Global grinding machinery market to reach $5.43 billion by 2021

According to the latest market study released by London-based Technavio, the global grinding machinery market is expected to reach $5.43 billion by 2021, growing at a CAGR of almost 4 percent during the forecast period.

The report, “Global Grinding Machinery Market 2017-2021,” divides the market into four major segments by end user: general machinery, automotive machinery, precision machinery, and other.

The growing need for grinding machines in industrial applications and the metal industry has contributed significantly to the market's growth. The global economy is expected to pick up in 2017 and 2018, particularly in developing and emerging economies. The global growth rate projection for 2017 made by the World Bank is 2.7 percent when compared with the growth rate of 2.3 percent predicted in 2016.

The automotive sector plays a vital role in the global grinding machinery market. This sector uses machines that range from stand-alone machines for specific operations to complete turnkey systems for all the types of vehicles.

Precision engineering is at the core of the manufacturing sector, as it is central to electrical, mechanical, electronic, and optical engineering. Devices from semiconductor chips to drill bits and medical devices use precision engineering, rendering it vital to the development of a country's economy.