Abrasive Market to Grow with Technological Advancement During the Forecast Period
Increasing constructions and rising demands of electronic
goods are driving the growth in India abrasive market in the forecast period,
2022-2027.
According
to TechSci Research report, “India Abrasive Market By Type (Bonded,
Coated, Super), By Material (Natural, Synthetic), By
End-User Industry (Automotive, Metal Fabrication, Machinery, Electronic,
Construction, Others), By
Company, By Region Forecast & Opportunities, 2017-2027,” India abrasives market is expected to grow at an impressive
CAGR of 6.35% in the forecast period, 2022-2027 due to the launch of government
policies and schemes such as the “Make in India” initiative which aims to
promote domestic manufacturing and production that boosts the local industries
and increases the domestic production is the driving factor for the growth of
the abrasives market in the forecast period. High demand from the prominent
end-user industries including automotive, steel, auto components, general metal
fabrication, among others is expected to contribute to the India abrasive
market growth.
Increasing
demand for machinery and metal fabrication industries in the country is expected
to influence the abrasive’s market growth. Increasing industrialization across
the country and the growth of the industries such as automotive, machinery, and
metal fabrication industries, among others to satisfy the requirements of the growing
population is contributing significantly to the abrasives market growth. The
surge in the preference of the consumers for vehicle ownership to ensure safety
and enhance the safety of the consumers is expected to fuel the demand for
passenger and commercial vehicles which in turn is expected to accelerate the
abrasives market growth in the next five years.
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India
abrasive market is segmented on the basis of type, material, end-user industry,
and regional distribution. Based on type, the market is further fragmented into
bonded, coated, and super. Bonded abrasive is expected to
register largest revenue shares of the market and dominate the market segment
in the upcoming five years on the account of its advantages. Bonded Abrasives
products grind, clean, scour, abrade or remove solid material through a rubbing
action. Bonded Abrasives are made using Glass Bonds (vitrified), or Phenolic
Resin Bonds. It is used in the automotive industry as well as in metal
fabrication. Bonded abrasive is also used in electronic goods before giving
them final touch. Whereas Coated Abrasives are basically hard synthetic
minerals coated on to paper, fiber, cloth or film and finally formed into
different shapes, sizes and types according to the application needs.
Based
on material, the market is segmented into Natural and Synthetic abrasive. Diamond,
corundum, and emery are natural abrasives that occur in natural deposits and
may be mined and processed for use with little modification. Natural abrasives
are widely employed in a variety of industrial, home, and technological
applications. Natural abrasives can be polished into a wide range of forms,
physical or chemical compositions, and classifications based on their intended
use. On the other hand, synthetic abrasives are manufactured through industrial
physical-chemical technology and processes.
Key market players in the abrasive market include:
- Carborundum Universal Ltd
- Grindwell Norton Ltd
- Wendt India Ltd
- Hindustan Abrasives
- Sterling Abrasives Limited
- Orient Abrasives Limited
- Welcast Steels Ltd
- Asahi Diamond Industrial India Private Limited
- Bosch Limited
- Henkel Anand India Private Limited
Grindwell
Norton Ltd (“GNO”) is one of the subsidiaries of Compagnie de Saint-Gobain
(“Saint-Gobain”), a transnational group with its headquarters located in Paris.
It pioneered the manufacture of grinding wheels in India in 1941. In 1990,
Saint-Gobain acquired Norton Company, USA, worldwide and thereby became a
shareholder in GNO. In 1996, Saint-Gobain increased its equity stake, making
GNO its first majority-owned subsidiary in India. As of 2021, it is dominating the
India abrasive market.
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“South region is anticipated to hold the
largest revenue shares of the market and dominate the segment in the upcoming
five years on the account of rapidly increasing automobile and real-estate
activities in the states like Telangana and Kerala. Increasing population of Tamil
Naidu is further expected to aid the growth of the market. Karnataka is the
largest electronic gadget manufacturing hub in country. Abrasives are used
extensively in providing final shape to these goods. Increasing demand for
housing due to growing population through government initiatives and private
infrastructure construction companies is also supporting the market growth. New
market players may focus on studying the consumer demands and extend research
along with smart product launches, thus aiding their brand establishment. North
region is expected to register significant growth due to increasing
construction as well as demand for new two and four-wheeler vehicles. Although,
technological advancement in the construction equipment may influence the
growth of India abrasive market in the upcoming five years,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Abrasive Market By
Type (Bonded, Coated, Super), By Material (Natural, Synthetic), By End-user
Industry (Automotive, Metal Fabrication, Machinery, Electronic, Construction,
and Others), By Region, Trends, Opportunity and Forecast, 2017-2027”, has evaluated the future growth
potential of India Abrasive and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in India abrasive
market.
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