CLEVELAND, Sept. 7, 2019 /PRNewswire/ -- Production of abrasives at facilities in India is forecast to rise 8.7% per year to $2.6 billion in 2023. Strong growth in the local market will encourage heightened investment in abrasives production by both foreign multinationals and domestically headquartered firms. However, it will be difficult for local production to keep pace with the rapid advances expected in demand, and the trade deficit will widen significantly.
Production of abrasives in India totaled $1.7 billion in 2018, leaving the country with a trade deficit equivalent to 2% of demand. Prior to 2007, India was typically a net exporter of abrasives, but imports have grown rapidly as the local market has expanded. The country remains a significant net exporter of metallic abrasives, while the trade deficits in each of coated, bonded, and loose abrasives have widened significantly.
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The Asia/Pacific region is forecast to account for the largest share of abrasives production growth through 2023, reaching 61% of global output in that year. China will be by far the world's largest abrasives producer, and Japan, India, and South Korea will all rank among the top six global suppliers.
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