Abrasive Tools Market Regional Analysis

Due to the increasing product demand from the automotive and aerospace & military industries, North America is predicted to experience consistent expansion over the next years. Increasing emphasis on the production of EVs in the region, along with the restart of aircraft manufacturing operations, is predicted to prove favorable for market growth. Manufacturers can expect to benefit greatly from the expansion of the metal fabrication and machining sectors in North America. For instance, Sargent Metal Fabricators Inc. stated in July 2020 that it will invest USD 9.5 million in South Carolina to expand operations there. The growth is intended to satisfy rising client demand. Over the projected period, it is expected that these investments will increase product demand in the region.

In 2021, Asia Pacific dominated the global market and generated more than 54% of all revenues. From 2022 to 2028, the regional market will continue to grow at the fastest CAGR. Over the course of the projection period, market growth is anticipated to be driven by improvements in infrastructure, increased manufacturing sector investments, and an increase in EV production in the region's developing economies. Abrasives may find a market in Southeast Asian nations. For instance, the first half of 2020 saw a 2.7% growth in Vietnam's industrial production compared to the same period in 2019. Vietnam has become a popular Asian investment destination and a small industrial hub as a result of the U.S.-China trade spat. The country's manufacturing industry has undergone changes that have increased the demand for items and, therefore, the need for machinery.