The wear parts global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Wear Parts Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The wear
parts market size has grown strongly in recent years. It will grow from
$608.92 billion in 2023 to $648.87 billion in 2024 at a compound annual
growth rate (CAGR) of 6.5%. The growth in the historic period can be
attributed to industrial growth, increased mining and exploration
activities, maintenance and replacement cycles, globalization and trade,
rising demand for energy.
The wear parts market size is expected to see strong growth in the next few years. It will grow to $796.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to renewable energy expansion, focus on infrastructure renewal, digitalization of supply chains, automation and robotics in manufacturing, rising agricultural mechanization. Major trends in the forecast period include advanced materials and coatings, predictive maintenance solutions, digitalization and industry 4.0 integration, innovations in 3D printing, remote monitoring and iot integration, customization for specific applications.
Order your report now for swift delivery @
https://www.thebusinessresearchcompany.com/report/wear-parts-global-market-report
Scope Of Wear Parts Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Wear Parts Market Overview
Market Drivers -
A
rise in the construction industry is expected to propel the growth of
the wear parts market going forward. Construction refers to the process
of building, assembling, or putting together structures, facilities, or
infrastructure. Wear parts are used in the construction industry to
enhance equipment durability, performance, and safety while minimizing
downtime and costs and contributing to the overall efficiency and
success of construction projects. For instance, in September 2023,
according to the United States Census Bureau, a US-based government
agency, the value of residential and non-residential construction in the
US increased by over 8% between 2020 and 2021. Furthermore, in
September 2021, according to reports published by Oxford Economics, a
UK-based economic information services company, global construction
output in 2020 stood at US$10.7 trillion, and it is projected to
experience substantial growth of 42%, adding US$4.5 trillion and reach a
total of US$15.2 trillion by the year 2030. Therefore, the rising
construction industry is driving the growth of the wear parts market.
Market Trends -
Major
companies operating in the wear parts market are expanding their wear
parts production development, such as by establishing wear parts
divisions to manufacture and sell replacement wear parts and provide
fast deliveries. The wear parts division is an established business unit
dedicated to manufacturing and selling replacement wear parts, such as
screws and barrels, for all brands of twin-screw extruders. For
instance, in February 2023, ENTEK, a US-based global manufacturing
company, launched the Wear Parts Division. This division is dedicated to
manufacturing and selling replacement wear parts, such as screws and
barrels, for all brands of twin-screw extruders. It was housed in their
new 98,000-square-foot manufacturing plant in Henderson, Nevada. ENTEK
has invested $15 million in this initiative and has also expanded its
manufacturing facility to support increased production of wear parts,
twin-screw extruders, and material handling equipment. The new division
aims to provide industry-best lead times for the supply of replacement
wear parts and is focused on supporting the growth of existing customers
while expanding its parts business.
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
Get an inside scoop of the wear parts market, Request now for Sample Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=13954&type=smp
Regional Insights -
North
America was the largest region in the wear parts market in 2023.
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.
Key Companies -
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.
Table of Contents
1. Executive Summary
2. Wear Parts Market Report Structure
3. Wear Parts Market Trends And Strategies
4. Wear Parts Market – Macro Economic Scenario
5. Wear Parts Market Size And Growth
…..
27. Wear Parts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
No comments:
Post a Comment