The Abrasives industry in India currently has two major players offering a full range of Abrasives products. In terms of value and volume, the metal fabrication segment of the end-use industry is projected to grow at the highest CAGR during next financial year as government thrust to develop infrastructure in our country is promising.
The metal fabrication segment is the fastest-growing end-use industry segment in the abrasives market. This growth is attributed to its usage and demand in the metal fabrication for cutting-off and grinding, removing welds and excess material, surface blending, finishing, and polishing.
Industrial demand is weak in the domestic market and likely to persist. While exports are seeing some green shoot in this industry. Despite the bleak environment, expects not to lose volumes and in-turn take this opportunity to gain.
Asia Pacific is the fastest-growing market for abrasives due to its increasing economic growth. owing to the rapid growth in industries such as automotive, machinery and metal fabrication in the region. The growth of this region is supplemented by the increase in the consumption and production of industrial products in developing economies such as India and China. Augmented demand for automobiles is expected to indirectly drive the growth prospects of the abrasives market in the coming years. The rise in the sales of electronic devices is likely to boost the demand for coated abrasives in the electronic industry during the forecast period, especially in the consumer goods sector.
Abrasives Market is the emerging market, and it is expected to grow at CAGR of 5-6 % during the period (2020-2024)Abrasives are used in automotive, electronics, construction, and manufacturing industries to provide a superior polished surface finish during manufacturing. Beyond this, they are used to shape materials through grinding and remove surface layers of paint or corrosion, cut hard materials made of steel or concrete, and polishes finished products. Furthermore, investments in R&D activities to produce innovative and less hazardous abrasives are expected to provide opportunities for growth in the future.
Road Ahead
Robust growth of the Infrastructure sector is expected to drive the market and also due to rising environmental concerns, leading automobile manufacturers are manufacturing low-weight automobiles, which are economical, emit low carbon dioxide, and yet provide superior performance. Customer centric approach to give a specific finish, speed of cutting and stock removal or cutting requirements.
BENEFICIARIES : GRINDWELL NORTON, CARBORANDUM UNIVERSAL, WENDT INDIA.
