Abrasive Wheels Market 2031 – Growth, Trends, and Forecast

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.

Abrasive Wheels Market Analysis

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 Market Overview

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.

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Abrasive Wheels Market: Strategic Insights

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Abrasive Wheels Market Drivers and Opportunities

Growing automotive 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 rising popularity of the 3D printing

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.

Abrasive Wheels Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Abrasive Wheels Market analysis are type, platform, application, and end-user.

• Based on the product, the Abrasive Wheels Market has been divided into fixed-bonded wheels and super abrasive wheels. The bonded wheels accounted for a larger share of the market in 2023.
• By material type, the market has been segmented into aluminum oxide, zirconia alumina, silicon carbide, and ceramic aluminum oxide. The aluminum oxide segment held the largest share of the market in 2023.

Abrasive Wheels Market Share Analysis by Geography

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.

Abrasive Wheels Market Regional Insights

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.

Abrasive Wheels Market Report Scope

Abrasive Wheels Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. 3M Company
2. SuperAbrasives Inc.
3. Saint-Gobain
4. NORITAKE Co.
5. Limited
6. KLINGSPOR Abrasives, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Abrasive Wheels Market News and Recent Developments

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:

• On January 2024, 3M introduced new abrasives, 3M Cubitron 3 Performance Abrasives. The product has an extended lifespan and faster cut rates. It has an advanced three-dimensional matrix of resin and minerals that improves the abrasive wheel's lifespan and cutting efficiency. (Source: 3M, Press Release/Company Website/Newsletter)
• On May 2023, DEWALT announced  ELITE SERIES Abrasive Grinding Wheels that Deliver Up To 50% Longer Life in Extreme Applications. The product has three sheets of fiberglass to increase overall durability. (Dewalt: Press Release/Company Website/Newsletter)

Abrasive Wheels Market Report Coverage and Deliverables

The “Abrasive Wheels Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed Porter’s Five Forces analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles with SWOT analysis