Grinding Machines Market is Expected to Expand at a 9.65% CAGR During the Forecast Period - Credence Research

(MENAFN- GetNews) The Global Grinding Machines market generated revenue of around USD 3,250 million in 2020, and it is expected to grow at a CAGR of over 9.65% from 2021 to 2027, reaching around USD 6,500 million in 2027.

The Global Grinding Machines Market generated revenue of around USD 3,250 million in 2020 and is anticipated to grow at a CAGR of over 9.65% during the forecast period from 2021 to 2027 to reach around USD 6,500 million in 2027.

Global Grinding Machines Market, 2020 – 2027 (USD Million)

Grinding machine is one of the most widely used machine tools around the world. Grinding machines find wide ranging applications across consumers goods, aerospace, shipbuilding, automotive and machines parts & tools industry. Grinding machines are used in enhancement of surface quality and finishing of various goods to be used in large number of applications.

Automotive Industry to Drive the Demand for Grinding Machines

Automotive is among the largest consumers of grinding machines worldwide. Thus, reviving automotive industry form a significant factor responsible for market growth. Global automotive industry has witnessed sharp drop in sales in 2020 and the sales volume as low as 10 years back. However, promising recovery of automotive sector across the world is expected to restore the demand for grinding machines in automobile industry.

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Asia Pacific Held the Largest Market Share

Asia Pacific accounted for over 40% share of the global grinding machines industry in 2020. South Korea, Japan, India and China are leading industrialized countries in Asia Pacific with strong presence of various end-user industries for grinding machines. Over the past one decade the region has witnessed steady and consistent growth in aerospace, automotive, shipbuilding, machine parts & tools manufacturing, etc.

Focus on Product and Service Enhancement

The most significant trend observed across the global grinding machine market is emphasis on new product development. Ever-growing manufacturing industry demands sophisticated techniques that can address the need for high precision in end-products. Being aware of the industry trend, market players have a special emphasis on developing products that can deliver high speed, accurate and automated grinding. Focus on development of grinding machines for wide array of applications is estimated to prevail throughout the forecast period. Apart from this, manufacturers make sure they provide quick service and training to the consumers so as to ensure their satisfaction. To achieve this, market players organize exhibitions and workshops as a part of service enhancement and product showcase. Manufacturers typically provide application specific training to their customers.

Growing Demand for Automated Grinding Machines

The overall grinding machines market is strongly driven by the increasing demand for high precision and faster grinding operation across the manufacturing sector. Thus, it becomes essential to switch from manual machine tools (including grinding machines) to automated machines for faster operation, better control and precision. Many manufacturers across the world have emphasis on providing computer numeric control (CNC) based grinding machines in order to cater to this demand. Although CNC machines have been into existence for the past several years, high cost is major factor slowing down the penetration rate. Anticipated rise in investment over machine tools is expected to support the trend during the forecast period.

Key players involved in global grinding machines market include, 3M, Amada Machine Tools, Okuma Corporation, Kellenberger, DANOBAT Group, Korber AG, Toyoda Americas Corporation, ANCA Pty Ltd, Junker Group, Koyo Machine Industries Co.,Ltd. and WMW Machinery.

Market Segmentation

Global Grinding Machines Market by Control Type, 2015 – 2027

• Conventional
• CNC

Global Grinding Machines Market by Product Type, 2015 – 2027

• Surface
• Cylindrical
• Tool & Cutter
• Bench
• Belt
• Gear
• Jig
• Others

Global Grinding Machines Market by Application, 2015 – 2027

• Automotive
• Aerospace & Defense
• Electrical & Electronics
• Consumer Goods
• Machine Tools & Parts
• Shipbuilding
• Others (Construction, Healthcare, Renewable Energies etc.)

Global Grinding Machines Market by Price Range, 2015 – 2027

• Low (Below USD 25)
• Medium (Between USD 25 to USD 100)
• Above USD 100

Global Grinding Machines Market by Company, 2015 – 2027

• 3M
• Amada Machine Tools
• Okuma Corporation
• Kellenberger
• DANOBAT Group
• Korber AG
• Toyoda Americas Corporation
• ANCA Pty Ltd
• Junker Group
• Koyo Machine Industries Co.,Ltd.
• WMW Machinery
• Others

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