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
Market Size Value in US$ 10,280.8 Million in 2017 Market Size Value by US$ 16,400.0 Million by 2025 Growth rate CAGR of 6.1% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Abrasive Wheels Market: Strategic Insights
| Market Size Value in | US$ 10,280.8 Million in 2017 |
| Market Size Value by | US$ 16,400.0 Million by 2025 |
| Growth rate | CAGR of 6.1% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product , and Material Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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