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Abrasive Paper Market to Reach $6,583.65 Million, Globally, by 2032 at 4.32% CAGR: Allied Market Research

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Allied Market Research published a report, titled, “Abrasive Paper Market by Type (Dry Abrasive Paper, Sponge Abrasive Paper, Wet Abrasive Paper, Dust Free, Others),  Abrasive Grain (Aluminum Oxide, Silicon Carbide, Zirconia Alumina, Diamond, Others), and Application (Wood Processing, Automotive Polishing, Metal Polishing, Painting and Finishing, Electronic Product, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global abrasive paper market was valued at $4,404.21 million in 2022, and is projected to reach $6,583.65 million by 2032, registering a CAGR of 4.32% from 2023 to 2032.
Prime determinants of growth
The global abrasive paper market is experiencing growth due to several factors such as surge in metal fabrication and metalworking industries, and expansion in automotive and aerospace sectors However, raw material price volatility in abrasive paper hinders the market growth to some extent. Moreover, the abrasive paper market is witnessing promising opportunities propelled by ongoing advancements in abrasive technology. These innovations represent a pivotal force that drive the market growth and offers enhanced performance, efficiency, and versatility in abrasive paper applications across various industries. In addition, the continuous evolution of abrasive materials and manufacturing processes contributes to the development of high-performance abrasive papers which meets the evolving needs of end-users.
Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/A62588
Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$4,404.21 million

Market Size in 2032

$6,583.65 million

CAGR

4.32 %

No. of Pages in Report

270

Segments Covered

Type, Abrasive Grain, Application, and Region.

Drivers

Surge in metal fabrication and metalworking industries
Expansion in automotive and aerospace sectors

Opportunity

Integration of abrasives in 3D printing

Restraint

Raw material price volatility

Dry abrasive paper segment to maintain its dominance throughout the forecast period
By type, the dry abrasive segment held the highest market share in 2022, accounting for one-third of the global abrasive paper market revenue and is estimated to maintain its leadership status throughout the forecast period. The continuous evolution and innovation in manufacturing processes increase the demand for dry abrasive paper. As industries such as automotive, woodworking, and metalworking, adopt advanced technologies and machinery, the demand for dry abrasive paper with improved abrasion properties, durability, and precision increases. In addition, the compatibility of dry abrasive paper with automated systems and high-speed machinery is crucial for enhancing overall efficiency in industrial applications.
Aluminum oxide segment is expected to lead the trail throughout the forecast period
Based on the abrasive grain, aluminum oxide segment held the highest market share in 2022, accounting for less than two-fifths of the global abrasive paper market revenue and is estimated to dominate during the forecast period. Aluminum oxide has a crucial role in its prominence in abrasive paper manufacturing. It is available in various grit sizes, enabling the production of abrasive papers suitable for tasks ranging from coarse material removal to fine finishing. This versatility makes aluminum oxide abrasive paper adaptable to diverse applications within industries such as metalworking, woodworking, and automotive, meeting the specific requirements of each task.
Procure Complete Report (270 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3OdB0Ev
Wood processing segment to maintain its dominance throughout the forecast period
Based on the application, wood processing segment held the highest market share in 2022, accounting for more than one-fourth of the global abrasive paper market revenue and is estimated to dominate during the forecast period. The versatility of abrasive paper makes it an indispensable tool in wood processing applications. Whether its sanding, polishing, or removing imperfections, abrasive papers are tailored to address diverse requirements across different wood types and manufacturing stages. This adaptability enhances the overall flexibility of wood processing operations that allow manufacturers to achieve a wide range of finishes and textures.
Asia-Pacific is expected to grow faster throughout the forecast period
Based on region, Asia-Pacific was the fastest growing region in terms of revenue in 2022 representing 4.63% of the CAGR. The increase in adoption of advanced technologies and automation in manufacturing processes across Asia-Pacific has led to a higher demand for precision and efficiency in surface treatment. This drives the need for abrasive papers with specific characteristics such as consistent grit size, durability, and suitability for automated machinery. In addition, the expansion in automotive industry plays a significant role in the demand for abrasive paper. As the automotive sector continues to grow and upgrade its manufacturing processes, there is a heightened requirement for abrasive papers used in tasks such as paint preparation, bodywork finishing, and polishing.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/abrasive-paper-market/purchase-options
Leading Market Players:

3M
Bosch Limited
Deerfos
Hermes Schleifmittel GmbH
Klingspor AG
Mirka Ltd
MISUMI Corporation
Saint-Gobain
sia Abrasives Industries AG
VSM AG

The report provides a detailed analysis of these key players in the global abrasive paper market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Temporary Wall Systems Las Vegas to announce grand opening at the NAHB International Builders’ Show

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Temporary Wall Systems (TWS), the first and leading full-service, temporary containment wall provider in the United States, will announce the grand opening of its new Las Vegas, Nevada, location at the National Association of Home Builders’ (NAHB) International Builders’ Show (IBS) at the Las Vegas Convention Center Feb. 27-29.
“I’m on a mission to transform the local construction landscape,” owner Jennifer Dice said. “Temporary Wall Systems has the perfect solution to elevate the standard of renovation projects in the Las Vegas area. They’re safer, more convenient and more visually appealing than temporary walls made of permanent material. To top it off, they can be reused, so that material doesn’t end up in our landfills.”
Dice will be at the IBS show at Booth No. C8315 and will showcase her Temporary Wall Systems Las Vegas containment wall solutions.
Dice and her husband, Skylar, moved to the area two years ago, and her professional experience includes casino marketing and operations and economic development. She brings the skills she learned at these positions to her Temporary Wall Systems venture.
“Starting a new business will provide me with an ever-evolving learning experience to foster personal and professional growth,” she said. “I’m committed to making a positive impact in my local community by providing a superior containment wall solution. Las Vegas is always growing and expanding, and these walls are perfect for an area that sees a lot of construction and renovation.”
Dice said she chose HomeFront Brands, Temporary Wall Systems’ parent company, as her franchising partner because of its alignment with her goals.
“The TWS team shares my vision, values and goals,” she said. “Working with their team has been both exciting and rewarding.”
Temporary Wall Systems Las Vegas serves the Boulder City, Enterprise, Henderson, Las Vegas, Paradise, Spring Valley, Summerlin, Whitney and Winchester areas.
TWS is part of HomeFront Brands, a family of emerging, franchised residential and commercial property service brands that offers integrated technology, data support, lead generation, business intelligence systems and training to its partners.
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ITRI Partners with Mexico’s Sonora to Foster Science Park Development

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ITRI has signed a consulting service agreement with the state of Sonora in Mexico for science park planning and counseling, deepening Mexico–Taiwan cooperation in the fields of technology and industry. The effort includes regional coopetition analysis, strategy consulting, business development, capability enabling, and implementation support, aiming to create a competitive and sustainable science park in Sonora. This venture also extends its benefits to Taiwanese manufacturers eyeing expansion opportunities in Mexico.
ITRI’s Senior Vice President Stephen Su emphasized the strategic significance of Mexico in the global supply chain, particularly in the burgeoning electric vehicle industry. He highlighted Mexico’s advantageous geographical location, coupled with competitive production costs and labor expenses, comprehensive automotive manufacturing clusters, rich mineral resources, as well as the privilege of zero tariffs under the United States-Mexico-Canada Agreement (USMCA). This collaboration emerges against the backdrop of Mexico as Taiwan’s largest export market and trading partner in Latin America. Through this partnership, bilateral exchanges in sectors such as semiconductors, electric vehicles, artificial intelligence, and automation industries will be deepened, supporting Taiwanese companies seeking to expand their operations in the thriving Mexican market.
Governor of Sonora Francisco Alfonso Durazo Montaño expressed his pleasure in partnering with ITRI, recognizing ITRI’s role as a key driver in Taiwan’s semiconductor and ICT industries. Sonora, aligning its vision with “Plan Sonora,” the state’s sustainability development strategy, has noted the surge in international companies relocating their supply chains to Mexico. In response, the state has launched the development of the Sonora Science and Technology Park to meet the growing demands of emerging industries such as ICT and electric vehicles. The Governor articulated his hopes that the collaboration with ITRI will enable both entities to leverage their strengths and jointly explore international markets.
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ASTRI sets up FinTech and ESG Alliance

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The Hong Kong Applied Science and Technology Research Institute (ASTRI) has inaugurated a “FinTech and ESG Alliance” on 22 February to foster a dynamic platform for exchange and knowledge-sharing. This alliance aims to enhance engagement with regulators, policymakers, incubators and accelerators, FinTech start-ups and enterprises, as well as other stakeholders to promote technological collaboration and commercialisation, bolstering Hong Kong’s role as a world-leading green FinTech hub.
ASTRI was honoured to have the Hon Jeffrey Lam, Member, Executive Council and Legislative Council, HKSAR Government, as our Guest-of-Honour, together with over 400 experts and leaders from the academia, FinTech and the green sectors witness this special occasion.  Distinguished representatives from the Hong Kong Monetary Authority, Invest Hong Kong and several financial institutions were invited to address the seminar. The discussion covered various topics such as the digital transformation of banking and insurance industries, digital asset, sustainable finance and related policy, heralding a new era of digital innovation in financial industry.
In the Policy Address 2023, the HKSAR Chief Executive highlighted the government’s commitment to driving green and sustainable finance in Hong Kong. In addition, Financial Secretary said earlier that building Hong Kong as an international green tech and green finance hub is one of the main goals in the coming year, as sustainability is a global agenda. “Alongside promoting the development of technological solutions and providing early-stage funding support for pre-commercialised green FinTech, we’re dedicated to expanding the green FinTech ecosystem and developing Hong Kong into a green FinTech hub,” said the Hon Jeffrey Lam, who also commended ASTRI for its significant contribution in this initiative.
“Our expertise in the financial sector spans a broad spectrum, providing diversified financial products and services in banking, investment, insurance and others, which exemplifies our role as Asia’s green FinTech hub,” he added.
Technology transforms financial services
The financial sector has long been a vital pillar of Hong Kong economy, contributing to over 20% of the city’s GDP. As Hong Kong continues to evolve into an international innovation and technology hub, there is an explosive expansion in the FinTech community.
Ir Sunny Lee, Chairman, ASTRI stressed that national policy supports Hong Kong’s journey to become a global innovation and technology (I&T) hub, with FinTech playing a crucial role in smart city development. “The Alliance serves as an effective communication platform for the industry to explore the utilisation of emerging technologies such as AI and blockchain to revolutionise financial services, enhance operational efficiency, and expedite the I&T adoption to benefit businesses and the public, cementing Hong Kong’s leading role as a financial hub,” he said.
Promote FinTech adoption for ESG
To foster the development of a knowledge-based economy and enhance accessibility to financial services for both the public and businesses, the HKSAR Government actively supports the growth of financial technology. This includes promoting more FinTech services and products to undergo proof-of-concept trials, alongside the enhancement of innovative FinTech infrastructure.
Mr Joseph Chan, Under Secretary for Financial Services and the Treasury, HKSAR Government said:”To better integrate Fintech with green finance and actively expand the green Fintech ecosystem, we will launch a dedicated proof-of-concept subsidy scheme for green Fintech in the first half of this year. This pioneering scheme is designed to stimulate the development of innovative technological solutions in the green sector and to offer early-stage funding support for pre-commercial green Fintech initiatives.”
Aligned with the HKSAR Government’s initiatives, ASTRI has commercialised several self-developed technologies in FinTech & ESG fields. Key projects include: (1) collaborating with Bank for International Settlements (BIS) and Hong Kong Monetary Authority to establish a proof-of-concept CBDC system focusing on safety, flexibility and privacy; (2) creating a privacy-preserving Federated Learning model to enable banks to utilise alternative data for developing new credit models and aiding SMEs in obtaining financing; (3) establishing a sandbox environment to offer private, controlled and quorum-based runtimes for assessing the performance and security of smart contracts.
With the escalation of global climate change, there is a growing demand for environmental, social and governance (ESG) information disclosure from listed companies worldwide. ASTRI’s “Artificial Intelligence ESG Report Analysis” technology leverages artificial intelligence (AI) and deep learning technologies to assist financial institutions in enhancing the efficiency of processing ESG report data. This innovative solution aids in meeting regulatory compliance requirements and information disclosure standard, while minimising compliance cost.
Encourage I&T collaboration
The “FinTech and ESG Alliance” marks ASTRI’s third alliance formation.  Dr Denis Yip, Chief Executive Officer of ASTRI said: “Building on our previous achievements, our goal is to engage with all stakeholders to develop a holistic ecosystem that paves the way for an innovative era of financial services and sustainability. ASTRI remains committed in advancing knowledge transfer and technological innovation, fostering collaboration among Alliance members and the global industry through a range of networking and matchmaking initiatives.”
ASTRI is dedicated to promoting collaboration among government, industry, universities and research sectors. This commitment aims to enhance cooperation across the I&T industry’s upstream, midstream, and downstream segments, while also nurturing Hong Kong’s financial talent pool. Over the past two years, ASTRI has entered into Memorandum of Understanding (MoUs) with six local universities (HKU, CUHK, HKUST, City U, PolyU and BU) and formed two industry alliances: the “Microelectronics Technology Consortium” (November 2022) and “Smart Mobility Technology (C-V2X) Alliance” (April 2023).
The newly established “FinTech and ESG Alliance” is backed by banks, financial institutions and businesses. It aims to foster the convergence of emerging FinTech solutions and drive the digital transformation of conventional financial and insurance services to enhance operational efficiency. The Alliance is set to host a series of events for its members including talks, seminars, technology showcases, overseas missions, to facilitate collaboration among stakeholders and tap into fresh opportunities in the Mainland China and overseas, injecting new impetus into Hong Kong’s economy.
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