Grinding Machinery Market size to increase by USD 1.61 billion during 2023-2028, Growth in the global automotive industry to drive the growth - Technavio

NEW YORK, Dec. 1, 2023 /PRNewswire/ -- The grinding machinery market size is expected to grow by USD 1.61 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 5.7% during the forecast period. The market is segmented by Type (CNC grinding machine and Conventional grinding machine), Application (Automotive, Industrial machinery, Precision machinery, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).

The growth in the global automotive industry drives market growth. The demand for precision and efficient grinding machines grows as the automotive industry continues to grow and evolve. The applications include engine components, gearboxes, and brakes also increases. Grinding machines are essential for producing high-precision automotive parts, including engine components, transmission gears, brake components, and critical steering and suspension parts. Furthermore, there is an increasing adoption of grinding machines to process these materials efficiently. This helps in maintaining their structural integrity and reducing vehicle weight. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the grinding machinery market: Amada Co. Ltd., ANCA Pty Ltd., DMG MORI Co. Ltd., Erwin Junker Maschinenfabrik GmbH, FALCON MACHINE TOOLS Co. Ltd., FIVES SAS, Hardinge Inc., JTEKT Machinery Americas Corp., Makino Inc., Mitsubishi Heavy Industries Ltd., MONDRAGON Corp., MTI Technology, Okuma Corp., Phillips Machine Tools India Pvt. Ltd., FFG European and American Holdings GmbH, Geo Kingsbury Machine Tools Ltd, KEHREN GmbH, Lecn Anhui Co., Ltd., Master Abrasives Ltd., and UNITED GRINDING North America, Inc.
• Grinding Machinery Market is fragmented in nature.
• Market to observe 5.13% YOY growth in 2024.

Market Dynamics:

Trend

• The integration of Industry 4.0 solutions is an emerging market trend.
• The integration comprises incorporating technologies such as the IoT, data analytics, and artificial intelligence in order to enhance automation, process control, and predictive maintenance.
• Moreover, grinding machines are equipped with sensors and IoT technology to enable real-time monitoring of key parameters like temperature, vibration, and wear.
• Then, that data can be used to adjust and control the grinding process for optimal performance.

Challenge

• The fluctuations in raw material prices challenge market growth.
• Steel and components are the major raw materials for the market and their price volatility has an impact on the overall cost of grinding machines.
• As the prices of these materials rise, it can increase the overall production cost, potentially leading to higher grinding machine prices for end-users.
• Manufacturers in the automotive, aerospace, and machinery industries are the major end-user segments for the industry, which can be sensitive to such fluctuations in raw material prices and thus, may influence their decisions to invest in new equipment.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report

Keg Segments:

The CNC grinding machine segment will be important for the overall market growth during the forecast period. Computer numerical control or CNC grinding machines are in demand in various industries due to their high level of precision, efficiency, and versatility. These grinding machines are fully automated, enabling consistent and repeatable results, helping to minimize the chances of human error, and leading to more reliable and cost-effective production processes. Get a glance at the market contribution of the segments, Request a Sample Report

• The grinding robots market size is estimated to grow at a CAGR of 6.73% between 2022 and 2027. The market size is forecast to increase by USD 58.44 million.
• The floor grinding tool market size is estimated to grow at a CAGR of 4.86% between 2022 and 2027. The market size is forecast to increase by USD 33.43 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio