Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Bonded abrasives are widely used in grinding applications that are frequently used in heavy industry. Abrasive is a material that is used to mold or provide finishing to a piece of work, through a process that requires buffing, grinding, cutting, and polishing. The difference between the hardness of the material and the abrasive based on this abrasion depends. Abrasives are used in a wide variety of industrial, domestic, and technological applications. The abrasive products are used for various applications such as cutting, grinding, drilling, polishing, lapping, honing, and buffing.
The factors responsible for the market growth are the continuous growth of the automotive industry from the past decade leads to increase in demand for bonded abrasives and largest aerospace industry in the world. Likewise, increasing new residential construction causes growing demand for bonded abrasives as the migration in the country has increased will fuel the market growth. Nevertheless, downfall in the automotive industry and negative impact of the COVID-19 pandemic are the major restraining factor that could hamper the growth of the market.
Due to COVID 19 outbreak lead to shut down of many industries. During this COVID 19 pandemic all the construction and manufacturing activities were declined due to supply chain disruptions and labor shortages. This leads to disturbance in the production of abrasives products. Also demand for abrasives products has decreased in marine and automotive industry will affect the growth of the market. Due to this scenario, COVID 19 negatively affect the bonded abrasive market.
The study analyses North America Bonded Abrasives Market based on product type, application, end user and country.
The various types included in the bonded adhesive market is segmented into depressed center wheels, cup-shaped wheels, recessed or relieved wheels, and tapered body wheel. The depressed center wheels segment is expected to account for the largest share of the market owing to, depressed center wheel has grinding applications on metal, masonry and other building materials, lead to rising demand for depressed centerwheels has increased.
Based on the various applications of bonded abrasives market is categorized into Grinding, Fabrication, Polishing, Cutting and Others (lapping, honing, buffing). The grinding segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period 2021-2027. The factors driving segmental growth are cut-off wheels, snagging wheels, mounted wheels, segments, plugs, and cones, and many wide range of applications requires grinding as well as increasing development in construction sector.
By the various end user included in bonded abrasives market are bifurcated into Automotive, Marine, Aerospace, Construction, Metal Working and Others. The automotive segment held the largest market share of North America bonded abrasives market in 2020. Due to, widely used in metal finishing or cutting applications, which required in automotive industry, the demand for bonded abrasives in automotive industry has increased will fuel market growth.
Country wise, the study is comprised of the key countries such as the Unites States (US), Mexico and Canada. The US held the largest market share of North America bonded abrasives market and is likely to dominate the market over the forecast period 2021-2027. The countries such as US, Mexico and Canada, surge rise in demand for bonded abrasives market are due to growing industrialization as well as increasing migration to the country.
The major key players of market includes 3M, Baystate, Tyrolit, Treibacher, Noritake, NIPPON RESIBON CORPORATION , Carborundum Universal Limited, Buffalo Abrasives , Abrasives Manhattan , Marrose Abrasives, Grinding Techniques Ltd , SAK Abrasives Limited , Sia Abrasives Industries AG Flexovit , Saint-Gobain , Robert Bosch GmbH, DRONCO GmbH, KWH Mirka , Fujimi Incorporated, Osborn (DRONCO), Precision Abrasives Pvt. Ltd and Asahi Diamond Industrial Co. Ltd.
The study analyses North America bonded abrasives market based on product type, application, end user and Country. Bonded abrasives are those that are made into grinding wheels, cut off wheels, segments, cones, and other such forms. The factors that are responsible for the market growth are rapidly growing construction sector in emerging economies and advancement in technology. Besides this, growing industrialization will further boosts the market growth in upcoming years. The rising technology and increasing growth of automotive industry are the major factors that driving market growth. Nevertheless, rising demand in the different hand-held machines like angle grinders, vertical grinders hence it is expected to impede market growth over the forecast period 2021-2027. The US held the largest market share of North America bonded abrasives market and is likely to dominate the market over the estimated time frame due to advancement in technologies and growing industrialization.
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