Pune India, Jan. 14, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the coated abrasives market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the coated abrasives market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global coated abrasives market are 3M, Asahi Diamond Industrial Co., Ltd., Bosch Ltd., Carborundum Universal Limited, CUMI, Incorporated, Henkel AG & Co, KGaA, Krebs & Riedel, Nippon Resibon Corporation, Robert Bosch GmbH, Saint-Gobain, KWH Mirka, Noritake Co., Limited, among others., among others. To achieve a substantial market share in the worldwide coated abrasives market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The high-performance characteristics of coated abrasives enable their use in metal and alloy modelling, and improved industrial performance is fueling the market growth. Coated abrasives have a backing material, and the backing material includes polyester film, woven cloth, paper, vulcanized fiber, and so forth. They are used in manufacturing, general engineering, furniture production, flooring, and so forth. There are some factors which are hindering the growth of the market such as improper handling, the presence of alternatives and strict government regulations. In the forecast period, the government’s strict rules regarding coated abrasives will hamper the demand for coated abrasives in various industries, including automobiles, electronics, and aircraft. Coated abrasives manufacturers are attempting to modernize their production processes by implementing automation in all processes. Research and development activities are also creating new opportunities for market growth. Technological advancements and equipment improvements in product manufacturing will generate opportunities in the market. Furthermore, as the furniture market and construction activities in the developed markets rebounded, along with rapid urbanization in developing markets, coating abrasives consumption increased. Also, increasing demand in developing countries like India and China will boost the coated abrasives market growth during the forecast period due to expanding fabrication, automotive, and machinery industries.
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Scope of Coated Abrasives Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Type, Application, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||3M, Asahi Diamond Industrial Co., Ltd., Bosch Ltd., Carborundum Universal Limited, CUMI, Incorporated, Henkel AG & Co, KGaA, Krebs & Riedel, Nippon Resibon Corporation, Robert Bosch GmbH, Saint-Gobain, The 3M Company, KWH Mirka, Noritake Co., Limited, among others..|
Non-woven is expected to be the fastest-growing segment in 2022.
The type segment is paper, non-woven, cloth, and others. The non-woven segment is expected to witness the highest growth rate during the forecast period. A non-woven abrasive is used to clean and scuff automotive surfaces. This type of material is coated to increase friction resistance, and its lifespan is extended. Since they are more difficult to build and expensive to build equipment with, they are less popular than other materials, but this also boosts efficiency by reducing downtime caused by particle damage or wear during usage.
Construction is expected to be the fastest-growing segment in 2022.
The application segment is industrial, building, construction, household, and others. The construction segment is expected to witness the highest growth rate during the forecast period. One of the world’s most widely studied disorders is cancer. Throughout history, research has shown that biomarkers can be a turning point in cancer management for early detection and management. In the future, the popularity of cancer biomarkers is expected to be further boosted by a strong pipeline of products from major manufacturers related to cancer biomarkers.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the coated abrasives market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. As compared to other parts of the world, the demand for abrasive paper and cloth products has driven a higher growth rate. There has been an increasing demand for nonwoven coatings in North America since they do not generate dust during use, like paper and fabric materials do. Their durability has also led to increased demand for these coatings.
Germany’s coated abrasives market size was valued at USD 3.9 billion in 2022 and is expected to reach USD 5.5 billion by 2030, at a CAGR of 4.6% from 2023 to 2030.
Paper-coated abrasion is widely used by German families due to its ability to protect surfaces against wear caused by abrasive procedures such as sanding and etcetera, as well as its ability to clean surfaces. Because paper-coated abrasion is easy to dispose of and inexpensive, it is widely used.
China’s coated abrasives market size was valued at USD 4.08 billion in 2022 and is expected to reach USD 5.9 billion by 2030, at a CAGR of 4.8% from 2023 to 2030.
The rising demand for coated abrasives in the country in the electronic sector is propelling the growth of the market.
India’s coated abrasives market size was valued at USD 3.14 billion in 2022 and is expected to reach USD 4.5 billion by 2030, at a CAGR of 4.7% from 2023 to 2030.
India is projected to grow into the ninth-largest civil aviation market in the world by 2030, surpassing other major markets. As a result of its increasing size, 1,100 planes are anticipated to be in the fleet by 2027, due to the nation’s 153 airports; by FY 2040, this number will increase to 190–200.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase due to rising demand from the construction sector, propelling the growth of the market across the countries.
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