Abrasives Market Investment Opportunities, Revenue and Forecast 2028
The global abrasives market size is expected to gain momentum 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.
Source
https://www.fortunebusinessinsights.com/abrasives-market-102177
Market Segmentation:
Based on material, the market is divided 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 the market 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 report provides 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 Promote Growth
The rapid-paced urbanization that has led 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.
