Press release
Strong Growth Ahead: Wear Parts Market Size To Grow At Arecord 4.9% Cagr By 2029
Wear Parts
How Big Is the Wear Parts Market Size Expected to Be by 2034?
There has been significant growth in the wear parts market size in the past few years. A surge is expected from $648.87 billion in 2024 to $689.4 billion in 2025, expanding at a compound annual growth rate (CAGR) of 6.2%. Factors causing growth in previous years include industrial development, greater mining and exploration operations, maintenance and substitution cycles, global exchange and trade, and an increased energy demand.
In the coming years, the wear parts market size is predicted to exhibit a consistent growth, reaching $834.12 billion in 2029 with a compound annual growth rate (CAGR) of 4.9%. The prognosticated growth throughout this period is largely due to factors such as the augmentation in renewable energy, focus on renewing infrastructure, digitizing supply chains, the use of automation and robotics in manufacturing, and the surge in agricultural mechanization. Key trends during this forecast period encompass progress in materials and coatings, application of predictive maintenance solutions, digital transformation and integration of industry 4.0, breakthroughs in 3D printing, remote monitoring coupled with the incorporation of IoT, along with customization catered towards specific applications.
Purchase the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=13954
What Are the Emerging Segments Within 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
Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=13954&type=smp
What Long-Term Drivers Are Shaping Wear Parts Market Trends?
The expansion of the construction industry is forecasted to boost the development of the wear parts market. The term 'construction' denotes the act of creating, assembling or developing structures, facilities, or infrastructure. In this industry, wear parts are employed to boost the durability, performance, and safety of equipment, thereby reducing downtime and expenses while contributing to the overall effectiveness and success of construction projects. For example, in July 2024, the Office for National Statistics, a UK government body, reported that total investment in the infrastructure sector rose to $18.0 billion (£13.8 billion) in 2023, a 3.9% increase from 2022. The market sector's estimated net stocks of infrastructure were valued at $456.9 billion (£350.2 billion) in 2023, a slight 0.3% rise from the previous year. Furthermore, total government investment in infrastructure rose by 9.6% to reach $34.1 billion (£26.0 billion) in 2022, up from 2021. Consequently, the escalating construction industry is fueling the growth of the wear parts market.
Who Are the Top Competitors in Key Wear Parts Market Segments?
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.
What Wear Parts Market Trends Are Gaining Traction Across Different Segments?
Many key players in the wear parts market are focusing on the expansion of their production capabilities, such as the creation of dedicated divisions for wear parts, to manufacture and market substitute wear parts swiftly. The wear parts division specializes in the production and distribution of replacement wear parts like screws and barrels for every brand of twin-screw extruders. In February 2023, for instance, ENTEK, a global manufacturer based in the US, introduced its Wear Parts Division. This division, located within their new 98,000 square foot manufacturing plant in Henderson, Nevada, focuses on the production and sale of replacement wear parts like screws and barrels for all types of twin-screw extruders. The company invested $15 million in this new division and also increased the size of its manufacturing facility to accommodate the amplified production of wear parts, twin-screw extruders and material handling equipment. The ultimate aim of this new division is to offer the best delivery times in the industry for replacement wear parts and to grow their existing customer base while expanding their parts business.
Get the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/report/wear-parts-global-market-report
Which Regions Are Becoming Hubs for Wear Parts Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Wear Parts Market?
2. What is the CAGR expected in the Wear Parts Market?
3. What Are the Key Innovations Transforming the Wear Parts Industry?
4. Which Region Is Leading the Wear Parts Market?
Why This Report Matters:
Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.
Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.
Efficient Research: Quickly identify market growth, leading players, and major segments.
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Strong Growth Ahead: Wear Parts Market Size To Grow At Arecord 4.9% Cagr By 2029 here
News-ID: 4032666 • Views: …
More Releases from The Business Research Company
Segment Evaluation and Major Growth Areas in the Personalized Testing and Supple …
The personalized testing and supplements sector is gaining remarkable traction, driven by advancements in technology and a rising consumer focus on tailored health solutions. As more individuals seek customized wellness options, this market is set to experience substantial expansion in the coming years. Here's an in-depth look at its current valuation, key players, significant trends, and the main market segments shaping its future.
Market Valuation and Expansion Forecast for Personalized Testing…
Top Players and Market Competition in the Skin Microbiome Industry
The skin microbiome market is emerging as a significant area of interest due to growing awareness about the critical role of skin health and innovative skincare technologies. As research advances and consumer preferences shift towards more natural and science-backed products, this market is set to undergo substantial growth. Let's explore the current market size, key players, driving factors, and upcoming trends shaping the skin microbiome industry.
Projected Expansion in the Skin…
Key Strategic Developments and Emerging Changes Shaping the Upadacitinib Market …
The upadacitinib market is poised for significant expansion over the coming years, driven by advances in treatment options and increasing awareness of autoimmune diseases. This report delves into the market's current size, key drivers, major players, and the emerging trends shaping its future trajectory.
Steady Growth Expected in Upadacitinib Market Size Through 2029
The market for upadacitinib is projected to reach $2.54 billion by 2029, growing at a robust compound annual…
Analysis of Key Market Segments Driving the Alzheimer's Disease Diagnostic Marke …
The Alzheimer's disease diagnostic sector is rapidly evolving as advancements in technology and healthcare infrastructure open new possibilities for early detection and personalized treatment. With rising awareness and innovative approaches, this market is poised for significant growth in the coming years. Let's explore the current market size, key drivers, leading companies, and emerging trends that are shaping this critical healthcare field.
Projected Market Size and Growth Trends in Alzheimer's Disease Diagnostics…
More Releases for Wear
BeReal Wear and BeReal Wear Skin and Beyond: Celebrating Strength, Beauty, and W …
Every year, on IWD, we come together to celebrate International Women's Day a day dedicated to recognizing the strength, resilience, and achievements of women around the world. At BeReal Wear and BeReal Wear Skin and Beyond https://www.berealwear.com, this day holds a special place in our hearts because empowerment, authenticity, and self-love are the very pillars upon which our brands stand.
The Power of Being Real
In a world often clouded by unrealistic…
Divinity Clergy Wear
Divinity Clergy Wear: Leading the Way in Premium Clergy Apparel
February 16, 2025 - Divinity Clergy Wear is excited to announce its continued commitment to providing top-quality religious apparel, offering a wide selection of clergy robes, shirts, and accessories designed to meet the needs of church leaders and pastors worldwide. With a reputation for craftsmanship and attention to detail, Divinity Clergy Wear stands as a trusted name in religious apparel.
As a…
North America Wearable Electronics Market, Industry Research Report, Market Size …
What is the Size of North America Wearable Electronics Industry?
North America Wearable Electronics market is growing at a CAGR of ~% in 2017-2021P and is expected to reach ~USD Bn by 2027F. The major drivers for the increase in adoption of Wearable Electronics in North America is Rising Penetration of Smartphones and Digital Devices which are positively influencing an increase in the adoption of connected devices/wearable electronics in North America.…
Cycling Wear Market
Cycling Wear Market: Introduction
Cycling wear consists of gears and garments which helps to enhance the comfort and performance during cycling. The cycling wear market size is mainly driven by the growing number of populous opting for cycling as a hobby or as a fitness exercise. The growth for the cycling wear market share is also compelled by the increasing consumers awareness towards healthy lifestyles and growing participation in cycling sports…
Wear Parts Market is Booming Worldwide| Castolin Eutectic, LSW Wear Parts, Redex …
HTF MI recently introduced Global Wear Parts Market study with in-depth overview, describing about the Product / Industry Scope and elaborates market outlook and status to 2023. The market Study is segmented by key regions which is accelerating the marketization. At present, the market is developing its presence and some of the key players from the complete study are Castolin Eutectic, Wear Parts Services, Borox, CPC, Palbit, Redexim, Magotteaux, Whites…
Wearable Electronics Market Report 2018: Segmentation by Product (Wrist-Wear, Ey …
Global Wearable Electronics market research report provides company profile for Jawbone, Nike, Inc., Sony Corp, Samsung Electronics Co. Ltd., Adidas Ag, Apple Inc., FitbIt, Google Inc.and Others.
This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the year 2018 to 2025, etc.…
