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China Will Become The World’s Largest Abrasive Consumer Market
With the development of the abrasives industry, the global consumption of abrasives will now grow by 5.9 percent per year, and there will be greater growth in the future. The first regions to achieve growth are Asia, the Middle East/Africa, Eastern Europe, and Latin America. The demand for abrasives in the four regions will exceed that of the United States, Japan, and Western Europe.
The consumer demand for global abrasive tools is mainly non-metallic abrasive products, including various cutting disc equipment such as a green cutting disc. It is expected that the sales volume of non-metallic abrasives will occupy most of the market, which will exceed the sales volume of metal abrasives, such as China abrasive tools for metal and other grinding tools. The durable consumer goods market is undoubtedly the largest sales target for abrasives, accounting for two-thirds of all abrasive products.
The consumption of abrasive tools is mainly due to the steady growth of the economy and the steady development of the industry, which leads to the continuous expansion of the production of durable consumer goods and the increase in investment in fixed assets. China, India, and Russia account for a large share of the sales of abrasives. In particular, China will replace the United States. It is expected that in the near future, China’s consumption of abrasive tools will account for two-thirds of the global demand for new products. China will become the world’s largest abrasive abrasive consumer market.