Heavy Duty Wear Protection Systems Market to Touch US$2.06 bn by 2023, Asia Pacific to be Largest Contributor

According to a new market report published by Transparency Market Research entitled “Heavy Duty Wear Protection Systems Market (Material Type: Ceramic, Rubber, Steel, Plastic; End-use Industry: Transportation and Automotive, Oil and Gas, Iron and Steel, Mining, Power Plants Construction, Wood Pulp and Paper, Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023,” the heavy duty wear protection system market is evaluated to reach market size of worth US$2,064.8 Mn in 2023 at the CAGR of 4.3%. Asia Pacific is expected to emerge as the largest contributor for heavy duty wear protection system market in 2023.

Mechanical wear protection systems are considered vital components of heavy duty machinery such as bunkers, cranes, turbines, boilers, and chutes and others. This heavy duty equipment is mainly prone to corrosion, abrasion, fissures, and other defects due to external environmental conditions or frequent operations. Faults in such equipment may lead to major breakdown of machinery or the platform, defects resulting in high expenditures for restoration. With the use of wear protection systems, the operating life of heavy duty equipment is greatly increased, thereby providing augmented efficiency and increased productivity in the assemblies. Thus, the market growth is to a large extent influenced by the expansion of the heavy duty equipment market and its associated services. In addition, wear protection system product development also helps create upgrade/replacement demand in the industry, thereby supporting the market’s growth.

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Geographically, Asia Pacific is seen as the dominant market, holding a global revenue share of approximately 40%. Furthermore, the Asia Pacific heavy duty wear protection system market is estimated to expand at a CAGR of 4.4% from 2015 to 2023, recording the highest growth rate across all regions. This growth is attributed to the large number of mining locations, followed by large-scale installations of iron and steel and several other end-use industry verticals in the developing economies such as China, India, Malaysia, Singapore, Indonesia, and others.

Key players in the heavy duty wear protection systems market include Sandvik Construction (Sandvik Group), Kalenborn International GmbH & Co. KG, Metso Corporation, Sulzer ltd, FLSmidth & Co. A/S, CeramTec GmbH, Bradken Limited, ThyssenKrupp Industrial Solutions AG, and Thejo Engineering Limited.

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The heavy duty wear protection systems market is segmented as follows.

Heavy Duty Wear Protection Systems Market, by Material Type

Ceramic
Rubber
Lining system
Coating system
Steel
Plastic

Heavy Duty Wear Protection Systems Market, by End-use Industry

Transportation & automotive
Oil and gas
Iron and steel
Mining
Power plants
Wood, pulp, and paper
Construction
Others (Planer mills, agriculture & farming, F&B, marine)

Heavy Duty Wear Protection Systems Market by Geography

North America
The U.S.
Rest of North America

Europe
EU7
CIS
Rest of Europe

Asia-Pacific (APAC)
Japan
China
Australasia
Rest of APAC

Middle East and Africa (MEA)
GCC Countries
North Africa
South Africa
Rest of MEA

Latin America
Brazil
Rest of Latin America

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.