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Cone Crushers Global Market: Industry Growth and Forecast Insights | 2024 To 2033 Key Players Thyssenkrupp AG, Tesab Engineering Ltd., Sky Machinery, Weir Group PLC, Sandvik AB, Hazemag & EPR GmbH.
Cone Crushers Global Market Share
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According to The Business Research Company's, The cone crushers market size has grown strongly in recent years. It will grow from $2.31 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to urban infrastructure development, research and development in crushing machinery, economic growth, growth in the mining industry.
The cone crushers market size is expected to see strong growth in the next few years. It will grow to $3.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing demand for aggregates, growing road construction activities, growing use of mobile and wireless crushers, infrastructure development. Major trends in the forecast period include product innovation, automation and remote monitoring, integration of IoT and data analytics, advancements in technology.
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Market Drivers and Trends:
Growth in demand for construction and infrastructure developments is significantly contributing to the growth of the cone crushers market going forward. Construction refers to the activity of constructing buildings and infrastructure. Cone crushers are used in the construction industry to reduce the size of raw materials and feed, as a result, construction activity would create more demand for cone crushers. For instance, in March 2023, according to a report published by the Office for National Statistics, a UK-based producer of official statistics, in the fourth quarter of 2022, quarterly construction production increased by 0.3% compared to the third quarter of 2022. Additionally, after a record growth in 2021 of 12.8%, the annual production of construction climbed by 5.6% in 2022 compared to 2021. Therefore, increasing demand for construction and infrastructure developments will drive the cone crushers market.
Product innovations are the key trend gaining popularity in the cone crusher market. Major companies operating in the cone crusher market are focusing on innovating various products to sustain their position in the market. For instance, in March 2023, Metso Outotec Corporation, a Finland-based industrial machinery company, launched the HP200e cone crusher, enhancing aggregates sector performance with improved uptime and sustainability. The innovation features advanced kinematics and redesigned chambers, allowing for faster, safer liner replacements without backing material. The HP200e offers a 10% increase in head motion, 20% more kilowatt power, and a more eco-friendly solution, contributing to heightened performance and environmental sustainability for aggregates producers.
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Major Key Players of the Market:
Thyssenkrupp AG, Tesab Engineering Ltd., Sky Machinery, Weir Group PLC, Sandvik AB, Hazemag & EPR GmbH, Metso, Mesto Corporation, Trex Corporation, FLSmidth & Co. A/S, Superior Industries Inc., Johnson Crushers International Inc., Astec Industries Inc., Propel Industries Private Limited, McLanahan Corporation, Remco Inc., Eagle Crusher Company Inc., McCloskey International Limited, Trio Engineered Products, Keestrack NV, Telsmith Inc., Lippmann-Milwaukee Inc., Minyu Machinery Corparation, Puzzolana Machinery Fabricators LLP, WESTPRO Machinery Inc., IROCK Crushers LLC, Trimax Machinery, Global Mining Crusher, Shanghai Gator Mechinery Co.Ltd, Raptor Cone Crushers
Cone Crushers Market 2024 Key Insights:
• The cone crushers market size is expected to see strong growth in the next few years. It will grow to $3.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Surge In Construction And Infrastructure Projects Boosts Growth Prospects For Cone Crushers Market
• Product Advancements For Enhanced Performance And Sustainability
• Asia-Pacific was the largest region in the cone crushers market in 2023
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