The global abrasives market size is expected to gainmomentum by reaching USD 58,363.7 million by 2028 while exhibiting a CAGR of
5.8% between 2021 and 2028. Fortune Business Insights in its latest report,
titled, “Abrasives Market, 2021-2028.”, mentions that the market stood at USD 37,317.1
million in 2020 and is likely to showcase significant growth in the forthcoming
years. This is attributable to the increasing product’s demand from the
construction industry worldwide.
Market Segmentation:
Based on material, the market isdivided into natural and synthetic. On the basis of product, the market is
segmented into bonded, coated, and super. Moreover, based on application, the
market is segregated into automotive, electrical & electronics, metal
fabrication, machinery, and others.
- Based on application, the metal fabrication segment is expected to hold the largest global abrasives market share owing to the increasing
product’s demand for metal cutting, bending, and assembling processes
across the globe. The segment held a share of about 17.0% in terms of
revenue of the market in 2020.
Finally, on the basis of region themarket is categorized into Asia-Pacific, North America, Europe, Latin America,
and the Middle East and Africa.
What does the Report Provide?
The global market for abrasives reportprovides in-depth analysis of the market and focuses on crucial aspects such as
leading companies, applications, and types. Also, the report provides
qualitative and quantitative insights into market trends and highlights vital
industry developments. Additionally, the report encompasses various factors
that have contributed to the growth of the market by adopting several research
methodologies during the forecast period.
DRIVING FACTORS
Rising Construction Sector to PromoteGrowth
The rapid-paced urbanization that hasled to the significant development of smart cities is driving the construction
industry across the globe. As per the report by the United Nations, around 68%
of the global population is expected to reside in urban areas by 2030. The growing
adoption of abrasives to form sand papers, cut off wheels, honing stones, and
grinding wheels is likely to favor the growth of the market. Moreover, adoption
of advanced technologies in industries and the high utilization of precision
tools is expected to contribute to the global abrasives market growth in the
forthcoming years.
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