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Abrasive Market 2021 Analysis by Overview, Growth, Top Companies, Demand and Forecast to 2028

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Daniel Boards
Abrasive Market 2021 Analysis by Overview, Growth, Top Companies, Demand and Forecast to 2028

The global abrasive market size was valued at USD 34.41 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. Growth in the metal fabrication industry on account of the rising demand for pre-engineered buildings & components and developments in the manufacturing sector is one of the key driving factors of the market. The growth of the metal fabrication industry is also driven by the rising demand from various end-use industries including medical, agriculture, automotive, and aerospace. Moreover, the market is continuously evolving because of the changing technologies and lack of skilled labor.

Growth in the Electric Vehicles (EVs) industry is expected to be another major driving factor for the market. In 2019, the global EV sales reached 2.1 million and the U.S. was amongst the key markets for EVs. According to the IEA, the U.S. electric car stock increased by 29.5% from 2018 to 2019. The demand for EVs and their charging stations is increasing in the U.S., which, in turn, is anticipated to boost the abrasives demand over the coming years.

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