Press release
Wear Parts Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Wear Parts Market
In recent years, the market size of wear parts has witnessed a significant increase. The growth is anticipated to be from $648.87 billion in 2024 to $689.4 billion in 2025, indicating a Compound Annual Growth Rate (CAGR) of 6.2%. Factors behind the growth during the historic period include industrial expansion, heightened mining and exploration activities, maintenance and replacement cycles, globalization and trade, as well as a surge in energy demand.
In the coming years, the wear parts market is slated for consistent growth, with projections indicating an increase to $834.12 billion by 2029 at a compound annual growth rate (CAGR) of 4.9%. Considerations for growth in the projected period include the expansion of renewable energy, renewed focus on infrastructure, the digitization of supply chains, broader use of automation and robotics in manufacturing, and an increase in agricultural mechanization. Key trends for this period encompass advancements in materials and coatings, the rise of predictive maintenance solutions, increased integration of digitalization and industry 4.0, 3D printing innovations, remote monitoring and IoT integration, and application-specific customization.
What Are the Primary Growth Drivers for the Wear Parts Market?
The anticipated growth in the construction sector is predicted to drive the expansion of the wear parts market. The term 'construction' refers to the creation, assembly, or construction of buildings, facilities, or infrastructure. Used in construction, wear parts boost the lifespan, performance, and safety of equipment, reducing downtime and costs, thus playing a significant role in the overall effectiveness and success of construction projects. For instance, the Office for National Statistics stated in July 2024, that the total expenditure for infrastructure reached $18.0 billion (£13.8 billion) at 2023 constant prices, marking a 3.9% rise from 2022. The calculated infrastructure net stocks in the market were valued at $456.9 billion (£350.2 billion) at 2023 constant prices, marking a 0.3% increase year-on-year. Furthermore, in 2022, general government's total investment in infrastructure rose by 9.6% to $34.1 billion (£26.0 billion) in current prices, up from 2021. Hence, the expansion of the construction sector is fuelling the growth of the wear parts market.
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Who Are the Dominant Companies Influencing Wear Parts Market Trends?
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.
How Is the Wear Parts Market Evolving?
The wear parts marketplace has seen major businesses expanding their wear part production capabilities, often through the creation of specialized divisions to manufacture and sell these replacement parts and guarantee quick delivery. These divisions are unique business entities tasked with the production and sales of replacement wear parts, such as screws and barrels for all kinds of twin-screw extruders. A case in point is ENTEK, an internationally recognized manufacturing company based in the US, which unveiled its Wear Parts Division in February 2023. Located within a brand new 98,000 square foot facility in Henderson, Nevada, this division specializes in the creation and sales of replacement wear parts like screws and barrels for any brand of twin-screw extruders. With a $15 million investment in this venture, ENTEK has grown its manufacturing capacity to support the increased production of wear parts, twin-screw extruders, and materials handling equipment. The new division is geared towards delivering unparalleled lead times for replacement wear part supplies while promoting the growth of current clients and developing its parts business.
What Are the Different Segmentations in the Wear Parts Market?
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
Subsegments:
1) By Ceramic Wear Parts: Ceramic Balls, Ceramic Liners, Ceramic Tiles
2) By Metal Wear Parts: Steel Wear Parts, Cast Iron Wear Parts, Alloy Wear Parts
3) By Other Products: Composite Wear Parts, Plastic Wear Parts
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Which Region Is at the Forefront of the Wear Parts Market?
North America was the largest region in the wear parts market in 2024. 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.
What Is Covered In The Wear Parts Global Market Report?
- Market Size Analysis: Analyze the Wear Parts Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Wear Parts Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Wear Parts Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Wear Parts Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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