Newark, Nov. 17, 2022 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 49.06 billion in 2022 coated abrasives market will reach USD 68.70 billion by 2030. In just eight years, coated abrasives has moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that is truly delivering value to users. The automotive industry uses the coated abrasives product to enhance auto body, engine parts sizing, and interior & exterior cleaning.
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Key Insight of Coated Abrasives Market
Asia Pacific to account for largest market size during the forecast period
Asia Pacific is expected to have the largest market share in the coated abrasives market. Key factors favouring the growth of the coated abrasives market in Asia Pacific include the market in China is anticipated to maintain the highest place in the global market over the forthcoming years due to technological improvements. Due to the substantial need from the power generation industries, China is the biggest customer of abrasives. Different factors, like advanced production of medical devices, automobiles, electronic equipment, and packaging, support market development in China.
Coated segment accounted for the largest market share of 35% in 2022
The product type segment is divided into super, coated, and bonded. The coated segment dominated the market, with a market share of around 35% in 2022. The coated abrasives market achieved profitable growth from the APAC through the projection duration. The increasing need for coated abrasives in growing countries like China and India may bring ample growth prospects for the coated abrasives market. The lower requirement for coated abrasives in Europe and North America may lead the regions to notice average growth through the projection years. The need for coated abrasives will grow due to elements, including the growing need for coated abrasives with pressure-sensitive adhesive backing.
Metal fabrication segment is anticipated to dominate the market by 18% in 2022
The application segment is divided into aerospace, automotive, metal fabrication, electrical & electronics equipment, machinery, and others. The metal fabrication segment dominated the market, with a market share of around 18% in 2022. Metal fabrication is the method of forming metal structures by bending, assembling, and cutting. The procedure can be done with different tools, including hand, power, and computer-controlled machines. Metal fabrication is usually utilized to form metal parts for machinery or buildings. The metal parts for machinery are in high need. Thus, metal fabrication is a method that is operated by multiple industries.
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Advancement in market
In July 2020, Sargent Metal Fabricators Inc. declared its strategy to grow functions in South Carolina, United States. with an acquisition of $ 9.5 million. The development seeks to cater to the increasing consumer demand. Such investments are anticipated to boost the product need in the region over the projection years.
Market Dynamics
Drivers: Increasing Usage of Abrasives in the Construction Industry
Construction is anticipated as a critical application for the industry. Construction activity has grown due to the fast development of urbanization and the advanced way of living. Market growth is helped by financial development in growing countries and a high level of renovation activity. These products are used in different applications in the construction industry, including fabrication, metal fabrications, woodworking, and metal components. Similarly, the construction industry is undergoing extensive and remarkable modifications due to monetary growth, pushing the increasing need for these materials. The development of residential buildings has mainly affected the market in different nations due to the growing population.
Restraint: Increased Manufacturing Expenditures & Health Hazards Associated with Abrasives Hindering the Market
The bursts from abrasive material can create a lot of noise and dust. Toxic components may be found in the abrasive material and the surface being blasted, posing a threat to workers. The market is expected to be hindered by increased production prices, volatile raw material costs, and stringent regulations on abrasive usages.
Opportunity: The Growth in Automotive Industry
The automotive industry uses the coated abrasives product to enhance auto body, engine parts sizing, and interior & exterior cleaning. The products are also utilized to clean the insides of pipes, smooth edges, polish and surfaces for oiling, welds, fitting, and painting. Non-woven & coated products are used to refinish auto bodies. Similarly, grinding wheels are utilized for cars. The high demand for different applications within the automobile industry now supports the industry's development.
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Some of the major players operating in the coated abrasives market are:
• 3M
• Asahi Diamond Industrial Co., Ltd.
• Bosch Ltd.
• Carborundum Universal Limited
• CUMI
• Fujimi Incorporated
• Henkel AG & Co
• KGaA
• Krebs & Riedel
• Nippon Resibon Corporation
• Robert Bosch GmbH
• Saint-Gobain
• The 3M Company
• KWH Mirka
• Noritake Co., Limited
Key Segments cover in the market:
By Product Type:
• Super
• Coated
• Bonded
By Application:
• Aerospace
• Automotive
• Metal fabrication
• Electrical & Electronics Equipment
• Machinery
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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