The growing automotive production, increasing demand for superabrasives in huge numbers of applications are the major factors contributing to the abrasives industry development across the globe. Likewise, rapidly increasing end-use industries are also expected to drive the demand for abrasives worldwide. However, these products are used in electronics, transportation, manufacturing, and others major end-use industries for grinding, smoothening, as well as polishing product surfaces. The abrasives industry is likely to witness substantial growth on account of increasing demand for the product in polishing and grinding applications in various end-use industries like machinery and metal fabrication. Increasing demand for abrasives from growing automotive industry is the major driving factor for the rising product demand. Thus, abrasives play a significant role in manufacturing automotive components in modifying various operating parameters including reducing the noise levels, machining of components, and lowering the carbon footprint of high-performance engines.
As per OICA, the production ofcommercial vehicles and cars increased by around 9.2% in 2018. This factor is expected positive impact on the product demand from the growing automotive sector. The growth in construction industry across the globe is anticipated to boost the growth in demand for abrasives, particularly superabrasives, increasing advancements in manufacturing industry has also enabled development in precision tooling, which result in increasing consumption of abrasives used in the manufacturing process. In addition, there are certain limitations associated with the manufacturing process of the products that can cause problems in production. Likewise, abrasives production needs raw materials in huge amounts as well as focus of raw material in limited range of countries is expected to affect the various distribution strategies along with extra costs such as fuel and transportation among others.
In addition to this, the growing urbanization in emerging nation’s such as India,South Korea, as well as China led to the rise in number of production services in such regions, which resulted into high number of growth opportunities for abrasives across the Asia Pacific region. On the other hand, increase in growth in urbanization of the construction industry have led to the growth in demand for abrasives, especially in the developing nations South America and Asia Pacific. The major function of the metal fabrication sector is to manufacture component metal parts which will form a huge machinery. Likewise, increase in disposable income in number of emerging economies also contributing to the development of abrasives industry globally.
Moreover, metal fabrication proves to be one of the significant factor of the metal industry across the globe owing to it generates small spare parts of heavy or larger equipment and machinery that cannot be produced simultaneously with the production of heavy machines. Furthermore, a combination of various factors such as development in associated industries as well as increasing administrative rules and regulations, general economic conditions, cyclical fluctuations in metal rates, and end-use industries are witnessed to influence the metal fabrication industry across the world.