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The global grinding wheel market size is estimated to grow by USD 5,877.71 million and the size of the market is forecast to increase at a CAGR of 5.24% between 2022 and 2027. The growth of the market depends on several factors, including constant demand from oil and gas industries, growing aerospace and defense industries in developing economies, and rising demand for fabricated metal products.
Grinding wheels are generally composed of an abrasive compound and are used in a variety of grinding and abrasive machining operations, and such wheels are widely used in grinding machines. Based on the type segment grinding wheel are of four types: straight wheels, cylindrical wheels, diamond wheels, and others.
This report extensively covers market segmentation by type (straight wheels, cylindrical wheels, diamond wheels, and others), material (artificial abrasives and natural abrasives), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The constant demand from oil and gas industries is notably driving the market growth, although factors such as volatile raw material prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Grinding Wheel Market Driver
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. 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.
Key Grinding Wheel 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.
Key Grinding Wheel Market Challenge
Volatile raw material prices is the major challenge impeding the market growth. Steel and copper are the primary raw materials that are used to manufacture a grinding machine. 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.
Key Grinding Wheel Market Customer Landscape
The grinding wheel 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 Grinding Wheel Market Customer Landscape
Vendors 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 vendors, 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.
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The straight wheels segment was valued at USD 5,313.81 million in 2017 and continued to grow until 2021. 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.
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APAC is projected to contribute 53% by 2027. 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.
In 2020, the outbreak of COVID-19 in the region hampered the growth of the regional grinding wheel market. However, in 2021, the introduction of vaccines led to the lifting of COVID-19-related restrictions in the region. The regional oil and gas industry recovered from the negative impact of the pandemic as new oil drilling projects were undertaken. Furthermore, the work on construction projects in the region resumed in 2021 due to the vaccination drives carried out by the governments of different countries, such as China, India, and Japan. These factors increased the demand for grinding wheels from major end-user industries, such as oil and gas, construction, and automotive in 2021.
The reports categorize the global grinding wheel market as a part of the global industrial machinery market. The parent, the global industrial machinery market, covers companies engaged in manufacturing industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type (straight wheels, cylindrical wheels, diamond wheels, and others), material (artificial abrasives and natural abrasives), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
Grinding Wheel Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.24% |
Market growth 2023-2027 |
USD 5,877.71 million |
Market structure |
Fragmented |
YoY growth (%) |
4.28 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 53% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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., Carborundum Universal Ltd., Compagnie de Saint Gobain SA, DEERFOS Co. Ltd., DK Holdings Ltd., DSA Products Ltd., Ekamant, KLINGSPOR Abrasives Inc., Koki Holdings Co Ltd, KOVAX, 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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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