Construction Industry Surge Fuels Growth In Wear Parts Market: Strategic Insights Driving Wear Parts Market Momentum in 2025

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How Large Will the Wear Parts Market Size By 2025?
The market size of wear parts has seen substantial expansion in the past few years. The projections suggest that it will rise from $648.87 billion in 2024 to $689.4 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 6.2%. The historic growth can be credited to factors like industrial expansion, uptick in mining and exploration operations, cycles of maintenance and replacement, growth in globalization and trade, along with the surging need for energy.

How Big Is the Wear Parts Market Size Expected to Grow by 2029?
In the coming years, the market size for wear parts is expected to witness consistent rise. By 2029, it's projected to reach $834.12 billion, growing at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth during the forecast period is due to factors such as expansion in renewable energy, emphasis on infrastructure upgrade, digitization of supply chains, implementation of automation and robotics in manufacturing, and increased use of mechanization in agriculture. Furthermore, the forecast period will likely see significant trends like advanced materials and coatings, development in predictive maintenance solutions, digital transformation, industry 4.0 integration, innovative strides in 3D printing, remote surveillance and iot incorporation, alongside customization tailored for specific applications.

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Which Key Market Drivers Powering Wear Parts Market Expansion and Growth?
The upward trend in the construction sector is predicted to accelerate the expansion of the wear parts market. The term "construction" denotes the act of creating, assembling, or constructing structures, facilities, or infrastructure. Wear parts play a crucial role in the construction sector by improving the durability, performance, and safety of equipment, reducing downtime and expenditures, and contributing to the overall productivity and success rate of construction endeavours. For example, in July 2024, the Office for National Statistics, a governmental department in the UK, reported that total infrastructure sector investment amounted to $18.0 billion (£13.8 billion) in constant prices in 2023, marking a 3.9% rise from 2022. The projected net stocks of infrastructure in the market sector totalled $456.9 billion (£350.2 billion) in constant prices for 2023, indicating a 0.3% growth from the prior year. Moreover, total general government investment in infrastructure saw a 9.6% jump, totalling $34.1 billion (£26.0 billion) in 2022 in current prices, in comparison to 2021. Consequently, the burgeoning construction sector is fuelling the expansion of the wear parts market.

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Which Fast-Growing Trends Are Poised to Disrupt the Wear Parts Market?
Leading firms in the wear parts market are progressing the development of their wear parts production. They are achieving this by creating wear parts divisions to produce and deliver replacement wear parts promptly. The wear parts divisions are business units specifically designed to manufacture and sell replacement wear parts like screws and barrels, suitable for various models of twin-screw extruders. For example, in February 2023, ENTEK, an international manufacturing corporation based in the US, introduced the Wear Parts Division. This unit is committed to the manufacture and sale of replacement wear parts such as screws and barrels, compatible with all varieties of twin-screw extruders. The division occupies a spot in ENTEK's newly built 98,000-square-foot manufacturing center located in Henderson, Nevada. An investment of $15 million went into this project from ENTEK, and they also expanded their manufacturing capabilities to cater for the increased production of wear parts, twin-screw extruders, and material handling equipment. The new division has the objective to offer the best industry lead times for delivering replacement wear parts and is directed towards helping the growth of current clients while developing its parts operation.

What Are the Emerging Segments 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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Who Are the Global Leaders in the Wear Parts Market?
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.

Which are the Top Profitable Regional Markets for the Wear Parts Industry?
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.

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