United States, Rockville MD, July 11, 2022 (GLOBE NEWSWIRE) -- As per the latest report published by Fact.MR, a market research and competitive intelligence provider, the global Cutting Wheels market is expected to have value of US$ 2.24 billion in 2022 at a CAGR of 4.5% from 2022 to 2032. With increasing consumption of cutting discs and the other industrial equipment.
Cutting wheels come across as thin discs made out of alloys or metals used for cutting. They are generally utilized with the grinding machines for performing various operations. The biggest advantage is that the cutting operations get performed with utmost precision, along with being cost-effective. Thus, the Cutting Wheels market is bound to reach US$ 3.48 billion by the year 2032.
Growing industrialization is expected to catalyse the manufacturing and industrial facilities, which would, in turn, drive utility of industrial equipment in the next few years.
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Key Takeaways from Market Study
- North America holds close to 22% of the entire market.
- Europe leads with 26% of the overall market share.
- Increasing research and development activities are expected to result in new cutting technologies which could result in a drop in demand for cutting wheels.
- Diamond cutting wheels, steel cutting discs, porcelain cutting discs, aluminum cutting discs, wood cutting discs, and fabric cutting wheels are some major products that are anticipated to witness high demand across the forecast period.
- The market for cutting wheels in Europe accounts for a 26% market share in 2022 and holds a revenue total of US$ 575 million.
- Countries such as Germany, France, and the U.K. are expected to be at the forefront of the Europe cutting wheels industry throughout the forecast period.
Market Developments
The competitive market is into ushering new entrants, who could leverage new manufacturing technologies for creating better industrial equipment to cater to specific applications. .
- Foundation Alloy, a start-up founded in February 2022, specializes in high-performance metal manufacturing. It did raise US$ 10.5 million with regards to seed funding two months back. The Engine and Material Impact was co-leading this seed funding. As per the start-up, it is capable of manufacturing parts by optimum usage of energy with less dissipation.
- Saint-Gobain Abrasives announced launching the upgraded Norton Gemini grinding wheels. They carry a new-fangled premium alumina grain and have advanced bond technology ingrained in it.
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Key Segments Covered in Cutting Wheels Industry Research
- Cutting Wheels Market by Wheel Type :
- Straight Cutting Wheels
- Depressed Center Cutting Wheels
- Cutting Wheels Market by Disc Material :
- Cast Iron
- Steel
- Other Materials (Nickel, Alloys, Titanium, Aluminium)
- Cutting Wheels Market by Abrasive Type :
- Aluminum Oxide
- Silicon Carbide
- Aluminum Zirconium
- Seeded Gel
- Diamond Cutting Wheels
- Cutting Wheels Market by Grit Size :
- Coarse (8-24 CAMI Units)
- Medium (30-60)
- Fine (70-180)
- Very Fine (220-600)
- Cutting Wheels Market by Application :
- Metal Cutting
- Masonry
- Ceramic Cutting
- Notching
- Cutting Wheels Market by End-use Industry :
- Transportation
- Automotive
- Aerospace
- Marine
- Construction
- Metal Working
- Shipbuilding
- Transportation
- Cutting Wheels Market by Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Cutting Wheels market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by wheel type (straight cutting wheels and depressed center cutting wheels), by disc material (cast iron, steel, and others like aluminium, titanium, alloys, and nickel), by abrasive type (aluminium oxide, silicon carbide, aluminium zirconium, seeded gel, and diamond cutting wheels), by grit size (coarse (8-24 CAMI units), medium (30-60), fine (70-180), and very fine (220-600)), by application (metal cutting, masonry, ceramic cutting, and notching), by end-use (transportation (automotive, aerospace, and marine), construction, metal working, and shipbuilding), and by region (North America, LATAM, Europe, East Asia, South Asia & Oceania, and MEA).
Fact.MR’s Domain Knowledge in Industrial Goods
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the industrial goods division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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