A report released Tuesday by ResearchAndMarkets states that the global market for abrasives products is forecasted to reach a value of $57.5 billion by 2024.
The firm said the market's 2018 value was $41.2 billion, and will grow at a compount-annual-growth-rate (CAGR) of 5.6 percent from 2019 to 2024.
ResearchAndMarkets cites the growing automotive industry as the first key factor driving the abrasives market forward, given the products' use in manufacturing automotive components, including mirrors, valve springs, fuel and de-aeration tanks, as well as modifying operating perameters that include minimizing carbon emissions and lowering noise levels.
Another factor noted is the growing adoption of super-abrasives, which use industrial diamonds for precision grinding and cutting of hard metals. The rapid growth of the electronics and manufacturing industries in emerging countries is another growth factor.