Steel Grits: Introduction
- Steel grits is a type of steel abrasive that is used in various industrial applications such as grinding, abrading, scouring, cleaning hard surfaces, and polishing. It is also used to remove solid materials by the action of rubbing.
- Steel grits are grains that have angular shape. These possess sharp edges that help clean surfaces easily. Steel grits are available in different sizes and hardness.
- Steel grits are made from high-carbon steel composition. They possess properties such as increased efficiency and durability. Steel grits are environmentally-friendly, as they have high level of recyclability and low carbon dioxide emission.
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Key Drivers and Restraints of Global Steel Grits Market
- Rapid industrialization and urbanization is a key driver of the global steel grits market. Investments in automobile, aerospace, metalwork, and metal fabrication industries have increased over the last few years. This has boosted the demand for steel grits. The trend is expected to continue during the forecast period.
- Steel grits are environment friendly; they can be recycled and generate low waste. These properties are driving the adoption of steel grits. Furthermore, growth in global construction and infrastructure sectors is expected to boost the steel grits market during the forecast period.
- Availability of cheaper substitutes such as glass powder, iron abrasives, ceramic, boron carbide, and silicon carbide is anticipated to hamper the global steel grits market
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Global Steel Grits Market: Segmentation
- The global steel grits market can be segmented based on grade and end-user
- In terms of grade, the global steel grits market can be classified into GS, GM, GL, GH, and others. In terms of demand, GH and GM segments are likely to expand significantly during the forecast period.
- Based on end-user, the global steel grits market can be split into automotive, construction, metallurgy, petrochemical, and others. Automotive and metallurgy segments are expected to lead the market due to significant rise in demand for metalwork in these industries across the globe. This trend is projected to continue during the forecast period.
Global Steel Grits Market: Regional Segmentation
- Based on region, the global steel grits market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to dominate the global steel grits market during the forecast period. The market in the region is estimated to expand at a significant pace during the forecast period. This can be ascribed to rapid industrial development in the region. China, India, Japan, and Singapore are the leading countries in the region.
- China is anticipated to lead the steel grits market in Asia Pacific in the near future owing to the increase in investment in metalwork, foundries, and metal surface treatment plants in the country
- North America is also estimated to account for considerable share of the global steel grits market during the forecast period. Demand for steel grits is increasing in various industries such as automotive, aerospace, and metal fabrication.
- The U.S. is the one of the leading countries in automobile and aerospace in the world. It is likely to dominate the market in North America in the near future.
- The steel grits market in Europe is projected to expand at a steady pace during the forecast period, due to increase in demand for these in the industrial segment
- The steel grits market in Latin America and Middle East & Africa is also estimated to expand at a steady pace during the forecast period. This can be ascribed to the gradual increase in investment in various industries such as automotive, metalwork, and fabrication in these regions.
Key Players Operating in the Steel Grits Market
- IKK Shots Co., Ltd
- Ervin Industries
- Hodge Clemco Ltd
- Composition Materials Co., Inc.
- Siambrator Co., Ltd.
Global Steel Grits Market: Research Scope
Global Steel Grits Market, by Grade
Global Steel Grits Market, by End-user
The Global Steel Grits Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.