Construction Industry Surge Fuels Growth In Wear Parts Market: A Key Catalyst Accelerating Wear Parts Market Growth in 2025

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Wear Parts Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the wear parts market has been consistently expanding in the past few years. It is projected to increase from $648.87 billion in 2024 to $679.03 billion in 2025, with a compound annual growth rate (CAGR) of 4.6%. The growth witnessed during the historic period is due to factors such as industrial expansion, amplified mining and exploration activities, maintenance and replacement cycles, globalization and trade, and an increased energy demand.

Wear Parts Market Size Forecast: What's the Projected Valuation by 2029?
In the ensuing years, the market size for wear parts is projected to witness consistent expansion, reaching $809 billion by 2029 with a compound annual growth rate (CAGR) of 4.5%. This growth in the forecasted period can be credited to factors such as expansion of renewable energy, emphasis on infrastructure rejuvenation, supply chain digitalisation, incorporation of automation and robotics in manufacturing processes, and an increase in agricultural mechanisation. The forecast period also expects to see trends like advanced materials and coatings, preventative maintenance solutions, Industry 4.0 integration and digitalization, breakthroughs in 3D printing, Internet of Things (IoT) integration and remote monitoring, as well as customization tailored for specific applications.

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What Are the Drivers Transforming the Wear Parts Market?
The forward trajectory of the wear parts market is anticipated to be fueled by a surge in the construction sector. This sector pertains to the process of constructing, assembling, and integrating facilities, structures or infrastructure. Wear parts are employed within the construction industry to augment the durability, performance, and safety of equipment, thereby reducing downtime and costs and bolstering the overall efficiency and success of construction endeavors. For instance, per data from the Office for National Statistics, a UK-based government agency, as of July 2024, total investment in the infrastructure field reached a constant price value of $18.0 billion (£13.8 billion) in 2023, marking a 3.9% lift from 2022. The computed net stocks of infrastructure within the marketplace were $456.9 billion (£350.2 billion) at constant prices in 2023, showing a 0.3% uptick relative to the previous year. Moreover, total general government expenditure in infrastructure rose by 9.6%, totaling $34.1 billion (£26.0 billion) at current prices in 2022, relative to 2021. Hence, the ascendant construction sector is serving as a catalyst for the expansion of the wear parts market.

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What Trends Will Shape the Wear Parts Market Through 2029 and Beyond?
Major corporations active in the wear parts market are escalating their production development of wear parts. This expansion includes setting up dedicated divisions for making and selling replacement wear parts such as screws and barrels for all kinds of twin-screw extruders, and ensuring swift deliveries. For instance, an American global manufacturing corporation named ENTEK launched the Wear Parts Division in February 2023. Situated in their new manufacturing plant in Henderson, Nevada, spanning 98,000-square-feet, it specializes in developing and selling replacement wear parts like screws and barrels for every brand of twin-screw extruder. ENTEK poured $15 million into this venture and expanded their manufacturing infrastructure for accommodating larger production of wear parts, twin-screw extruders, and material handling equipment. The new division is leaned towards offering the fastest industry lead times for supplying replacement wear parts and focusing on aiding existing customers' growth while increasing its parts business.

Which Segments in the Wear Parts Market Offer the Most Profit Potential?
The wear partsmarket 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 Firms Dominate the Wear Parts Market by Market Share and Revenue in 2025?
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 Regions Offer the Highest Growth Potential in 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.

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