Robust manufacturing activity drives global grinding machines market

The global market for grinding machines is forecast to reach US$6.3 billion by 2020, driven by strong industrial and manufacturing activity in developing countries and steady replacement demand in developed economies, according to Global Industry Analysts Inc. Asia-Pacific represents the largest market worldwide. The region also represents the fastest growing market with a CAGR of 10.2% over the analysis period. Population growth, rapid urbanization, growing GDP, robust domestic demand for goods and services, industrialisation, and strong electronics, construction and automotive industries, represent key growth drivers in the region.

Grinding machines represent indispensable machine tools used in finishing processes in almost all industrial and manufacturing facilities. Grinders are used for roughing as well as finishing flat, conical and cylindrical surfaces; sharpening and forming substrates; removing or snagging rough projections taken from stampings and castings as well as polishing, buffing and cleaning surfaces. Rapid economic development, industrialisation, expansion in manufacturing bases, and massive investments in machinery were largely responsible for the market’s strong evolution over the years. Future growth will be led by strong GDP gains in developing countries and capital investments in the manufacturing sector.

With growth in the market strongly linked to industrial production, the world economic recession weakened sales of grinding machines during the year 2008-2009. However, the sheer diversity of application areas, ranging from aerospace and automobile manufacturing to electronics, construction, medical, mining and oil exploration ensured the market’s quick recovery in the year 2010. Currently, encouraging gains in global manufacturing as well as improvements in global GDP performance in key geographic markets are signalling an optimistic market outlook for the immediate term. Increase in construction spends in both developed as well as developing markets, rebounding automotive production, and rapid industrialisation are all contributing towards augmenting demand for grinding machines. In the medical devices manufacturing sector, growing demand for prosthetics is driving the need to upgrade outdated production technologies with new and advanced CNC tool grinders.