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Rising application of abrasives in the automotive industry is driving the market growth. Abrasives are crucial components for the machining of suspension, driveline, chassis, and body components, as these components require precise, smooth, and polished surfaces. Over the forecast period, the anticipated increase in demand for commercial and passenger automobiles, owing to the rising disposable incomes and increasing population is anticipated to augment the market in the forecast period.
In terms of region, North America is anticipated to witness a considerable growth in the forecast period. The growing expansion, coupled with technological advancements in the major end-use industries of abrasives is driving the market in the region. The presence of key market players owing to the increasing consumer base in the region due to rising trading activities in the region is likely to provide impetus to the market in the forecast period. Furthermore, the growing R&D activities and innovations in the aerospace industry in the United States of America is likely to boost the demand for abrasives in the forecast period.
In September 2020, RPM International Inc. (NYSE: RPM) announced the complete acquisition of Ali Industries LLC in order to expand the product portfolio of the company.
Market Breakup by Raw Material, Type, Application, End-User Industry, and Region:
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The major players in the global abrasives market are 3M, ARC ABRASIVES, INC., Abrasive Technology, Fujimi Incorporated., Saint-Gobain, Pan Abrasives, and Robert Bosch Power Tools GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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