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.