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Coated Abrasives Market to be Valued at USD 15 Billion by 2022

Post Date: 25 Oct 2017    Viewed: 3169

 Global Coated Abrasives Market is projected to exhibit a healthy CAGR of 6.3% during the forecast period 2016-2022.

Market Highlights:

Coated Abrasives are abrasives, which consist of an abrasive grain fixed into a backing material or substrate generally made of paper, cloth, vulcanized rubber, and polyester film. The most commonly used Coated Abrasives grains are aluminium oxide, silicon carbide, zirconia alumina, ceramic alumina, garnet, and emery. Coated Abrasives are available in different product forms such as belts, rolls, discs and wheels. Some of the prominent growth factors identified for coated abrasive market includes, augmented demand from metalworking industry for versatile applications coupled with significant spending on abrasives in the metalworking industry, surge in automotive production, and demand for innovative abrasive products in electronics & semiconductor.

Segment Analysis:

Global Coated Abrasives Market is segmented on the basis of types and applications. On the basis of types, the market is segmented into –– Aluminium Oxide, Silicon Carbide, Zirconia Alumina, Ceramic Alumina, Emery, and Garnet of which aluminium oxide and silicon carbide accounts for significant market shares in the Global Coated Abrasives Market. On the basis of applications, the market is segmented into –– Metalworking, Woodworking, Automotive, Electronics & Semiconductors, Aerospace & Defense, and others. Metalworking segment accounts for the largest market share among all the applications.

Traditionally, natural abrasive grains such as emery and garnet were used, however, with rapid industrial growth the demand for superior quality abrasives also increased, thus, synthetic abrasive grains such as aluminium oxide, silicon carbide, and zirconia alumina among other synthetic abrasive grains came into existence. Synthetic coated abrasives have numerous advantages over the traditionally used Coated Abrasives such as, durability, strength and productivity among others. Thus, owing to the advantages of synthetic coated abrasives and the increasing demand for innovative products from the end-use industries. As per analysis, aluminium oxide and silicon carbide accounts for more than half of the value share in the Global Coated Abrasives Market. Collectively, these segments account for nearly 70% of the value share in the total revenue generated by coated abrasives market.

Based on the applications segment, the metalworking and woodworking segment is estimated to be the dominating segments throughout the forecast period, owing to the significant spending on abrasives in the metalworking industry coupled with its increasing consumption in versatile metalworking applications. On the plus side the furniture market growth and rebound in construction activities across the developed market and rapid urbanization in the developing market has been bolstering factor for woodworking industry, which in turn is increasing the consumption of coated abrasives in the woodworking industry. Apart from the above mentioned applications, consumption of Coated Abrasives in the automotive and electronic & semiconductor industries will witness healthy growth with an increasing production of automotive coupled with increasing demand for innovative abrasive products in the electronic & semiconductor industry.

Regional Analysis:

“Asia-Pacific is projected to be the largest market during the forecast period”

As per MRFR analysis Asia Pacific dominated the Global Coated Abrasives Market and has accounted for the largest share of the market in terms of value and volume in 2016 and it is expected to be the dominating region throughout the forecast period Asia Pacific market is followed by Europe and North America. In Asia-pacific, the market is dominated by China in terms of production and consumption of Coated Abrasives, which is followed by India, South Korea and Oceania countries. The significant factors driving the market for coated abrasives in the Asia-Pacific region are the progression of industries and rapid urbanization in the region. Furthermore, the robust automotive industry growth in the Asia-Pacific region is adding substantial value to the coated abrasives market in the region along with increasing exports of coated abrasives from the region. Also, the increasing export of Coated Abrasives from the region is contributing to the growth of coated abrasives market in the region in terms of value. Asia-Pacific market offers potential opportunities for Coated Abrasives manufacturers with a strong demand for coated abrasives among the various end-use customers of Coated Abrasive products. In order to tap these opportunities various tier 1 manufacturers are expanding to the Asia-Pacific regions with mergers & acquisition, joint ventures and new production plants, which in turn is adding further value to the Coated Abrasives Market in the region. In terms of value and volume, Asia-Pacific market is projected to exhibit CAGRs of 6.9% and 5.7% respectively.

Middle East & Africa is expected to exhibit a highest CAGR of ~7% during the forecast period. With crude oil prices hitting historical low, huge investments are being made in the non-oil sector manufacturing industries, which in turn is boosting the demand for Coated Abrasives in the Middle East region. Apart from the emerging manufacturing sector in the Middle East, the increasing construction activities, which includes major construction projects that are due for completion in the next ten years is anticipated to be the rapid growth factor for coated abrasives in the region. Furthermore, the African countries such as Ethiopia, Nigeria, and Kenya, which are gearing towards rapid industrialization will offer lucrative opportunities for Coated Abrasives in the region. For instance, automotive manufacturers are targeting countries like Kenya and Nigeria for automotive production, owing to the progressive business environment in these countries. Thus, migration of automotive manufacturers to the African continent will bolster the demand for Coated Abrasives in the region.

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