Technavio analysts forecast the global sanding pad market to grow at a CAGR of almost 6% during the forecast period, according to their latest report.
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Technavio has published a new report on the global sanding pad market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global sanding pad market for 2017-2021. This report considers major regions including North America, Europe, APAC, and ROW.
The rising per capita income of consumers in developing and emerging regions such as Latin America, APAC, and Central and Eastern Europe will propel the demand for vehicles, supporting the demand from automotive end-users. The use of abrasives in electronics and medical devices for finishing will also contribute to market growth. APAC has the largest market share in the global sanding pad market. China is the key country that is fueling the growth of this region. APAC is followed by North America, Europe, and ROW.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global sanding pad market:
Growth in global industrial production
After the economic downturn of 2008, the economy has recovered owing to the robust growth in emerging economies, mainly in APAC. The average manufacturing value added by economies such as China, India, Indonesia, and Brazil expanded by 5% in 2014, while that of the developed countries expanded by 1%. Developed regions like North America and Europe are mature markets.
Sarah Haque, a lead research analyst at Technavio, says, “The increase in demand for manufactured goods is driven by rapid infrastructural development, favorable federal policies, and rise in disposable income. The unprecedented use of locomotives, machinery, and construction equipment is driving the need for shaping and finishing materials such as abrasives like sanding pads and discs in their manufacture and fabrication.”
Growth in DIY activities
The growth in the DIY market is a key driver of the global sanding pad market. DIY practices encourage household consumers to manufacture and create products from scratch. This backward integrates to the use of raw materials. Sanding pad is a raw material used for smoothening, removal of materials, and scraping off layers from surfaces. The global DIY market will witness growth during the forecast period.
“The growth in the global DIY market is attributed to the increase in the number of retail stores such as hypermarkets, supermarkets, and specialty stores. These stores enhance the availability of raw materials such as abrasive sanding pads to consumers,” adds Sarah.
Growth in construction industry
Sanding pads are largely used in the construction industry for various applications such as smoothening a surface or scraping off layers of a surface, mainly during painting. The construction industry is expanding across the globe and is a major driver for the growth of the global sanding pad market. The construction industry in developed and emerging markets is expected to double over the next ten years.
The financing of construction projects has also improved, which has led to improvements in technology. The renovation of buildings improves the scope for infrastructure monitoring and predictive and corrective maintenance. There is also an increasing trend for modular and prefabricated construction, which reduces construction time and cost. As such systems are constructed offsite; the hassle onsite is less.
Top vendors:
- Bosch
- 3M
- Saint-Gobain
- Stanley Black & Decker
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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