July 24, 2020
According to the research report titled ‘Global Grinding Media Market Size study with COVID-19 impact, by Product Type (Forged Grinding Media, High Chrome Cast Grinding Media and Other Cast Grinding Media), by Application (Chemistry, Metallurgy, Cement, Power Plant and Other) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global grinding media market size accounted for USD 8.17 billion in the year 2019 and is expected to register a 4.90% growth rate during 2020-2026.
Grinding media is utilized to grind materials into a granular size which enables the recovery of desired material from the lot. Increasing applications of grinding media in power plant, cement, metallurgy and mining sectors along with rapid expansion of mining industries are major factors driving the market growth. In fact, according to World Mining Congress, the largest mining industry in the world, China, excavated around 4.1 billion metric tons of iron, fossil fuels, and other materials, while U.S. and Russia accounted for 1959.5 and 1562.4 million metric tons respectively in the same year.
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Likewise, MAC (Mining Association of Canada) stated that the mining industry contributed over 5% or USD 97 billion to the country’s total GDP in the year 2018, thereby stimulating the industry outlook. However, high replacement cost of grinding media and depletion of various mines may inhibit the expansion of the market.
Based on product landscape, global grinding media market is split into high chrome cast grinding media, forged grinding media, and other cast grinding media. Elaborating on the application spectrum, the market is divided into power plant, cement, metallurgy, chemistry and others.
Considering the geographical landscape, North America grinding media industry is predicted to expand substantially during the forecast period, primarily driven by favorable government initiatives which promote the development of mining industries. On the other hand, Asia-Pacific market is slated to record remunerative growth in the forthcoming years. Improving economic conditions and booming mining sector are swaying the business dynamics in the region.
Anhui Fengxing Wear Resistant Materials Co. Ltd., Hebei Dongyuan Steel Ball Co. Ltd., Changshu Longteng Special Steel Co. Ltd., Metso Oyj., Litzkuhn & Niederwipper GmbH, Donhad Pty. Ltd., AIA Engineering Ltd., Magotteaux S.A., ME Elecmetal Inc., and Moly-Cop USA LLC are the leading companies in global grinding media market.