Product ID: SQMIG20I2050
Global Abrasive Tools Market Size, Share, Growth Analysis, By Source(Natural, and Synthetic.), By Product Type(Bonded, Coated), By Material(Aluminum Oxide, Silicon Carbide), By Application(Machinery, Electrical & electronics equipment) - Industry Forecast 2024-2031
Report ID:
SQMIG20I2050 |
Region:
Global |
Published Date: February, 2024
Pages:
247
|
Tables:
124 |
Figures:
76
Global Abrasive Tools Market Insights
Abrasive Tools Market size was valued at around USD 45.3 billion in 2019 and is expected to reach a value of USD 62.9 billion by 2031, at a CAGR of 5.62% over the forecast period (2024-2031).
The market is influenced by a variety of factors, including the expansion of the metal fabrication industry as a result of rising demand for pre-engineered structures and components and technological advancements in the manufacturing industry. The growing demand from numerous end-use industries, such as the medical, agriculture, automotive, and aerospace industries, is another factor fueling the rise of the metal fabrication industry. Moreover, the industry is constantly changing as a result of changing technologies and a scarcity of skilled labour. The U.S. is important to the global market.
Due to shifting economic objectives that have an impact on tariffs and domestic investments, the manufacturing sector has not seen any major advancement in the country, but putting more emphasis on local production is expected to have positive market growth over the coming years.
Moreover, the growth of Asia's developing economies' industries is driving increased demand for super abrasives. For instance, the Indian government announced production-linked incentives for large-scale electronic products makers for the ensuing five years in April 2021 in order to promote investments in mobile phone manufacturing and electronic component plants. Such initiatives are encouraging the nation's industrial growth, which is strengthening the market as a whole.
However, due to fluctuating raw material prices, market expansion is expected to be limited. Mass amounts of raw materials, including aluminum oxide, are needed for the mass manufacture of abrasives. Bauxite and other source minerals' costs differ enormously due to factors such changing transport costs that are influenced by fuel prices, that have an impact on the cost of production and pricing.
US Abrasive Tools Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Abrasive Tools Market Report Snapshots
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