Selbyville, Delaware, May 09, 2023 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Grinding Machine Market was estimated at USD 5.4 billion in 2022 and is expected to surpass a valuation of $8.9 billion by 2032, progressing at a CAGR of 5.1% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
The market growth is projected to be driven by the booming construction industry in developing countries such as India and China. Grinding machines are widely employed in the construction sector for a variety of tasks, notably for grinding and polishing building materials. Furthermore, R&D investments in new product development to address growing customer demands are likely to drive business revenue through 2032.
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Non-precision grinder segment to gain significant momentum
Non-precision grinder market is set to witness steady growth at over 5.5% CAGR from 2023 to 2032 driven by the growing inclination toward cost-effective grinding solutions across various sectors. Furthermore, the growing need for electric cars and renewable energy sources is increasing the demand for non-precision grinders for application in essential components such as gears, shafts, and bearings. However, the market may face challenges such as rising competition from low-cost imports and the widespread availability of alternative technologies such as milling and turning, which may slow down segment expansion.
Key reasons for grinding machine market growth:
- Growing Automotive Industry.
- Booming construction industry in developing countries.
Increasing product application in the construction sector
Based on application, the grinding machine market share from the construction segment is projected to reach over USD 1.4 billion by the end of 2032. In the construction sector, grinding is used to polish concrete surfaces and remove excess materials such as paint, adhesives, and coatings. The report cites that, with the rising need for high-quality finishing and precise shape of building materials, the construction sector is likely to record a substantial increase in the use of grinding machines owing to the increasing number of ongoing infrastructure development and renewal projects worldwide.
North America to dominate the global market
North America grinding machine market value will exceed USD 2.4 billion by the end of 2032 attributed to the increasing demand from various end-user industries such as automotive, aerospace, and medical. In June 2022, United Grinding North America, Inc., a subsidiary of the United Grinding Group, formed a distribution partnership with Concept Machine Tool. Concept Machine agreed to provide cylindrical, surface and profile, and tool grinding and measurement technologies to manufacturers in their Midwest market as part of the collaboration. Such ongoing efforts by market players to consolidate their share in the thriving market are expected to positively influence the regional industry outlook.
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Competitive landscape of grinding machine market
KTEKT Toyota Americas Corporation, Falcon Machine Tools Co .ltd, DMG Mori, ANCA, Amanda Tools Machine, Mitsubishi Heavy Industries Ltd., Junker Group, DANOBAT Group, Makino, and United Grinding North America, among others.
Partial chapters of report table of contents (TOC):
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share analysis, 2022
4.3 Strategic outlook matrix
4.4 Completive analysis of major market players
4.5 Competitive positioning matrix
Chapter 5 Grinding Machine Market, By Type
5.1 Key type trends
5.2 Non-Precision Grinder
5.3 Precision Grinders
Chapter 6 Global Market, By Application
6.1 Key application trends
6.2 Automotive
6.3 Aerospace & Defense
6.4 Medical
6.5 Construction
6.6 Industrial Manufacturing
6.7 Electrical & Electronics
6.8 Marine Industry
6.9 Others
Chapter 7 Global Market, By Distribution Channel
7.1 Key Distribution Channel Trends
7.2 Online
7.3 Offline
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
