PUBLISHER: The Business Research Company | PRODUCT CODE: 1458766
PUBLISHER: The Business Research Company | PRODUCT CODE: 1458766
Wear parts are integral components of machinery engineered to deteriorate or fail over time with repetitive use, necessitating periodic repair or replacement to maintain optimal machinery performance and longevity. They serve to safeguard more critical machinery components from damage.
The primary product categories within wear parts include ceramic wear parts, metal wear parts, and others. Ceramic wear parts are crafted from ceramic materials engineered to withstand wear, abrasion, and harsh conditions across diverse industrial applications. These parts are constructed from materials such as steel, tungsten carbide, ceramics, and polymers, and are categorized by wearing mechanisms such as abrasive wear, fatigue wear, adhesive wear, and corrosion wear. They find application in various sectors including mining, machining, construction, automotive, aerospace, chemical and petrochemical industries, among others.
The wear parts market research report is one of a series of new reports from The Business Research Company that provides wear parts market statistics, including wear parts industry global market size, regional shares, competitors with a wear parts market share, detailed wear parts market segments, market trends and opportunities, and any further data you may need to thrive in the wear parts industry. This wear parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historical period can be attributed to several factors, including industrial expansion, increased mining and exploration activities, maintenance and replacement cycles, globalization and trade, and a 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 anticipated growth in the forecast period can be attributed to several factors, including the expansion of renewable energy, a heightened focus on infrastructure renewal, the digitalization of supply chains, increased automation and robotics in manufacturing, and the rise of agricultural mechanization. Key trends expected during this period encompass advancements in advanced materials and coatings, the adoption of predictive maintenance solutions, the integration of digitalization and Industry 4.0 principles, innovations in 3D printing technology, the implementation of remote monitoring and IoT integration, and the customization of solutions for specific applications.
The anticipated surge in the construction industry is set to drive the growth of the wear parts market in the foreseeable future. Construction involves the assembly, building, or creation of structures, facilities, or infrastructure. Wear parts play a crucial role in the construction sector by enhancing the durability, performance, and safety of equipment, thereby minimizing downtime and costs while contributing to the overall efficiency and success of construction projects. For example, as per data from the United States Census Bureau in September 2023, the value of residential and non-residential construction in the US increased by over 8% between 2020 and 2021. Additionally, reports from Oxford Economics in September 2021 indicated that global construction output in 2020 amounted to US$10.7 trillion and is projected to witness significant growth of 42%, adding US$4.5 trillion to reach a total of US$15.2 trillion by 2030. Hence, the escalating construction industry serves as a significant driver behind the growth of the wear parts market.
Key players in the wear parts market are expanding their production development efforts by establishing dedicated wear parts divisions to manufacture and sell replacement wear parts and ensure swift deliveries. These wear parts divisions serve as specialized business units focused on producing and distributing 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 its Wear Parts Division. This division operates within ENTEK's new 98,000-square-foot manufacturing plant in Henderson, Nevada. With a $15 million investment, ENTEK has expanded its facility to bolster the production of wear parts, twin-screw extruders, and material handling equipment. The establishment of this division aims to provide industry-leading lead times for replacement wear parts and supports the growth of existing customers while driving expansion in the parts business.
In July 2023, Construction Forms Inc. (CFI), a US-based manufacturer specializing in concrete pumping systems, acquired Tricon Wear Solutions for an undisclosed sum. This acquisition is strategically aimed at bolstering CFI's presence in the wear solutions sector, particularly within the construction and industrial markets. By integrating Tricon Wear Solutions' expertise and product offerings, CFI seeks to enhance its portfolio and capabilities in the wear solutions segment, ultimately strengthening its market presence and providing expanded offerings. Tricon Wear Solutions LLC, also based in the US, specializes in manufacturing and supplying abrasion-resistant steel products and wear solutions.
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.
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.
The countries covered in the wear parts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wear parts market consists of sales of wear plates, wear liners, bearings and bushings, seals and gaskets, and wear-resistant belts. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wear Parts Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wear parts market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wear parts? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wear parts market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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