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Wear Parts Market Size, Growth Analysis, Trends And Forecast 2033

Wear Parts Market Size

Wear Parts Market Size

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Wear Parts Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $796.11 billion In 2028 At A CAGR Of 5.2%

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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Wear Parts Market Major Segments
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

Key Driver - Construction Industry Surge Fuels Growth In Wear Parts Market

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.

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Prominent Trend - Wear Parts Division to Enhance Twin-Screw Extruder Offerings

Major companies operating in the wear parts market are expanding their wear parts production development, such as by establishing wear parts divisions to manufacture and sell replacement wear parts and provide fast deliveries. The wear parts division is an established business unit dedicated to manufacturing and selling replacement wear parts, such as screws and barrels, for all brands of twin-screw extruders. For instance, in February 2023, ENTEK, a US-based global manufacturing company, launched the Wear Parts Division. This division is dedicated to manufacturing and selling replacement wear parts, such as screws and barrels, for all brands of twin-screw extruders. It was housed in their new 98,000-square-foot manufacturing plant in Henderson, Nevada. ENTEK has invested $15 million in this initiative and has also expanded its manufacturing facility to support increased production of wear parts, twin-screw extruders, and material handling equipment. The new division aims to provide industry-best lead times for the supply of replacement wear parts and is focused on supporting the growth of existing customers while expanding its parts business.

Wear Parts 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.

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https://www.thebusinessresearchcompany.com/report/wear-parts-global-market-report

Largest And Fastest Growing Region In The Market
North America was the largest region in the wear parts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wear parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Wear Parts Market Report Structure
3. Wear Parts Market Trends And Strategies
4. Wear Parts Market - Macro Economic Scenario
5. Wear Parts Market Size And Growth
…..
27. Wear Parts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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