in manufacturing processes. The "others" segment, encompassing various industries, is expected to grow significantly due to the versatility of metal abrasives in enhancing surface adhesion and finishing.
Regional Analysis:
Asia-Pacific led the market in 2022 and is anticipated to maintain its dominance through 2032, driven by extensive usage of metal abrasives in construction, automotive, and manufacturing industries. The region is also expected to exhibit the highest CAGR, reflecting increasing infrastructure development and industrialization.
Competitive Landscape:
Key players in the global metal abrasives market include Saint Gobain, 3M Company, Finishing Systems Inc., Metaltec Steel Abrasive Co., W Abrasives, Noritake Co. Ltd., Klingspor Abrasives Inc., Camel Grinding Wheels Works Sarid Ltd., Air Blast-Abrasives B.V., and Ervin Industries. These companies are focusing on strategies such as product innovation, partnerships, and geographical expansion to strengthen their market presence.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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