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Growth: Abrasives Market Size & Share to Surpass $ 59.0 Billion by 2028 | Vantage Market Research

Vantage Market Research
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Vantage Market Research, The North Star for the Working World
Vantage Market Research, The North Star for the Working World

WASHINGTON, Dec. 11, 2022 (GLOBE NEWSWIRE) -- The Global Abrasives Market is valued at USD 46.1 Billion in 2021 and is projected to reach a value of USD 59.0 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.2% over the forecast period 2022-2028.

One of the most significant economic areas is the Abrasives business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses current trends and anticipated changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.

The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Abrasives, including rising investment requirements, developing technology, and new laws.

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Abrasives Market Overview

According to Vantage Market Research, some of the key factors anticipated acceleratingthe Abrasives Market growth over the forecast period. Many elements influence the Abrasives Market. These include the expansion of the automobile and aerospace sectors, the rise in spending on home improvements, and the expanding use of Abrasives in metalworking. The Abrasives Market is primarily driven by the aerospace and automotive industries.

We forecast that the automotivecategory in the Abrasives Marketsales will account for more than 30% of total sales by 2028. Abrasives are utilized in the automotive industry for various tasks, including coarse and lacquer sanding. To improve the surface finish of automotive components, super Abrasives—diamond discs—are also preferred for grinding and polishing.

Asia Pacific dominates the market, and this trend of dominance will continue throughout the projection period. The market growth is anticipated to be driven by improvements in infrastructure, rising manufacturing sector investments, and an increase in EV production in the region's developing economies.

Abrasives Market Dynamics

Growing Use of Abrasives in Construction Activities to Open Up New Markets

Construction is planned to begin on the primary product application during the forecast period. Increased urbanization and better lives have led to an increase in building activity. High levels of renovation activity and economic growth in developing countries also contribute to market development. These products are used in the construction industry for a variety of tasks, such as woodworking and fabrication, metal fabrications, and component manufacturing. Due to the expansion of residential construction, the rising population in these nations has positively impacted product consumption.

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