Growing Use of Metal Cutting Tools Drives Alumina Zirconia Oxide Abrasives Market
March 3, 2015
According to a recent market research report on alumina zirconia oxide abrasives, Asia-Pacific represents the largest and the fastest-growing market, with a projected compound annual growth rate (CAGR) of 5.4%. Growth in the region is led by robust industrial activity in China, India and South Korea, and increased establishment of new metal-cutting job shops to service the large machinery and equipment manufacturing industry.
Hard materials used for grinding, honing, lapping, finishing and polishing, abrasives are used in a broad range of manufacturing industries, including aerospace, automotive, construction equipment, medical devices, and electronics. The global market for abrasives relies on factors such as economic growth, consumer demand for manufactured goods, and investments in capital goods in key end-use industries. Alumina zirconia oxide abrasives are commonly used for grinding metals, such as carbon steel, stainless steel, tough bronzes, exotic alloys, gray malleable, ductile and nodular cast iron, aluminum and titanium.
The market is expected to benefit from recovering global GDP and improving manufacturing activity in consumer goods, heavy machinery, electronics and automobiles. Gradual resurgence in building and construction activity and increase in industrial output represent key factors encouraging demand for heavy machinery. Rising investments in heavy production machinery will spur demand for industrial abrasives, such as alumina zirconia oxide abrasives. Migration of production facilities to low-cost Asian countries is benefiting growth in China and India. Other factors driving growth include advancements in solar panel manufacturing, and expansion of production capacity of photovoltaic cells.
For more information, visit www.strategyr.com.