LONDON--(BUSINESS WIRE)--Technavio forecast the global grinding wheel market is expected to grow by USD 50 billion during 2021-2025. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 5%.
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The grinding wheel market is driven by the constant demand for grinding wheels from the oil and gas industries. In addition, the application of artificial intelligence and system integration is anticipated to boost the growth of the grinding wheel market.
Grinding wheels are extensively used in the oil and gas industry for various applications such as manufacturing, maintenance, and repair of upstream, midstream, and downstream components. With the recovery of crude oil prices, upstream operations have significantly gained momentum across the world. In addition, the growth in active rig count, especially in North America has increased the demand for grinding wheels in the oil and gas industry. These factors are expected to foster the growth of the global grinding wheel market during the forecast period.
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Major Five Grinding Wheel Companies:
3M Co. operates its business through segments such as Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The company offers a wide range of grinding wheels for various end-user industries.
ATLANTIC GmbH operates its business through the Unified segment. The company offers a wide range of grinding tools for various end-user industries.
Carborundum Universal Ltd.
Carborundum Universal Ltd. operates its business through segments such as Abrasives, Ceramics, and Electrominerals. The company offers a wide range of grinding wheels for various end-user applications.
Compagnie de Saint-Gobain SA
Compagnie de Saint-Gobain SA operates its business through segments such as High Performance Solutions, Northern Europe, Southern Europe, Middle East, and Africa, Americas, and Asia-Pacific. The company offers grinding wheels, which are used in various end-user industries.
DEERFOS Co. Ltd.
DEERFOS Co. Ltd. operates its business through the Unified segment. The company offers a wide range of grinding wheels for various industrial applications.
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Grinding Wheel Market Type Outlook (Revenue, USD Billion, 2020-2025)
- Straight wheels - size and forecast 2020-2025
- Cylindrical wheels - size and forecast 2020-2025
- Diamond wheels - size and forecast 2020-2025
- Others - size and forecast 2020-2025
Grinding Wheel Market Geography Outlook (Revenue, USD Billion, 2020-2025)
- APAC - size and forecast 2020-2025
- Europe - size and forecast 2020-2025
- North America - size and forecast 2020-2025
- MEA - size and forecast 2020-2025
- South America - size and forecast 2020-2025
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