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According to the study, 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%
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 demand from the construction industry worldwide.
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 and 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 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.
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What does the Report Provide?
The global market for abrasives report provides an 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.
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 sandpapers, cut off wheels, honing stones, and grinding wheels is likely to favor the growth of the market. Moreover, the adoption of advanced technologies in industries and the high utilization of precision tools are expected to contribute to the global abrasives market growth in the forthcoming years.
Asia-Pacific The region is expected to hold the highest position in the global market in the forthcoming years. This is attributable to the increasing demand for metal fabrication and machinery businesses in countries such as China in the region. Asia-Pacific stood at USD 15,113.4 million in 2020.
Latin America The market in the region is expected to experience substantial growth backed by the rising aerospace, automotive, and construction sector in countries such as Argentina and Brazil.
North America The region is expected to showcase exponential growth in the forthcoming years. This is ascribable to factors such as rapid-paced growth in the machine part and precision tool manufacturing industries that are likely to propel the demand for abrasives in the region between 2021 and 2028.
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Contract Signing by Key Players to Expand Their Product Portfolio and Boost Sales Revenue
The market comprises small, medium, and large companies that are striving to maintain their presence by signing lucrative contracts with several private agencies to expand their product portfolio. Moreover, other key players are adopting organic and inorganic strategies to maintain their stronghold in the highly competitive global marketplace. For instance, in December 2020, Nippon Paint India announced the expansion of its automotive business production line to offer optimum quality end-to-end solutions. Therefore, such strategies adopted by the companies to maintain their footprint is expected to bode well in the forthcoming years.
List of the Companies Profiled in the Global Market for Abrasives:
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Abrasives Market: Major Factors that can Increase the Global Demand 2022-2028
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