DUBLIN--(BUSINESS WIRE)--The "Global Abrasive Market 2021-2028" report has been added to ResearchAndMarkets.com's products.

By 2028, the global abrasives market is expected to reach 47.82 billion U.S. dollars, growing at a compound annual growth rate of 4.2% during the forecast period.

The growth of the metal manufacturing industry is expected to drive this market due to demand from end-use sectors such as automotive, aerospace, agriculture, and medical. Abrasive is a tool used to shape the surface of a product and provide a smooth surface.

According to the product, the market has been subdivided into coating, bonding and others. Due to the increasing application of coating materials in metal processing, among which products such as sandpaper are used for deburring, it is expected that the coating part will achieve the fastest growth during the forecast period. China will occupy the largest share of the global market in 2020. China is in a leading position in production and meeting domestic demand because it is also a huge manufacturing center.

According to statistics from the US Geological Survey, China is the largest producer of fused alumina and silicon carbide abrasives in 2019. China's growing production has forced other participants in the value chain to expand manufacturing capabilities. For example, in August 2020, Ahlstrom-Munksjo announced further investment in its Binzhou plant for the production of sandpaper. This investment aims to consolidate the company's position as the world's leading manufacturer of abrasive backings.

Although optimistic about the future market prospects, market growth will drop significantly in 2020 due to the Covid-19 pandemic. In 2020, due to the suspension of manufacturing operations, many companies will experience losses, and product manufacturing and consumption will be affected.

For example, the abrasives division of Grindwell Norton Ltd. reported that sales have fallen due to declining industrial activity and the blockade in the first quarter of 2020.

For more information about this report, please visit https://www.researchandmarkets.com/r/t32whq

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call +353-1- 416- 8900

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call +353-1- 416- 8900