Demand for industrial abrasives will be fostered by renewed industrialisation activity in the developing regions, rising per capita incomes and consumer spending, enhanced manufacturing activities in the durables sector, and increased fixed investments, more so in Asia-Pacific.
The boost in the construction and manufacturing sectors and per capita incomes will result in bolstered demand for industrial abrasives that comprise cleaning & maintenance products in developing areas.
The global market for industrial abrasives is projected to touch US $27 billion in 2012 and expected to reach US $36 billion by 2018. Asia-Pacific is estimated to be both largest and the fastest growing market for industrial abrasives with a compound annual growth rate (CAGR) of 6.5% between 2008 and 2018 to account for 58% of global market share in 2018.
The Indian industrial abrasives market has grown at a rate of about 2-3% in the past 5 years and is expected to grow at 8 - 10% annually. Growth in demand for bonded abrasives is likely to be about 12% and that in coated abrasives is likely to be about 10 - 12%.
Demand within the US abrasives market, which was valued at 2010, is forecast to rise 4% annually through to 2014.
For more information on the industrial abrasives market, see the latest research: Industrial Abrasives Market Report
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