The market for abrasive wheels is at its growing phase in many developing countries owing to its applications in wide range of industries. The market is further expected to flourish in North America and Europe with the growing demand and production of automotive in this regions. Global abrasive wheels market is expected to grow from US$ 10,280.8 million in 2017 to US$ 16,400.0 million by 2025 growing at a CAGR of 6.1% from 2018 to 2025. One of the key factor propelling the market growth for abrasive wheels is the rapid growth in automotive industry and increase in the demand for higher finished parts. Further, increase in research & development activities is fostering the growth of the market.
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The report focuses on in-depth segmentation of this market based by product, material type, and regions. The geographic segmentation of the report covers five major regions including; North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SA). The regional market has been further bifurcated by respective countries. By product, bonded abrasive wheels accounted for the largest share of the abrasive wheels market in 2017, whereas Europe region is expected to grow at the highest CAGR during the forecast period.
The report aims to provide an overview of global abrasive wheels market with detailed market segmentation. Also, it analyzes the current abrasive wheels market scenario and forecasts the market till 2025. The report covers market dynamics effecting the market during the forecast period. Furthermore, the report analyzes the competitive scenario, geographic trends, and opportunities in the markets with respect to all geographic regions. The report also includes the detailed company profiles of the key players in the market along with their market strategies. The report also provide PEST along with the SWOT analysis for all company profiled in the report.
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Asia-Pacific is one of the prominent regions in abrasive wheels market which is contributing highest revenue globally due to rapid growth in industrial sector, increase in urbanization, and availability of economical labor. Substantial growth in vehicle production in Europe and presence of wide range of companies is also propelling the market for abrasive wheels market. Also, Europe region is expected to grow with highest CAGR during the forecast period, with Germany contributing the major share.
Some of the major players operating in the market include 3M Company, Saint-Gobain, Super Abrasives, Noritake, Klingspor Abrasives, DSA Products Ltd., Andre Abrasive Articles, Deerfos, Camel Grinding Wheels, and Tyrolit Group.
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