USD 50 Billion Potential Growth in Grinding Wheel Market

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29 Jan, 2022, 23:30 ET

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NEW YORK, Jan. 29, 2022 /PRNewswire/ -- The latest market outlook report titled "Grinding Wheel Market by Type and Geography - Forecast and Analysis 2021-2025" has been added to Technavio's catalog. This recent market analysis report identifies the market to witness a potential growth difference of USD 50 billion from 2020 to 2025. The grinding wheel market is anticipated to record an accelerating growth momentum at a CAGR of 4.88% during this period.

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Parent Market OverviewTechnavio categorizes the global grinding wheels market as a part of the global industrial machinery market within the industrials sector. The parent global industrial machinery market covers companies engaged in the manufacturing of industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications.

Technavio calculates the global industrial machinery market size based on combined revenue generated by manufacturers of machinery and components used in the industrial environment. The growth of this market will be driven by factors including growing industrial output leading to capacity additions in process and discrete industries and ease of operability of industrial machines.

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Market Competitive Landscape The grinding wheel market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

Technavio has classified the industry-focused market players into dominant and strong players based on their annual revenues and market shares in this report. Some of the key players covered in this report include 3M Co., ATLANTIC GmbH, Carborundum Universal Ltd., Compagnie de Saint-Gobain SA, DEERFOS Co. Ltd., Koki Holdings Co. Ltd., NORITAKE Co. Ltd., Robert Bosch GmbH, SHIN-EI Grinding Wheels MFG. Co. Ltd. , and Tyrolit - Schleifmittelwerke Swarovski KG among others.

Strategic Initiatives and Products launches

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Value Chain InsightsVendors in the market can leverage and formulate effective strategies from the Grinding Wheel Market Value Chain Analysis covered extensively in this report. The end-to-end understanding of the value chains and stakeholders involved in the process is essential for vendors in optimizing profit margin and evaluating business strategies. The report has further elucidated on other innovative approaches being followed by vendors to ensure a sustainable market presence.

The value chain of the industrial machinery market includes the following core components:

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Increased Upstream Activities to Boost the Market PositivelyVarious applications including the manufacturing, maintenance and repair of upstream, midstream, and downstream components in the oil and gas industries deploy grinding wheels. Upstream operations have started to gain momentum with the recovery of crude oil prices. The major change in rig count has been witnessed in North America, owing to increased exploration activities in offshore regions and shale gas and shale oil fields coming online in Brazil. Hence, increased upstream activities are expected to increase the demand for grinding wheels in the oil and gas industry during the forecast period.

Operational Challenges likely to Hinder the Grinding Wheel GrowthGrinding via abrasion removes the metal from a surface to give a smooth finish and results in the generation of heat, resulting in the development of grinding cracks. The accumulation of such grinding cracks leads to the replacement of grinding wheels, and hence, increases the space part and operational costs. High temperatures often lead to discoloration of the surface due to oxide production and severe chemical damage to the workpiece. These operational challenges might eventually limit the market's growth during the forecast period.

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COVID Impact and Recovery AnalysisCOVID-19 is expected to hamper the growth of the grinding wheels market. All manufacturing industries across APAC have been severely affected by the stringent lockdown regulations. Production units have been closed, or the production process has been halted to stop the virus from spreading, which will have a negative impact on the growth of the grinding wheels market in the region during the forecast period.

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Revenue-Generating Segment HighlightsThe straight wheels segment held the largest grinding wheel market share in 2020. The segment will continue to retain its dominance in the market as 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.

APAC will emerge as the largest revenue-generating regional segment of the grinding wheels. 53% of the market's growth will be contributed from this region during the forecast period. 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, defense spending is another factor that will boost the demand for grinding wheels. Major countries, such as China, South Korea, India, and Japan, are increasing their defense spending to incorporate advanced technology to modernize their military equipment and platforms.

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Key Report Takeaways

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Grinding Wheel Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4.88%

Market growth 2021-2025

$ 50 billion

Market structure

Fragmented

YoY growth (%)

4.30

Regional analysis

APAC, Europe, North America, MEA, and South America

Performing market contribution

APAC at 53%

Key consumer countries

China, US, Germany, UK, and India

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Saint-Gobain, NORITAKE, Ekamant, 3M, DEERFOS, Carborundum Universal Limited (CUMI), KOVAX, AWUKO ABRASIVES, Camel Grinding Wheels Works Sarid, TYROLIT, SHIN-EI Grinding Wheels, DSA Products, Andre Abrasive Articles, DK Holdings, Thai GCI Resitop, ATLANTIC, Wendt (India) and Hitachi Koki

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, Market condition analysis for 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.

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email:[email protected]Website: https://www.technavio.com

SOURCE Technavio