LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global abrasives market and the market is poised to experience spend growth of about USD 15 billion between 2017-2022 at a CAGR of over 6% during the forecast period. Request Free Sample Pages.
Read the 105-page research report with TOC and LOE on "The Global Abrasives Market, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
This increase in abrasives procurement will be majorly attributed to the growing demand from the major end-user industries such as automotive, metal fabrication, construction, and consumer goods. The automotive industry is likely to provide consistent demand during the forecast period driven by the rising production volume of vehicles globally.
Geographically, APAC will dominate the market share for spending on abrasives. This region is expected to experience consistent demand during the forecast period fueled by the growth of emerging economies such as China and India.
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Insights into the abrasives market price trends
- Suppliers are likely to observe moderate increments in the cost structure driven by rising labor wages. Labor wages are among the major costs for suppliers and can account for more than 40% of the total costs and the growing demand by workers for increased minimum wages is likely to increase these labor costs in the coming years. This will inflate abrasives procurement spend for buyers.
- Regions such as APAC, North America, and Europe are active exporters of abrasive material due to which they can contain costs when selling to regional/local buyers. Thus, the expected hike in abrasive prices is likely to be moderate during the forecast period.
Insights into strategies that will help buyers optimize their abrasives procurement spend
- Buyers are advised to adopt the volume-based pricing while entering into a contract with suppliers. Volume purchases benefit buyers as the number of orders for the category reduces if large volumes are ordered. This leads to lower overall ordering costs and impacts abrasives procurement costs positively.
- Buyers are advised to engage with the suppliers who offer timely delivery. Buyers should evaluate the delivery performance of the supplier pertaining to the number of delays. This will give buyers the liberty to take complimentary discounts for any delays in their product delivery times.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Abrasives Procurement Market Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
The top abrasives suppliers enlisted in this report
This abrasives procurement market intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
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Some of the key topics covered in this report are:
- Abrasives market spend segmentation by region
- Abrasives supply market analysis
- Abrasives procurement best practices
- Regional spend opportunity for abrasives suppliers
- Abrasives suppliers cost structure
- Total cost of ownership analysis in the abrasives market
- Abrasives suppliers pricing models analysis
- Category management objectives to promote an optimized abrasives procurement
- Cost saving opportunities in the abrasives market
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