Alumina Zirconia Oxide Abrasives: A Global Strategic Business Report
San Jose, California (PRWEB) June 11, 2013
Follow us on LinkedIn - Abrasives are hard materials used for grinding, honing, lapping, finishing, polishing, pressure blasting or barrel finishing. Abrasives are extensively used in a broad range of industries including aerospace, automotive, construction/renovation, medical and electronics. As a result, market for abrasives is highly variable and dependent on factors such as economic conditions, growth in GDP, consumer purchasing power, and the overall health of end-user industries. Alumina zirconia oxide abrasives are commonly utilized for grinding metals such as carbon steel, stainless steel, tough bronzes, various exotic alloys, gray malleable, ductile and nodular cast iron, aluminum, titanium, and others. As alumina zirconia abrasives form an integral part of the abrasives industry, trends and developments in the abrasives industry significantly influence demand dynamics in the alumina zirconia abrasives market.
The 2007-2009 world economic recession took its toll on the abrasives industry with several end-use industries adversely impacted by the financial crisis and reduction in consumer spending, particularly in the developed economies. The construction and the automobile industry, two of the most important users of alumina zirconia abrasives, were the worst affected by the recession. Cancellation, postponement, and general weakness in new office, commercial and residential building projects as a result of lack of credit and rising vacancy rates, and sharp falls in the number of applications for new building permits, and cost cutting among commercial establishments, and companies, played instrumental roles in negatively impacting demand in the US. Demand in the country’s automotive/transportation industry witnessed hurting declines as a result of lower purchasing power and the resulting postponement of new car purchases, decline in per capita automobile travel and volatile fuel prices. Plant closures, capacity idling, scaling back of operating capacity reduced opportunities for growth in this vertical. In Europe, construction and automotive industries were significantly affected by the economic drag exerted by factors like increasing taxes, reducing private construction spends and government spends in infrastructure, declining sales of automobiles and ballooning overcapacity, among others.
Cautious optimism prevails in the overall industrial abrasives market as global manufacturing Purchasing Managers Index (PMI) posted modest recovery in early 2013. Gradual resurgence in building and construction activity and industrial production are expected to stimulate demand for heavy machinery thereby propelling demand for industrial abrasives. Due to migration of production hubs to lower-cost developing countries, any revival in industrial and consumer markets in the US and Europe would inevitably benefit the manufacturing industries in China, India and other emerging countries.
Market for metal fabrication tools, including cut-off wheels and grinding wheels is forecast to be driven by the resurgence in end-use markets in developed countries and strong demand from developing nations. Technology advancements in solar panel manufacturing aimed at capacity enhancement of photovoltaic cells as a result of increasing demand for solar energy is expected to be an important growth driver in the coming years.
As stated by the new market research report on Alumina Zirconia Oxide Abrasives, Asia Pacific region, led by robust industrial activity in China, India and South Korea, constitutes the largest and the fastest growing market with a projected CAGR of 5.6% over the analysis period. Driven by favourable demographic factors, industrial activity in emerging economies of Eastern Europe, Asia, Latin America, the Middle East and Africa is expected to outperform the developed markets of the US, Japan, and Western Europe in the next few years. Also, the strong government focus on industrial growth is stimulating the demand for capital equipment thereby fuelling demand for abrasives for machine manufacturing. A new group of countries called the CIVETS comprising Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa are also emerging over the horizon to spur industrial growth.
Major players covered in the report include 3M, Compagnie De Saint-Gobain, Flexovit USA Inc., Hermes Abrasives Ltd., The Tyrolit Group, VSM AG, and Washington Mills North Grafton Inc.
The research report titled “Alumina Zirconia Oxide Abrasives: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the market, current trends, growth drivers, issues, and focus on major global market players. Market estimates and forecasts are provided in US$ for key geographic regions including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, South Korea and Rest of Asia-Pacific), Middle East and Latin America (Brazil, Mexico and Rest of Latin America).
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