Report Overview
-
.svg)
to learn more about this report
The global honing machines market size was US$ 308 million in 2021. As per our research, the market is expected to generate substantial revenue by 2028, with a CAGR of 3.0% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the global honing machines market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Honing machines are precision instruments used to polish components' surfaces by removing material using an abrasive stone. Parts are honed to increase their geometry, surface finish, and dimensional accuracy. Honing machines are used in a variety of industries, including automotive, aerospace, defence, medical, and industrial manufacturing, to sharpen engine cylinders, gears, bearings, and hydraulic components.
Factors driving the market include rising demand for high-precision and high-quality parts, increased adoption of automation and Industry 4.0 technologies in manufacturing, and rising demand from emerging economies.
COVID-19 Impact: Pandemic has had a Mixed Impact on the Market Demand
The global honing machine market has been significantly impacted by the COVID-19 pandemic. The pandemic has disrupted the worldwide supply chain, resulting in a scarcity of raw materials, components, and completed goods. The lockdown and travel restrictions have also had an impact on the manufacture, distribution, and sale of honing equipment.
However, the epidemic has pushed the implementation of digitization and automation in production, which will fuel long-term demand for honing machines. The growing emphasis on decreasing human touch and enhancing production productivity and efficiency is likely to enhance demand for modern honing machines equipped with Industry 4.0 technologies.
Latest Trends
"Increasing Adoption of Automation and Industry 4.0 "
The rising usage of automation and Industry 4.0 technologies in honing operations is one of the most recent developments in the global honing machines market. The use of sensors, machine learning, and artificial intelligence into honing machines has allowed for real-time monitoring, predictive maintenance, and process optimization, resulting in increased productivity, precision, and efficiency. In response to increased environmental rules and concerns, another trend is the development of environmentally friendly honing techniques that use water-based, biodegradable, or low-VOC (volatile organic compounds) honing solutions.
Segmentation
-
to learn more about this report
- By Type Analysis
According to type, the market can be segmented into horizontal honing, machines and vertical honing machines.
- By Application Analysis
Based on application, the market can be divided into automobile or tractor field, aerospace field, hydraulic or seals field and others.
Driving Factors
"Growing Demand for High-Precision and High-Quality Parts"
The increasing demand for high-precision and high-quality parts in various industries, such as automotive, aerospace, and medical, is driving the global honing machines market growth.
"Adoption of Automation and Industry 4.0 Technologies"
The growing adoption of automation and Industry 4.0 technologies in manufacturing is driving the demand for advanced honing machines that are equipped with sensors, machine learning, and artificial intelligence.
"Rising Demand from Emerging Economies"
The rising demand for advanced machines from emerging economies, such as India, China, and Brazil, is driving the growth of the market.
Restraining Factors
"High Maintenance Cost And Intense Market Competition"
Some of the restraining factors in the global honing machines market are the high initial and maintenance costs of machines, competition from alternative finishing technologies, slow adoption in some industries and regions, the impact of the COVID-19 pandemic, and the shortage of skilled labour. These factors pose significant challenges for the growth of the market, as they limit the accessibility, competitiveness, and profitability of honing machines for some customers and companies. Moreover, the market is characterized by intense competition, technological disruptions, and changing customer demands, which further increase the pressure on manufacturers to innovate, differentiate, and optimize their products and services.
Regional Insights
-
to learn more about this report
"Growing Demand in Asia Pacific Anticipated to Boost Market Expansion"
The global honing machines market share is divided into the following regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific region is expected to dominate the market in terms of revenue and growth during the forecast period. Furthermore, the presence of various honing machine manufacturers in countries like China, Japan, and India is propelling the region's market expansion. Because of the considerable presence of the automobile and aerospace industries, North America and Europe are also key markets. Meanwhile, the Latin America and Middle East and Africa regions are expected to exhibit moderate market growth due to the slower adoption of machines and the impact of the COVID-19 pandemic on the manufacturing sector.
Key Industry Players
"Adoption Innovative Strategies by Key Players Influencing Market Development"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Nagel, Sunnen, Gehring, Gleason, Kanzaki, Ohio Tool Works, Engis, AZ spa, Rottler, Xinneng Precise, Taizhou Xinchao, Ningxia Dahe, Kefa and HaiGong.
Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the market growth.
List of Market Players Profiled
- Nagel - Stuttgart, Germany
- Sunnen - St. Louis, Missouri, USA
- Gehring - Ostfildern, Germany
- Gleason - Rochester, New York, USA
- Kanzaki - Japan
- Ohio Tool Works - Ashland, Ohio, USA
- Engis - Wheeling, Illinois, USA
- AZ spa - Italy
- Rottler - Seattle, Washington, USA
- Xinneng Precise - China
- Taizhou Xinchao - China
- Ningxia Dahe - China
- Kefa - Germany
- HaiGong - China
Report Coverage
This report examines an understanding of the global honing machines market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.
Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.
Frequently Asked Questions
-
What are the leading regions in the global honing machines market?
Asia Pacific is the leading region in the honing machines market.
-
Which are the driving factors of the honing machines market?
The global honing machines market is primarily driven by factors such as rising demand for high-precision components, increased adoption of automation and Industry 4.0 technologies, expansion of the automotive and aerospace industries, and the availability of advanced honing machines with enhanced capabilities and features.
-
Which are the top companies operating in the honing machines market?
The top key players in the honing machines market are Nagel, Sunnen, Gehring, Gleason, Kanzaki, Ohio Tool Works, Engis, AZ spa, Rottler, Xinneng Precise, Taizhou Xinchao, Ningxia Dahe, Kefa and HaiGong.
