Worldwide: The global grinding machine market is forecast to reach US$5.06 billion by 2023. The market will mainly be driven by the consistent growth in the industrial manufacturing industry, according to market intelligence agency Research and Markets.
Asia Pacific is currently leading the market, followed by Europe. Both regions have experienced significant industrial growth over the past few decades, alongside other regions like North America.
Countries such as China and India have demonstrated significant growth across various industrial manufacturing sectors, which have led to strong demand for industrial machine tools such as grinding machines.
The grinding machine market is segmented based on the different types of machines which include cylindrical, surface, gear, tool and cutter, bench, jig, and belt. The market is currently led by cylindrical, surface and gear grinding machines.
On the basis of applications, the market is categorised into automotive, machine tools and parts, consumer goods, aerospace and defence, electrical and electronics as well as shipbuilding. In terms of applications, the automotive as well as machine tools and parts manufacturing are leading the market.
The global grinding machinery market is highly fragmented due to the presence of a large number of regional and international vendors across the globe. The market is highly-competitive and vendors are increasingly competing on factors such as productivity, energy consumption, performance, reliability, and cost.