Coated abrasives market size to grow by USD 3.97 billion from 2022 to 2027, Technavio

NEW YORK, March 27, 2024 /PRNewswire/ -- The global coated abrasives market size is set for substantial growth, with projections indicating a rise of USD 3.98 billion by 2027, marking a notable CAGR of 5.44% during 2022-2027. This surge is attributed to several factors, including the burgeoning demand for PSA-backed variants, particularly in industries like electronics and transportation, alongside a robust appetite for semi-friable aluminum oxide-based products.

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Market Segmentation:
The market's landscape sees significant growth in the aluminum oxide segment, which has been valued at USD 3,489.27 million in 2017, with continued expansion expected through the forecast period. Fused aluminum oxide's resilience and extended durability make it a preferred choice across various industries for applications such as grinding, cutting, and manufacturing refractory materials.

Key Drivers:
A primary driver fueling market growth is the increasing preference for PSA-backed coated abrasives. These adhesives offer enhanced convenience in mounting sanding discs, rolls, and sheets, catering to a spectrum of applications from auto body shops to woodworking. The adoption of PSA-backed abrasives ensures protection from dust and moisture, guaranteeing consistent performance across different surfaces.

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Market Trends:
An emerging trend propelling market growth is the rising application of cutting tools, driven by the superior finishing and cost-effectiveness offered by coated abrasives. This trend is further accelerated by innovations in product development and machinery supporting cutting tool applications, enhancing efficiency and performance in various industries.

Market Challenge:
However, the market faces a significant challenge stemming from improper storage practices, leading to technical issues and reduced efficacy of abrasives. Inadequate storage conditions such as fluctuations in temperature and humidity can result in weakened bonds, brittleness, and product defects, necessitating efficient storage facilities to mitigate risks and ensure product integrity.

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Key Regions:
Asia-Pacific (APAC) emerges as a dominant contributor to market growth, projected to account for 66% of global market expansion during the forecast period. Economic development in ASEAN countries, coupled with increased manufacturing activities and rising per capita income, underpins APAC's market leadership. China, Japan, Australia, and India stand out as major revenue contributors, with machinery, engines, and pumps sectors driving substantial market share.

Market Analyst Overview:
In the manufacturing sector, technological advancements and skilled labor are driving innovation and sustainability. The rise of electric vehicles (EVs) fuels demand for coated abrasives, while alternative technologies like waterjet cutting and laser cutting gain traction for eco-friendly material processing. Manufacturers are embracing smart abrasive technologies to optimize efficiency and address environmental concerns, ushering in a new era of responsible production practices.

The coated abrasives market stands at a pivotal intersection of several economic and industrial factors, reflecting the ongoing evolution of manufacturing sectors worldwide. Raw material costs, particularly those related to bauxite and other high-performance abrasives, directly influence the economics of production in this sector. Amidst burgeoning demand for pre-engineered buildings and components, metal fabrication businesses face the dual challenge of meeting component demand while navigating tariffs and striving for domestic production efficiencies.

In recent years, the rise of electric vehicles (EVs) has catalyzed significant infrastructure upgrades, spurring investment in charging stations and integrated EV manufacturing facilities. VinFast Auto's ambitious plans for an integrated EV manufacturing facility exemplify this trend, with a keen focus on operational efficiencies and reducing carbon emissions. As the market for EVs expands, the demand for super abrasives used in high-precision manufacturing processes is poised to grow, driving technological advancements in abrasive technologies.

The coated abrasives market, crucial for various manufacturing processes including cutting tool applications, is witnessing a surge in demand driven by the manufacturing sector's pursuit of innovation and sustainability. Technological advancements in smart abrasives technologies offer manufacturers the promise of enhanced operational efficiencies while minimizing environmental impact. Moreover, customer demands for longevity and environmentally friendly abrasives are reshaping product portfolios, prompting manufacturers to explore alternative technologies and services.

Amidst these shifts, skilled labor remains a cornerstone of the manufacturing sector, essential for harnessing economies of scale and ensuring the safety and health of workers. Furthermore, attention to disposal practices for abrasives and other manufacturing byproducts underscores the industry's commitment to sustainability and minimizing environmental footprint.

The market's trajectory is influenced by a myriad of factors, including market drivers such as the growing demand for coated abrasives in material processing industries and the quest for innovation in cutting-edge applications like waterjet and laser cutting. R&D investments play a crucial role in unlocking new possibilities in the coated abrasives market, facilitating continuous improvement in product quality and performance.

In summary, the coated abrasives market is intricately linked to broader economic conditions, technological advancements, and sustainability imperatives. As manufacturers navigate the evolving landscape, they must remain agile, leveraging innovation and collaboration to meet the diverse needs of customers while addressing environmental and societal concerns.

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Conclusion:
The coated abrasives market is poised for dynamic growth, driven by evolving industry trends, technological innovations, and increasing demand from diverse sectors. As the global economy continues to evolve, stakeholders must adapt to emerging opportunities and challenges, leveraging advanced solutions to enhance productivity, sustainability, and competitiveness in the marketplace.

The Coated Abrasives Market is witnessing robust growth, driven by several factors. Economic conditions favor increased industrial activity, boosting demand for raw materials. In the coated segment, pre-engineered building construction requires high-quality abrasives for metal fabrication, aligning with rising component demand. Moreover, with the surge in electric cars (EVs), infrastructure upgrades are accelerating EV production, further amplifying the need for abrasives. Compound annual growth rate (CAGR) projections are promising, especially in pre-engineered buildings and components. However, securing skilled labor remains pivotal amidst tariffs impacting supply chains. Despite challenges, the Coated Abrasives Market presents significant opportunities, poised for substantial expansion in tandem with evolving industrial and automotive landscapes.

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Table of contents

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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