Heavy Duty Wear Protection Systems Market to Reach US$2.1 bn by 2023, Asia Pacific to Exhibit Lucrative Opportunities

A recently published analysis by Transparency Market Research, titled “Heavy Duty Wear Protection Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” presents a qualitative and quantitative assessment of the global heavy duty wear protection systems market. It studies in detail the various factors influencing the prevailing market trends and projects the market’s growth prospects.

Rapid urbanization and industrialization witnessed worldwide have resulted in the expansion of heavy industries such as oil and gas, mining, construction, and iron and steel. Thus, the widespread installation of heavy equipment is being observed, which in turn provides lucrative opportunities for the global market for heavy duty wear protection systems.

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Heavy duty wear protection systems are considered integral to heavy duty equipment. These systems are primarily deployed to protect heavy industrial equipment against corrosion, abrasion, and other mechanical faults. Since machineries deployed across heavy industries function in extreme conditions, it is common to come across faults in their parts. Most equipment parts get worn out due to continuous operations. This may adversely affect the efficiency and productivity of the plants. Wear protection systems have become a vital element for machineries since they help overcome the aforementioned issues.

According to the report, the global heavy duty wear protection systems market is poised to exhibit a CAGR of 4.3% between 2015 and 2023. The market is expected to reach US$2.1 bn in 2023, from a valuation of US$1.14 bn in 2014. Asia Pacific is likely to report the fastest growth as a regional market for heavy duty wear protection systems.

Mechanical wear protection systems keep machine components safe from corrosion and abrasion in almost every application in a given heavy industry. The report presents a cross-segment analysis of the market for wear protection systems based on end-use industry and material type. On the basis of material type, the global market for heavy duty wear protection systems is segmented into ceramic, steel, rubber, and plastic. Of these, ceramic wear protection systems are expected to witness growth at the fastest pace in the market.

In terms of end-use industry, the global heavy duty wear protection system market is segmented into automotive and transportation, iron and steel, oil and gas, mining, wood pulp and paper, construction, power plants, and others such as food and beverages, marine, and agriculture and farming. Of these, the iron and steel and oil and gas industries dominated the market in 2014. Collectively, these industries accounted for a share of 18% in the market in the year.

Regionally, Asia Pacific dominates the global market for heavy duty wear protection systems. In 2014, the region held over 40% of the overall market and is expected to maintain its dominance through the forecast period.

To study the prevailing vendor landscape, the report also profiles companies such as Metso Corporation, Sandvik Construction (Sandvik Group), Kalenborn International GmbH & Co. KG, CeramTec GmbH, Bradken Limited, FLSmidth & Co. A/S, Sulzer Ltd, ThyssenKrupp Industrial Solutions AG, and Thejo Engineering Limited.

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This release was published on openPR.