Coated Abrasives Market

The global coated abrasives market was valued at USD 10,803.8 million in 2017 and is expected to register a CAGR of 6.39% to reach around USD 15,584.1 million by the end of 2023. The growth of the global coated abrasives market is mainly driven by increasing demand in the metalworking and woodworking industries due to the superior properties of these abrasives including toughness, longevity, and sharpness. Additionally, a rise in demand for technologically advanced coated abrasives for the finishing, lapping, and polishing of electronic components such as fiber optics, wafer substrates, and memory disks in the electrical and electronics industry is likely to offer lucrative opportunities for coated abrasive manufacturers during the review period.

The players operating in the global coated abrasives are emphasizing new product development using cutting-edge technologies to meet customer demand for quality products globally. Furthermore, with the growing e-commerce market, the players operating in the market are opting for the distribution of products through online channels.

However, stringent environmental regulations for the disposal of hazardous solid waste generated while manufacturing aluminum oxide, one of the most widely used abrasive grains, are likely to hamper market growth during the review period.

The global coated abrasives market has been segmented by backing material, type, and application. Based on backing material, the global coated abrasives market has been segmented into cloth, paper, fiber, and combination. The cloth segment accounted for the largest share of the global coated abrasives market and was valued at USD 6,034.2 million in 2017; it is expected to reach USD 9,146.4 million by the end of 2023. Market growth can be attributed to the increasing use of cloth backing material due to its superior advantages such as durability, tear resistance, and flexibility.

Based on type, the global coated abrasives market has been segmented into aluminum oxide, silicon carbide, zirconia alumina, ceramic alumina, garnet, and emery. The aluminum oxide segment accounted for the largest share of the global coated abrasives market and was valued at USD 4,421.7 million in 2017; it is expected to reach USD 6,308.7 million by the end of 2023. Aluminum oxide is the most preferred abrasive grain owing to its numerous advantages such as tough cutting edge and durability. Some of the abrasive-grade aluminum oxide used in coated abrasives are white fused alumina, brown fused alumina, and heat-treated alumina.

Based on application, the global coated abrasives market has been segmented into metalworking, woodworking, automotive, electronics and semiconductor, aerospace & defense, and others. The metalworking segment accounted for the largest share of the global coated abrasives market and was valued at USD 2,797.6 million in 2017; it is expected to reach USD 4,134.5 million by the end of 2023. Coated abrasives are used for an array of applications in the metalworking industry ranging from cutting to polishing, which is driving product demand.

Based on region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market in Asia-Pacific accounted for a 36% share and was valued at USD 3,857.9 million in 2017; it is expected to reach USD 5,757.5 million by the end of 2023. The growth of the regional market can be attributed to rapid industrialization in emerging economies including China, India, and Thailand. North America and Europe are the other prominent markets for coated abrasives on account of the increasing demand for consumer electronics. The markets in Latin America and the Middle East & Africa are expected to register healthy CAGRs during the review period due to industrialization and urbanization in the regions.