Market Trends of Rubber Bonded Abrasive Industry
This section covers the major market trends shaping the Rubber Bonded Abrasive Market according to our research experts:
Growing Demand from the Industrial Machinery Industry
- Rubber-bonded abrasives have high strength and elasticity. They are commonly used for making flexible wheels, snagging work in foundries, and for thin wheels for wet cut-off operation.
- The demand for rubber-bonded abrasive is on the rise from industries like metal, steel, as it is used in production and assembly lines, in finishing operations, in tool and machine shops, for the production of basic tools, instruments, components parts, and for maintenance and repairs.
- In heavy industries, rubber bond abrasives are used during manufacturing, maintenance. They are also used for repair purposes in upstream, midstream, and downstream components during the production of oil and gas.
- It is used on the industrial grinders and cutting machines, such as lathe machines, used to manufacture other machine components. Abrasives ensure not only the longevity of the grinders and cutting blades, but they also provide precision during the job, as they maintain the sharpness of the blades.
- Therefore, the growing demand for industrial machinery segment is expected to boost the demand for rubber bonded abrasives over the coming years.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for rubber bonded abrasive and is also forecasted to be the fastest-growing market over the forecast period.
- China is one of the fastest emerging economies in the Asia-Pacific region. China's geographical location provides easy access to the industrial goods markets of the neighboring countries, and globally of other countries, making China a major access point for manufacturers and suppliers.
- This has resulted in making China the largest manufacturing country in the world. The manufacturing industry of the country is still experiencing rapid growth rates owing to the fast adoption of technologies. The country has the world's largest electronics manufacturing and services industry.
- The industrial machinery, healthcare, and the manufacturing sector in India have seen increased growth with commercial and government investments as well as huge inflows of FDI, which have driven the market for rubber bonded abrasives in the country.
- Japan's exports of electronics and high-technology products serve as the engine of the country's economic growth. As the country supports domestic as well as international demand for electronics and other technologies, with surging demand in both the markets, the consumption of rubber bonded abrasive products is likely to increase.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for rubber bonded abrasive during the forecast period.
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