Precision Grinding Wheels Market 2024

The precision grinding wheels market size has grown steadily in recent years. It will grow from $1.47 billion in 2023 to $1.52 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth during the historical period can be attributed to the rising demand from the construction sector, increasing requirements from the oil and gas industry, heightened demand from the automotive sector, growing government investments in research and development, and an uptick in demand from the mining industry.

The precision grinding wheels market size is expected to see steady growth in the next few years. It will grow to $1.78 billion in 2028 at a compound annual growth rate (CAGR) of 4%. The anticipated growth during the forecast period can be attributed to increased investments in infrastructure development, rapid industrial expansion, a rising demand for high-precision components, heightened needs from the steel and bearing industries, and growing demand for hard materials. Key trends expected in this period include advancements in manufacturing techniques, technological improvements in grinding wheels, innovations in precision machinery and equipment, the development of higher-performance abrasive grits and grains, and the adoption of more eco-friendly manufacturing processes.

The growth of the automotive industry is projected to drive the expansion of the precision grinding wheels market in the coming years. The automotive industry encompasses the development, production, marketing, and sale of motor vehicles, including cars, trucks, motorcycles, and other vehicles. This industry's growth is fueled by an increasing demand for advanced, high-performance vehicles that prioritize efficiency, safety, and environmental sustainability. Precision grinding wheels are extensively utilized in the automotive sector to achieve high accuracy, smooth surface finishes, and tight tolerances in the manufacturing of critical components. These wheels are essential in producing and finishing various parts, thereby ensuring vehicle reliability, performance, and safety. For example, in May 2023, the European Automobile Manufacturers' Association (ACEA), a Belgium-based central lobbying and standards organization for the automobile industry in the EU, reported that approximately 85.4 million motor vehicles were produced globally in 2022, reflecting a 5.7% increase from 2021. Hence, the expansion of the automotive industry is fueling the growth of the precision grinding wheels market.

Key players in the precision grinding wheels market are concentrating on developing innovative abrasives that feature anti-chipping technology to enhance durability, boost performance, and minimize material waste during grinding processes. Anti-chipping technology is a specialized innovation aimed at preventing the occurrence of chips, cracks, or fractures on material surfaces during cutting, grinding, or other abrasive activities, thus improving the durability and quality of the final product. For instance, in June 2023, Weiler Abrasives Group, a US-based company, launched Tiger 2 zirconia alumina and aluminum oxide cutting, grinding, and combo wheels, which incorporate anti-chipping technology. The Tiger 2 wheels are designed to last up to 40% longer than traditional wheels, significantly enhancing operational efficiency by reducing the frequency of wheel changes during cutting and grinding tasks. Additionally, a patent-pending feature called the Optimum Use Line provides a visual cue to help users determine the best angle and method for using the wheel, ensuring optimal performance and safety during operation.

In April 2024, Continental Diamond Tool Corporation, a US-based manufacturer of precision grinding wheels, entered into a partnership with Krebs & Riedel GmbH & Co for an undisclosed amount. This collaboration represents Continental's strategic initiative to expand its portfolio by incorporating Krebs & Riedel's expertise in precision grinding wheel manufacturing. Krebs & Riedel GmbH & Co is a Germany-based company specializing in the production of precision grinding wheels.

Major companies operating in the precision grinding wheels market are 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.

Asia-Pacific was the largest region in the precision grinding wheels market in 2023. The regions covered in the precision grinding wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the precision grinding wheels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Precision grinding wheels are specialized abrasive tools utilized in industrial grinding processes to achieve high-accuracy surface finishes and tight tolerances on workpieces. These wheels consist of abrasive grains, bonding materials, and sometimes additives, specifically designed for precision applications such as shaping, sharpening, or finishing metal and other hard materials.

The main types of precision grinding wheels include cylindrical external grinding, internal grinding, surface grinding, and centerless grinding. Cylindrical external grinding employs a grinding wheel to remove material from the outer surface of a cylindrical workpiece. Various grain sizes are available, including coarse, medium, fine, and very fine, with different material types such as aluminum oxide, silicon carbide, diamond, and cubic boron nitride (CBN). These wheels are used in a range of applications, including the automotive, steel, and bearing industries, as well as by end-user sectors such as metal fabrication, precision machinery, foundry work, and woodworking.

The precision grinding wheels market research report is one of a series of new reports that provides precision grinding wheels market statistics, including precision grinding wheels industry global market size, regional shares, competitors with a precision grinding wheels market share, detailed precision grinding wheels market segments, market trends, and opportunities, and any further data you may need to thrive in the precision grinding wheels industry. This precision grinding wheels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The precision grinding wheels market consists of sales of straight wheels, tapered wheels, straight cups, saucer wheels, and cut-off wheels. Values in this market are ‘factory gate’ values, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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