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Wear Parts Market Outlook 2024 : Exclusive Report By The Business Research Company | Metso Outotec Corporation, Castolin Eutectic, Miller Industries Inc., Berco Mining Products Inc
Wear Parts Global Market Report 2024
The Business Research Company presents an extensive market research report on the Wear Parts Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The wear parts market size has grown strongly in recent years. It will grow from $608.92 billion in 2023 to $648.87 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to industrial growth, increased mining and exploration activities, maintenance and replacement cycles, globalization and trade, rising demand for energy.
The wear parts market size is expected to see strong growth in the next few years. It will grow to $796.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to renewable energy expansion, focus on infrastructure renewal, digitalization of supply chains, automation and robotics in manufacturing, rising agricultural mechanization. Major trends in the forecast period include advanced materials and coatings, predictive maintenance solutions, digitalization and industry 4.0 integration, innovations in 3D printing, remote monitoring and iot integration, customization for specific applications.
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Key Market Players:
Major companies operating in the wear parts market report are Metso Outotec Corporation, Castolin Eutectic, Miller Industries Inc., Berco Mining Products Inc., Magotteaux International S.A., Varel International Energy Services, Hensley Industries Inc., Black Cat Wear Parts Ltd., Columbia Steel Casting Co. Inc., Spokane Industries Inc., Boundary Equipment Co. Ltd., Brunner & Lay Inc., Steel Unlimited Inc., Redexim B.V., Bailey-Parks Urethane Inc., Wabi Iron & Steel Corp., Frictec Ltd., Wear Parts & Equipment Company Inc., QMS Quarry Manufacturing & Supplies Ltd., Whites Wearparts Ltd., Palbit S.A., Wear Parts Services Inc., LSW Wear Parts Ltd., Ballantine Inc., Nanchang Mineral Systems Co. Ltd.
Market Drivers:
A rise in the construction industry is expected to propel the growth of the wear parts market going forward. Construction refers to the process of building, assembling, or putting together structures, facilities, or infrastructure. Wear parts are used in the construction industry to enhance equipment durability, performance, and safety while minimizing downtime and costs and contributing to the overall efficiency and success of construction projects. For instance, in September 2023, according to the United States Census Bureau, a US-based government agency, the value of residential and non-residential construction in the US increased by over 8% between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, global construction output in 2020 stood at US$10.7 trillion, and it is projected to experience substantial growth of 42%, adding US$4.5 trillion and reach a total of US$15.2 trillion by the year 2030. Therefore, the rising construction industry is driving the growth of the wear parts market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/wear-parts-global-market-report
The wear parts market covered in this report is segmented -
1) By Product: Ceramic Wear Parts, Metal Wear Parts, Other Products
2) By Material: Steel, Tungsten Carbide, Ceramics, Polymers
3) By Wearing Mechanism: Abrasive Wear, Fatigue Wear, Adhesive Wear, Corrosion Wear
4) By Application: Mining, Machining & Manufacturing, Construction, Automotive, Aerospace, Chemical & Petrochemical, Other Applications
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