Abrasives Market Share

APAC Market Statistics

On the other hand, the Asia Pacific abrasives market is also projected to hold a significant market share along with a noteworthy CAGR rate. Infrastructural development along with rapid growth of the construction industry in the region especially in China, India, and Japan is anticipated to be the major factor for market expansion in the region. Furthermore, the high consumption rate of electronics and electrical components in the growing industries of the region is also estimated to bring notable revenue generation. In addition, the massive investments made in the manufacturing sector and the rising focus on electric vehicles in the developing countries of the region are forecasted to bring growth opportunities for market expansion.

North American Market Forecast

The North America abrasives market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037, owing to the increasing use of abrasives by numerous end-use industries present in the region including metal fabrication and machinery industries. Also, the rising demand for passenger and commercial vehicles among people is estimated to boost market growth. The value of imported passenger car sales in the United States in 2021 was USD 148,145,016. Moreover, the rapid development in precision tooling and machine part production, along with technological advancements in the United States is expected to bring lucrative growth opportunities for market growth in the region. Furthermore, growing product demand from the automotive, aerospace, and defense industries, in addition to an increase in aircraft manufacturing, is expected to enhance abrasive sales in the region.