Coronavirus's Impact On Surface Grinding Machine Market
Surface grinding machine is a machine tool or power tool used for grinding. Surface grinding machines use an abrasive wheel as the cutting tool.
Key Drivers of the Global Surface Grinding Machine Market
Surface grinding machines have the ability to perform grinding operations on different types of materials, including steel, metallic, and non-metallic materials. This versatility increases the product usage in several end-use industries. This is one of major factors driving the demand for surface grinding machines.
Surface grinding machines can work with high degree of accuracy. High-quality surface grinding machines have the ability to grind with accuracy of 0.0001 inches.
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Automatic surface grinding machine segment is expanding at a higher pace as a result of technological advancement in the grinding industry.
As a result of Covid-19, many end-use industries such as aerospace & defense, automotive, and electrical & electronics are seeing significant slowdown in 2020. Thus, sale of surface grinding machines is also decreasing significantly.
Rising Demand from Aerospace and Defense Industry to Create New Market Opportunities
The global aerospace and defense industry is likely to expand at a high CAGR in the coming years. It has been observed that North America and Asia Pacific region have significant opportunities for the growth of the aerospace industry; this is projected to create significant opportunities in the surface grinding machine market.
Growing investment in the defense segment by developed and developing countries is also expected to boost sales of surface grinding machines.
Fluctuation in Raw Material Prices to Restrict Market Growth
The global metal price is changing every year. This factor is anticipated to restrict the growth of the surface grinding machine market in the coming years.
Asia Pacific the Dominant Market for Surface Grinding Machines
Asia Pacific was the fastest growing surface grinding machine market in 2018. Rising investment in several end-use industries coupled with increasing usage of glass in food and beverage industries in developing economies such as China and India is driving market growth. Large number of small and medium companies are starting new ventures in the surface grinding machine market. Rising foreign investment coupled with increasing demand from end-use industries is expected to propel the market growth in the region during the forecast period.
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North America and Europe accounted for significant share of the surface grinding machine market, with major players operating their global market from these regions. The U.S. accounted for major market share in North America.
Key Players Operating in the Global Market
The global surface grinding machine market is slightly fragmented in nature. Key market participants are signing strategic partnerships and taking strategic merger and acquisition decisions to increase their global market reach.
Companies are working on developing machinery with advanced technology which can decrease the entire processing time. A few of the key players operating in the global surface grinding machine market are listed below:
Amada Machine Tools Co. Ltd.
ANCA Pty Ltd
Hybrid Manufacturing Technologies
Makino Milling Machine Co. Ltd
HTC Sweden AB
The report on the global surface grinding machine market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
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