The global abrasive wheels market is valued at US$ 10,280.8 million in 2017 and is estimated to reach US$ 16,400.0 million by 2025, growing at a CAGR of 6.1% during 2018 to 2025. APAC region comprises of many developing countries such as China, India, and Japan including others and rapid industrial growth in these countries is supporting the abrasive wheels market. This region contains a diverse range of economies with changing development and extensive variety of end-use industries.
Rapidly developing countries in this region are witnessing a high growth in region’s manufacturing sector. With the presence & growth of diverse manufacturing industries, APAC has become a global manufacturing hub. The major industries which are developing rapidly in this region are manufacturing, mining, electronics, oil & natural gas, automobiles, pharmaceuticals, and telecommunication. Industrial products highly contribute to the region’s GDP and these industries are growing at a substantial rate. Moreover, the urbanization in Asia-Pacific in 2010 was accounted for around 41% and it is expected to grow to 64% by 2050. Along with this, government in this region are offering tax-rebates, funds, and subsidies including other such support in order to attract the manufacturing companies to set-up their plants in the respective countries.
It is stated in METAL AP2018, Asia-Pacific Metal Industry Exhibition that Chinese companies have given notable results by continuously growing at a rapid speed in metal industry as the basic manufacturing industry. The number of metal casting manufacturing plants are shifting from developed to developing countries owing to the ample availability of raw material and relatively low labor cost. Asia-Pacific is also showing remarkable growth in the manufacturing of new generation automobiles. Asia Briefing stated that, increase in purchasing power and income has surged the automotive industry in Asia-Pacific. ASEAN trade bloc is expected to become the world’s sixth largest automotive market by the end of 2018.
Asia-Pacific is leading the global abrasive wheels market, followed by North America. However, China, United States, Germany, Japan, Spain, and Mexico are few of the major countries in this market. China is evaluating into a high-skilled manufacturing hub, whereas other countries such as India, South Korea, and Taiwan among others are attracting neighboring countries by offering lower labor cost. However, the primary reasons for the growth of abrasive wheels APAC region is technological development and rapid growth in the automotive sector. Globally, China is the largest producer of passenger cars, along with Japan, India, and South Korea are few of the major vehicle manufacturing countries.
Some of the major players operating in the abrasive wheels market include 3M Company, Saint-Gobain, Super Abrasives, Noritake, Klingspor Abrasives, DSA Products Ltd., Andre Abrasive Articles, Deerfos, Camel Grinding Wheels, and Tyrolit Group.