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Crushing, Screening, And Mineral Processing Equipment System Market Size, Trends And Forecast 2024-2033
Crushing, Screening, And Mineral Processing Equipment System Market Size
According to The Business Research Company's, The crushing, screening, and mineral processing equipment market size has grown steadily in recent years. It will grow from $15.21 billion in 2023 to $15.77 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to mining industry growth, rise in construction activities, demand for metals and minerals, government investments in infrastructure, globalization of mining operations, environmental regulations.
The crushing, screening, and mineral processing equipment market size is expected to see steady growth in the next few years. It will grow to $18.65 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to increasing focus on sustainable practices, exploration of new mining sites, growth in recycling industry, global infrastructure investment, rising demand for specialty minerals. Major trends in the forecast period include modular and scalable solutions, integration of artificial intelligence, customization for specific minerals and applications, collaborations and partnerships, data analytics and automation.
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Market Drivers and Trends:
The increasing demand for mineral commodities is expected to propel the growth of the crushing, screening, and mineral processing equipment market going forward. Mineral commodity refers to a substance derived from a mineral on the Earth's crust. Crushing, screening, and mineral processing equipment is used to separate ores and mineral products from the rock and gangue. For instance, in February 2023, the USGS (United States Geological Survey), a US-based scientific agency of the United States government, estimated that industries that use nonfuel mineral materials created an estimated $3.64 trillion in value-added products in 2022, which represents a 9% increase from 2021. The predicted value of all industrial mineral production in the United States in 2022 was $63.5 billion, or nearly 65% of the entire value of mine production in the country. Therefore, the increasing demand for mineral commodities is driving the growth of the crushing, screening, and mineral processing equipment market.
Product innovation is a key trend gaining popularity in the crushing, screening, and mineral processing equipment market. Companies operating in the crushing, screening, and mineral processing equipment market are developing innovative products to sustain their position in the market. For instance, in June 2021, Kleemann GmbH, a Germany-based manufacturer of construction equipment, launched a mobicone, MCO 90 EVO2 crusher, which appears to be a high-performance machine designed for use by mining and quarrying companies with a feeding capacity of 270 t/h and intelligent overload systems. The launch of this new crusher suggests that there may be an increasing demand for crushing and screening equipment that can handle large volumes of material and operate efficiently in harsh conditions. It also highlights the ongoing efforts by manufacturers to develop innovative solutions that can help mining and quarrying companies improve their productivity, efficiency, and sustainability.
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Major Key Players of the Market:
Tere*x Corporation; Sandvik AB; Astec Industries Inc.; Kleemann GMBH; Mccloskey International; Metso Corporation; Screen Machine Industries LLC; Caterpillar Inc.; Eagle Crusher Company Inc.; Rubble Master HMH GmbH; Hongxing group; Shanghai Shibang Machinery Co.Ltd.; Premier Tech; Senya Tech; Wirtgen Group; Northern Heavy Industries Group Co. Ltd.; ThyssenKrupp AG; VibraScreener Inc.; Eriez Manufacturing Co.; Chengdu Dahongli Machinery Co.Ltd.; Meka Crushing & Concrete Batching Technologies; Lippmann-Milwaukee Inc.; Komatsu Ltd.; Joy Global Inc.; FLSmidth & Co. A/S; Weir Group PLC; McLanahan Corporation; Superior Industries Inc.; Deister Machine Company Inc.; Telsmith Inc.; Cedarapids Inc.; Hazemag & EPR GmbH; BHS-Sonthofen GmbH; Bühler AG; Mogensen GmbH & Co. KG; General Kinematics Corporation
Crushing, Screening, And Mineral Processing Equipment Market 2024 Key Insights:
• The crushing, screening, and mineral processing equipment market size will grow to $18.65 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• The Surging Demand For Mineral Commodities Driving The Crushing, Screening, And Mineral Processing Equipment Markets
• The Rise Of Innovative Solutions Revolutionize The Crushing, Screening, And Mineral Processing Equipment Market
• Asia-Pacific was the largest region in the crushing, screening, and mineral processing equipment market in 2023
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