PUNE, MAHARASHTRA, INDIA, April 27, 2018 /EINPresswire.com/ — Coated Abrasive Market
Abrasive can be defined as substance used for giving shape to any hard material by rubbing the material against the abrasives. The multibillion dollar abrasive industry is broadly classified into three main categories, bonded abrasives, coated abrasives, and super abrasives. Each category having nearly equal dominance in the industry. In terms of value share, the coated abrasives accounted for slightly above on-third of the global abrasives revenue. The impetus factors pulsating the growth of coated abrasives market includes, the augmenting demand for strong and durable tools for versatile applications such as cutting, sharpening and precise grinding across an array of industries. The demand for coated abrasives is concentrated among the various industries such as, metalworking, woodworking, automotive, electronics & semiconductors, and aerospace & defense among others, of which, the metalworking and woodworking industry accounts for nearly 60% of the overall revenue in the coated abrasives market. Furthermore, considerable spending on grinding wheels; USD 148 million in 2014, which is expected to reach approximately USD 220 million by 2020 can be further attributed to the rise of coated abrasives in the metalworking industry.
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The economic slowdown in 2008, which had an adverse effect on the different business sectors such as, construction and automotive among other industries is regaining pace its pace. The housing market which crashed immensely during the crisis, especially in the developed markets like US and Europe is slowly regaining its pace, which in turn is boosting the demand for coated abrasives in the woodworking and construction sector in the developed markets. Also, the crude oil prices witnessed historic low, which in turn witnessed surge in automotive production both in the developing and developed nations. Altogether, considering the abovementioned factors, the global coated abrasives market is foreseen to grow substantially during the forecast period. According to MRFR analysis, the global coated abrasives market was valued at USD 10,233.3 million in 2016 and is expected to be valued at USD 14,671.2 million by the end of 2022, expanding at a CAGR of 6.3%.
On the basis of types, aluminium and silicon carbide coated abrasives dominate the market in terms of value and volume, together both the segments account for 71.2% of the revenue share of the global coated abrasives market. Based on the applications, metalworking and woodworking segments accounts for largest market shares, together the segments account for more than one-third of the revenue generated in the coated abrasives market. Furthermore, the electronic & semiconductor segment offers lucrative opportunities with increasing demand for coated abrasives for precision grinding. Regionally, Asia-Pacific is the dominating market for coated abrasives followed by Europe and North America. Asia-Pacific market is expected to maintain its dominance throughout the forecast period in terms of value share, expanding at a CAGR of ~7%.
Key Players for Global Coated Abrasives market:
The global coated abrasives market is dominated by the tier 1 manufactures operating in the market, these players account for more the half of the revenue of global coated abrasives market. Some of the tier 1 companies among other players operating in the global coated abrasives market are Saint-Gobain, 3M, CUMI, Sia Abrasives AG, KLINGSPOR, Hermes Schleifmittel GmbH, and VSM AG among others.
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.
Table of Contents
1 Report Prologue 12
2 Scope of The Report 14
2.1 Market Definition 14
2.2 Scope of the Study 14
2.2.1 Research Objectives 14
2.2.2 Assumptions 14
2.2.3 Limitations 14
2.3 Market Structure 15
3 Research Methodology 16
3.1 Research Process 16
3.2 Primary Research 17
3.3 Secondary Research 17
3.4 Market Size Estimation 17
3.5 Forecast Model 19
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Source: EIN Presswire