The Abrasive Wheels Market size is projected to reach US$ 17.8 billion by 2031 from US$ 11.51 billion in 2023. The market is expected to register a CAGR of 5.6% in 2023–2031. The increasing use of new manufacturing technologies is one of the recent trends in the abrasive wheels industry. Key players in the industry are using advanced bonding agents for the production of abrasive wheels. In addition, many manufacturers are conducting research and development activities for new designs of the wheels to achieve higher speed to increase overall efficiency.
The continuously growing automotive industry mainly drives the growth of the global abrasive wheel industry. Asia Pacific is one of the notable regions in the global abrasive wheels market. Strong government policies to promote its manufacturing sector are one of the factors that are driving the abrasive wheel’s growth in the region. For instance, the Indian government has taken the Make in India initiative. Under this initiative, the government is providing tax exemptions and funds, among other subsidies, to improve its manufacturing sector. These government initiatives are helping many SMEs and new startups to grow their business.
Abrasive wheels have replaced mechanical machining in almost all industries. Extensive research and development activities for the development of effective abrasive wheels with strong structure and material. By using common materials such as aluminum oxide, boron nitride, and diamond with innovative bond agents and abrasives, manufacturers of the abrasive wheels introduced innovative products. Further, the popularity and adoption of centreless grinding machines have increased in the past few years owing to their operational efficiency has supported the market growth of the global abrasive wheel market. In terms of geography, Asia Pacific is projected to acquire a larger share of the industry owing to the expansion of the manufacturing sectors, especially in China. China is estimated to acquire the largest market share in the Asia Pacific region as it is one of the top manufacturing hubs for the automotive, aerospace, and industrial machinery industry.
The abrasive wheels are widely used in the automotive industry for precise cutting and grinding of important parts in a vehicle, such as brake components, engine blocks, cylinder heads, and bearings, among others. The use of this tool in the automotive industry mainly ranges from the pre-treatment process of the parts to final polishing. Thus, the adoption of abrasive wheels has increased significantly. Increased adoption of the product and continuous growth in the automotive industry has driven the global abrasive wheel market. For instance, as per the data published by the OICA, the production of commercial vehicles in 2018 was 25 million; however, that figure reached 26 million in 2023. This shows increased production in the automotive sector. Such increased production has driven the abrasive wheels demand.
The demand for additive manufacturing is growing rapidly. Many studies have shown positive results for the efficiency of the abrasive wheels in providing finish to the metals that are manufactured with additive manufacturing. When compared to machining processes such as milling, the quality of the final products where better when abrasives were used, thus, it is expected that as the demand and adoption of 3D printing grow, the demand for the finishing machines and their components increase, ultimately driving the abrasive wheels market in the near future. In addition, many abrasive wheel manufacturers are focusing on manufacturing abrasive wheels with 3D technology. For instance, 3M is now offering its abrasive wheels that are developed by additive manufacturing. Such activities are projected to create lucrative opportunities for the abrasive wheels industry.
Key segments that contributed to the derivation of the Abrasive Wheels Market analysis are type, platform, application, and end-user.
The geographic scope of the Abrasive Wheels Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific has dominated the Abrasive Wheels Market in 2023. The Asia Pacific region includes Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The growth in the manufacturing sector, especially the automotive sector, has driven the abrasive wheel industry in the region. For instance, as per the OICA, the total number of vehicles produced in 2018 was 27 million units; the number reached 30 million in 2023. This shows increased demand for automobiles in China and the Asia Pacific region. Increased demand for the vehicles directly affected the adoption of the abrasive products positively ultimately driving the market. Apart from the Asia Pacific, the demand for abrasive wheels is also high in North America. The demand is mainly driven by the US owing to the strong aerospace and defense industry.
The regional trends and factors influencing the Abrasive Wheels Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Abrasive Wheels Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 11.51 billion |
| Market Size by 2031 | US$ 17.8 Billion |
| Global CAGR (2023 - 2031) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Abrasive Wheels Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Abrasive Wheels Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Abrasive Wheels Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Abrasive Wheels market and strategies:
The “Abrasive Wheels Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: