Wear Parts Market Set to Expand, Projected to Reach $648.87 Billion by 2024
Wear Parts Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Wear Parts Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The wear parts market has experienced robust growth in recent years, with its size increasing from $608.92 billion in 2023 to an estimated $648.87 billion in 2024, marking a compound annual growth rate (CAGR) of 6.5%. It will grow to $796.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. This growth trajectory can be attributed to several factors including industrial expansion, heightened mining activities, maintenance cycles, globalization trends, and rising energy demands.
Construction Boom Drives Market Growth
The construction industry's upward trajectory is a key driver propelling the wear parts market. Wear parts play a crucial role in enhancing the durability, performance, and safety of construction equipment, thereby minimizing downtime and costs. For instance, recent reports from the United States Census Bureau indicate significant growth in both residential and non-residential construction activities, underscoring the pivotal role of wear parts in supporting infrastructure development globally.
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Key Players and Market Trends
Major companies such as Metso Outotec Corporation, Castolin Eutectic, and Miller Industries Inc. are leading the wear parts market with innovations aimed at improving product durability and efficiency. For example, ENTEK's recent launch of its Wear Parts Division demonstrates a strategic focus on expanding wear parts production capabilities, thereby enhancing service delivery and customer satisfaction in the twin-screw extruders segment.
Segments of the Wear Parts Market
• Product: Ceramic Wear Parts, Metal Wear Parts, Other Products
• Material: Steel, Tungsten Carbide, Ceramics, Polymers
• Wearing Mechanism: Abrasive Wear, Fatigue Wear, Adhesive Wear, Corrosion Wear
• Application: Mining, Machining & Manufacturing, Construction, Automotive, Aerospace, Chemical & Petrochemical, Other Applications
Regional Insights: North America Leads, Asia-Pacific to Spearhead Growth
North America emerged as the largest region in the wear parts market in 2023, driven by substantial investments in infrastructure and manufacturing sectors. However, Asia-Pacific is projected to witness the fastest growth during the forecast period, supported by burgeoning industrialization and infrastructure development initiatives across the region.
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Wear Parts Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Wear Parts Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on wear parts market size, wear parts market drivers and trends, wear parts market major players, competitors' revenues, market positioning, and market growth across geographies. The wear parts market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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