Abrasives Market to Witness Remarkable Growth

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.

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.

Source: –

https://www.fortunebusinessinsights.com/abrasives-market-102177