The precision grinding wheels market size has experienced steady growth in recent years, projected to rise from $1.47 billion in 2023 to $1.52 billion in 2024, reflecting a compound annual growth rate (CAGR) of 3.7%. This growth can be attributed to the increasing demand from the construction sector, the oil and gas industry, and the automotive sector, alongside rising government investments in research and development and growing needs in the mining sector. In the forecast period, the precision grinding wheels market is expected to continue its steady growth, reaching $1.78 billion in 2028 at a CAGR of 4.0%. This anticipated growth is driven by rising investments in infrastructure development, rapid industrial growth, increasing demand for high-precision components, and demand from the steel and bearing industries, as well as hard materials. Key trends during this period include advanced manufacturing techniques, technological advancements in grinding wheels, innovations in precision machinery, the development of high-performance abrasive grits and grains, and the adoption of eco-friendly manufacturing processes.
Global Precision Grinding Wheels Market Key Driver
The expansion of the automotive industry is expected to foster growth in the precision grinding wheels market. This expansion is driven by the demand for high-performance vehicles that require advanced manufacturing processes. Precision grinding wheels ensure accuracy and quality in producing automotive components. In May 2023, the European Automobile Manufacturers' Association reported that around 85.4 million motor vehicles were produced globally in 2022, a 5.7% increase from 2021, thus driving the precision grinding wheels market.
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Global Precision Grinding Wheels Market Segments
The precision grinding wheels market covered in this report is segmented –
1) By Type: Cylindrical External Grinding, Internal Grinding, Surface Grinding, Centerless Grinding
2) By Grain Size: Coarse, Medium, Fine, Very Fine
3) By Material Type: Aluminum Oxide, Silicon Carbide, Diamond, Cubic Boron Nitride (CBN)
4) By Application: Automotive Industry, Steel Industry, Bearing Industry, Other Applications
5) By End-User Industry: Metal Fabrication, Precision Machinery, Foundry, Woodworking
By Geography:The regions covered in the precision grinding wheels market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the precision grinding wheels market in 2023.
Major Precision Grinding Wheels Industry Players
3M Company, Tyrolit Schleifmittelwerke Ltd., Hoffmann Group, Klingspor Inc., Norton Abrasives Corporation, Carborundum Universal Limited, Grindwell Norton Ltd., Suhner Industrial Products Corporation, Walter Surface Technologies Inc., Röhm GmbH Sontheim, Fritz Studer AG, Buehler Ltd., August Rüggeberg GmbH & Co KG, Sterling Abrasives Limited, Wendt (India) Limited, Sak Abrasives Ltd., LACH DIAMANT Inc., Stella Group Ltd., Hindustan Abrasives Co., Friedrich August Picard Gmb
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Precision Grinding Wheels Market Overview
Precision grinding wheels are specialized abrasive tools used in industrial grinding processes to achieve high-accuracy surface finishes and tight tolerances on workpieces. These wheels comprise abrasive grains, bonding materials, and sometimes additives designed for precision applications such as shaping, sharpening, or finishing metal and other hard materials.
Precision Grinding Wheels Global Market Report 2023 provides data on the global precision grinding wheels market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The precision grinding wheels market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
