Enjoy complimentary customisation on priority with our Enterprise License!
The grinding wheel market size is estimated to grow by USD 5.01 billion, at a CAGR of 4.36% between 2022 and 2027. Market expansion hinges on several key factors, including sustained demand from the oil and gas sectors, burgeoning aerospace and defense industries in emerging markets, and increasing requirements for fabricated metal products. These elements collectively drive market dynamics, shaping trends and opportunities across various sectors. The oil and gas industry's consistent demand fuels growth, while developing economies' expanding aerospace and defense sectors bolster market resilience. Simultaneously, rising needs for fabricated metal products reflect broader industrial growth and infrastructure development. These factors underscore the market's robustness, driven by ongoing industrialization and the strategic importance of these sectors in global economic landscapes. As these industries evolve, they continue to propel market growth, influencing supply chains, technological advancements, and strategic investments worldwide.
Sign up now and Request a FREE Report Sample
The abrasive tools industry serves critical roles across sectors like the metalworking industry, woodworking industry, and transport industry, providing essential equipment such as bonded abrasive grains used in abrasive cutting and polishing applications. Innovations in material innovations have led to the development of specialized tools like resinoid bond grinding wheels and vitrified bond grinding wheels, tailored for tasks ranging from cleaning to cementing matrix operations in the steel industry and beyond. Tools such as bevel edge grinding wheels, cylindrical grinding wheels, cup wheels, and disc wheels are designed in circular shapes for precision and efficiency in metalworking and composite material processing. These tools play crucial roles in shaping coarse-particle aggregate and enhancing bond strength in industrial applications, supporting the reliability and durability of bearing and machinery components. The ongoing evolution of abrasive technologies continues to drive advancements in efficiency and quality across diverse manufacturing sectors globally.
The rising demand from the oil and gas industry is notably driving the market growth. Grinding wheels are required for different types of applications, such as the manufacture, maintenance, and repair of upstream, midstream, and downstream components in the production of oil and gas in the oil and gas industries. The oil and gas industries are highly dependent on global crude oil prices.
Furthermore, the slump in crude oil prices severely affects the industry. Due to the decrease in upstream operations leads global active rig count has fallen drastically. But the good sign is that the crude oil prices are on the path of recovery, due to upstream operations. The global active rig count is also increasing as stalled upstream operations are coming online. North America has witnessed a major change in rigs due to exploration activities in offshore regions and shale gas and shale oil fields coming online in Brazil. The global rig count was estimated at 2177 units in 2019. Increased upstream activities are expected to increase the demand for grinding wheels in the oil and gas industry during the forecast period.
Significant Market Trends
The major trend in the market is the application of artificial intelligence and system integration. Modern CNC systems comprise intelligent software for different roles such as position, velocity, and acceleration control. Artificial intelligence (AI) generally focuses on decision-making, to some extent, based on sensor input. It implies that the machine makes the decision. The AI machine can continuously perform repetitive tasks without taking help from human beings. AI can help control the grinding process by reacting to sensors within the grinding machinery and measurement equipment. AI analyzes and translates data from measurements to make decisions such as to increase or reduce feed rate to avoid thermal damage or initiate a change point in a feed cycle or raise an alarm call for operator intervention.
Over a period, the ability of computers to collect, process, and analyze data has become ubiquitous. The collected and analyzed data can be used to control and schedule manufacturing. The user and the machine tool manufacturer can collect data for the maintenance of the grinding machinery or effectively operate it, using the connected devices. Such factors will facilitate growth during the forecast period.
Major Market Challenge
Volatile raw material prices are the major challenge impeding the market growth. Steel and copper are the primary raw materials that are used to manufacture a grinding machines. All vendors invest heavily in acquiring these raw materials. These materials are ideally suitable for application in extreme conditions and environments in industries because of their high melting point and ruggedness. The prices of these materials are influenced by several other factors like inflation, availability, and production. Approximately 85% of the total production cost comprises material costs. Volatile prices of copper and iron ore lead to significant volatility in the cost of sales or revenue for grinding machinery manufacturers. Vendors try to recover the instability in the cost of metals via negotiated price changes in the final product.
Therefore, during the period when raw material prices escalate, vendors can expect a rise in their gross profit margins. They can achieve this by increasing the final selling price to recover the increase in the cost of raw materials, provided there is sufficient demand for the product. If vendors are unable to raise the amount due to the presence of stiff competition among market players, then their gross revenue decreases. This volatility in prices can affect the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Tyrolit KG - The company offers grinding tools such as external cylindrical grinding, pendulum surface grinding, surface grinding, internal cylindrical grinding, and hand-held grinding. The company also manufactures abrasive products as well as concrete sawing and drilling equipment.
The grinding wheel report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the straight wheels segment will be significant during the forecast period. Straight wheels are widely used for cylindrical, centerless, and surface grinding operations. Wheels of this form differ a lot in terms of size, diameter, and width. These are the most common style of wheels and are extensively used on bench or pedestal grinders. They are mainly used to produce a slightly concave surface on the part of the product. These uses and availability will drive the segment growth during the forecast period.
Get a glance at the market contribution of various segments Request a PDF Sample
The straight wheels segment was valued at USD 5.54 billion in 2018. Straight wheels are widely used in industries such as automotive, aerospace, and shipbuilding. Straight wheels are used in these industries to manufacture various components that undergo the grinding process. The growth of these end-user industries during the forecast period will, thus, drive the demand for straight wheels globally.
For more insights on the market share of various regions Request PDF Sample now!
APAC is projected to contribute 49% by 2028. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC accounts for the leading share of the global grinding wheels market. Many domestic and international companies in the manufacturing sector are investing heavily in APAC, owing to the growing industrial and economic development in the region. In APAC, the growing demand for industries such as automotive, aerospace, and defense will boost the demand for grinding wheels during the forecast period. For instance, in 2020, APAC dominated the region-wise vehicle assembly market, where the use of grinding wheels was widespread. The impetus to adopt grinding wheels comes from the rise in sales of light commercial vehicles. APAC recorded tremendous growth in automotive sales in 2020. The sales of light vehicles in the Australian and South Korean markets witnessed moderate growth.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
You may also interested in below market reports:
Vietnam - Bonded and Super Abrasive Market: Vietnam - Bonded and Super Abrasive Market by Type, Material and End-user - Forecast and Analysis
Super Abrasives Market: Super Abrasives Market by Product and Geography - Forecast and Analysis
Coated Abrasives Market: Coated Abrasives Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, Japan, US, India, Germany - Size and Forecast
Silicon carbide and aluminum oxide are pivotal materials in the abrasives industry, known for their wear resistance and ability to achieve high accuracy and surface finish in precision machining. Tools like bevel edge grinding wheels, cylindrical grinding wheels, cup wheels, and disc wheels, often in circular shapes, are essential for shaping profiles and cross sections in materials ranging from solid steel to artificial composites and natural composite stones used in construction and manufacturing activities. The use of innovative materials and sustainable manufacturing techniques supports optimal surface quality and meets safety regulations to prevent mishaps in industrial settings. Industries such as bearing & machinery benefit from these advancements, relying on tools like millstones and aluminium discs for efficient operations and durable industrialization processes. The continuous evolution of abrasive technologies drives efficiency and reliability, enhancing productivity across diverse manufacturing sectors globally.
Moreover, Dimensional accuracy is crucial in industries utilizing tools such as bevel edge grinding wheel, cylindrical grinding wheels, cup wheel, and disc wheel. These tools, designed in circular shape and incorporating aluminium disc, are essential for achieving precise dimensional accuracy in various applications. They are particularly vital in shaping artificial aggregates used in construction and industrial settings, where consistency and uniformity are paramount. The cylindrical grinding wheel, for example, ensures smooth and accurate profiles, while cup wheels and disc wheels excel in surface preparation and finishing tasks. The use of artificial aggregates in these processes underscores the importance of tools that maintain high standards of dimensional accuracy throughout manufacturing and construction projects. This precision not only enhances the quality of finished products but also supports efficient and reliable operations in industries that rely on consistent and accurate material shaping and preparation.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 5.01 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
4.11 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 49% |
Key countries |
China, US, Germany, UK, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Andre Abrasive Articles, ATLANTIC GmbH, AWUKO Abrasives Wandmacher GmbH & Co. KG, Camel Grinding Wheels Works Sarid Ltd., Compagnie de Saint Gobain, DEERFOS Co. Ltd., DK Holdings Ltd., DSA Products Ltd., Ekamant, KLINGSPOR Abrasives Inc., Koki Holdings Co Ltd, KOVAX, Murugappa Group, NORITAKE Co. Ltd., Robert Bosch GmbH, SHIN-EI Grinding Wheels MFG. Co. Ltd. , Thai GCI Resitop Co. Ltd., Tyrolit KG, and Wendt India Ltd. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.