What Is The Current and Historic Market Size Analysis Of The Wear Parts Market?
The wear parts market has seen considerable growth due to a variety of factors.
• In recent times, the market size of wear parts has seen substantial growth. The anticipated growth is from $648.87 billion in 2024 to $689.4 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.2%.
Factors contributing to this growth during the historic period include industrial expansion, escalated mining and exploration activities, maintenance and replacement cycles, globalization and trade, and a surge in energy demand.
What Is The Forecast For The Wear Parts Market Size?
The wear parts market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are high for a stable expansion in the wear parts market over the upcoming years, escalating to a value of $834.12 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 4.9%.
Factors contributing to this projection within the forecasted period include the surge in renewable energy, enhanced focus on infrastructure renovation, supply chain digitalization, automation and robotic integration in manufacturing, and an increase in agricultural mechanization. Notable trends set to shape the forecast period involve the use of cutting-edge materials and coatings, the implementation of predictive maintenance strategies, digital and industry 4.0 integrations, 3D printing advancements, the employment of remote supervision, and IoT amalgamation, as well as tailored solutions for specific applications.
What Are The Essential Drivers Behind The Growth Of The Wear Parts Market?
The growth of the wear parts market is anticipated to be driven by an upturn in the construction sector. The construction sphere involves the creation, assembly, or gathering of facilities, structures, or infrastructure. Wear parts are employed in this industry to boost the durability, performance, and safety of equipment, simultaneously decreasing downtime and expenses, and adding to the comprehensive efficiency and accomplishment of construction ventures. For example, in July 2024, the Office for National Statistics, a UK administrative body, reported that total investment in the infrastructure sector reached $18.0 billion (£13.8 billion) at constant prices in 2023, which is a 3.9% increase from 2022. The forecasted net stocks of infrastructure in the market sector were reported to be $456.9 billion (£350.2 billion) at constant prices for 2023, indicating a 0.3% rise than the last year. Moreover, total governmental investment in infrastructure saw an increase of 9.6%, making up to $34.1 billion (£26.0 billion) at current prices in 2022, in contrast to 2021. Thus, the burgeoning construction sector is fueling the expansion of the wear parts market.
How Is The Global Wear Parts Market Divided Into Key Segments?
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
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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What New Trends Are Influencing The Wear Parts Market?
Leading players in the wear parts market are pushing for growth in their production of wear parts, such as by institutionalizing wear parts divisions dedicated to the creation and sale of replacement wear parts and ensuring swift deliveries. The wear parts branch is a recognized business entity that is committed to producing and vending replacement wear parts, like screws and barrels, for any brand of twin-screw extruders. An illustration of this is the launch of the Wear Parts Division by ENTEK, an international manufacturing corporation based in the US, in February 2023. This branch is specifically responsible for the manufacture and sale of replacement wear parts, including screws and barrels, for any gear of twin-screw extruders. This division found its home in ENTEK's new manufacturing facility in Henderson, Nevada that spreads over 98,000 square feet. ENTEK has put $15 million into this venture and has also scaled up its manufacturing plant to accommodate the increased production of wear parts, twin-screw extruders, and material handling machinery. The objective of this new division is to deliver best-in-industry lead times for the provision of replacement wear parts and keen to support the expansion of current clientele while broadening its parts trade.
Who Are the Key Players In The Wear Parts Market?
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.
What Are The Regional Insights Into 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.
