Rockville, MD, July 18, 2024 (GLOBE NEWSWIRE) -- According to a revised and detailed industry analysis by Fact.MR, revenue from the global cutting wheel market size is estimated at US$ 2.5 billion in 2024 and is forecasted to ascend to US$ 3.88 billion by the end of 2034.
Factors supporting the growth of the cutting wheel market include rising metal cutting activities in various industries such as aerospace, marine, and automotive, rising construction activity, and increasing technological advancements in the grinding wheel manufacturing process.
Cutting wheel demand is rising due to an expansion in global manufacturing, particularly in sectors such as metalworking and fabrication. Additionally, there is a need to maintain and repair outdated infrastructure systems, such as buildings or equipment, which are pushing global demand for cutting wheels.
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The need for processed minerals and metals is still increasing across several industries, including electronics, renewable energy production, and construction. This implies that cutting wheels will continue to be necessary equipment for handling these materials, thereby driving market expansion.
Key Takeaways from the Market Study
- Global sales of cutting wheels are projected to increase at 4.5% CAGR from 2024 to 2034.
- The North American market is estimated at a value of US$ 554.2 million in 2024.
- East Asia is analyzed to account for 26.7% share of the global market by 2034.
- Sales of cutting wheels in Japan are projected to reach US$ 275.3 million by the end of 2034.
- The market in the United States is set to reach US$ 451.7 million in 2024.
- The South Korea market is forecasted to expand at 4.5% CAGR through 2034.
- Based on types, straight-cutting wheels are expected to hold 59.2% market share in 2024.
“Growing industrialization around the globe is encouraging the construction of manufacturing and industrial facilities, which is boosting demand for industrial equipment such as cutting wheels,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Cutting Wheel Market:
Key industry participants like CorePlus; Mirka UK; Saint-Gobain Abrasives; Walter Surface Technologies Inc.; Shark Industries Ltd.; Grindwell Norton Ltd.; Ryobi Limited; 3M Company; Makita Corporation.
Straight Cutting Wheels Generating Higher Portion of Revenue
Due to their price and versatility, straight-cutting wheels are more in demand than depressed center-cutting discs. Straight-cutting wheels are used to operate table saws, chop saws, handheld grinders, and other cutting tools and equipment. Furthermore, they are usually less expensive to create, which results in lower prices for end users. Also, because they produce a smoother, more precise cut, straight wheels are widely used in metallurgy, carpentry, and building. Their simpler design also makes it easier for them to repair and maintain.
Cutting Wheel Industry News:
Key players in the cutting wheel market are innovating with more efficient and durable products. Mirka UK launched the Mirka Cafro E-Cup 11V9, enhancing productivity and sustainability in tool-making. Saint-Gobain Abrasives introduced the Norton for Aluminum Thin Wheels with specialized bond technology for cutting aluminum and non-ferrous metals. CorePlus expanded its product line with premium diamond-cutting tools and drill bits in 2021.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the cutting wheel market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (straight cutting wheels, depressed center cutting wheels), disc material (cast iron, steel, other materials), abrasive type (aluminum oxide, silicon carbide, aluminum zirconium, seeded gel, diamond cutting wheels), grit size (coarse, medium, fine, very fine), application (metal cutting, masonry, ceramic cutting, notching), and end-use industry (transportation, construction, metalworking, shipbuilding), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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