Cone Crusher Market Estimated To Witness High Growth
Cone crushers are advanced crushing machines used for crushing various hard and abrasive materials like rocks, limestone, basalt, etc. They are durable and offer stable performance for heavy duty applications like mining and quarrying. Cone crushers utilize the concept of compression where the material is squeezed or pressed between two surfaces, a fixed and a movable surface arranged in a cone shape. They provide shape and high reduction ratio at a steady and consistent quality of the crushed product. Cone crushers are used as secondary and tertiary crushers in aggregates production and various construction applications like road constructions, building material manufacturing, and infrastructure developments.
The global cone crusher market is estimated to be valued at US$ 1811.13 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing infrastructure developments across emerging countries is the primary driver boosting the cone crusher market growth. Rapid urbanization and economic growth in countries like India, China, Indonesia, Brazil, etc are fuelling large investments in construction of roads, highways, shipping ports, railroads, housing, power generation plants and other infrastructure projects. Cone crushers play a pivotal role in providing high quality aggregates and manufactured sand required for construction materials used in these infrastructure undertakings. As per industry estimates, the global construction industry is projected to witness over 6% growth during 2023-2030, thereby augmenting demand for cone crushers substantially. Moreover, rising mining activities and mineral extraction projects around the world also contribute to market expansion of cone crushers. Advanced cone crushers offer high productivity through advanced automation, smart crushing optimization, remote monitoring capabilities and low operational cost. These factors are expected to further aid market growth over the forecast period.
SWOT Analysis:
Strength: Cone crusher market is expected to witness strong growth in coming years due to growth in mineral processing and construction industry globally. Cone crushers have high reduction ratio and adjustable cavities for easier operation. Their design also allows for unblocking under load without having to stop which improves productivity.
Weakness: Initial investment costs for cone crushers are high which restricts their adoption, especially in price sensitive low and middle income countries. These machines also require regular maintenance checks and component replacements to ensure optimal performance which increases operating expenses.
Opportunity: Rising infrastructure development activities in emerging nations of Asia Pacific and Latin America due to rapid urbanization provides lucrative opportunity for cone crusher manufacturers. Growing demand for aggregates from construction sector also supports growth. Increasing mineral extraction for end use industries presents new markets.
Threats: Volatility in raw material prices hampers production economics for cone crusher manufacturers. Economic slowdowns impact construction sector spending posing challenges. Stringent emission norms for machinery also threaten sales in regions aiming for low carbon growth.
Key Takeaways:
The Global Cone Crusher Market Size is expected to witness high growth.
Regional Analysis: Asia Pacific region currently dominates the market owing to robust construction spending by China, India and other developing nations. China accounts for over 35% of global market share led by government investments in infrastructure and real estate development. Europe and North America cone crusher markets are relatively mature however aftermarket services present scope for further expansion.
Key players operating in the cone crusher market are Wood plc, WorleyParsons, Fluor Corporation, Aecom, Jacobs, SNC-Lavalin, Hatch Ltd, Bechtel Corporation, KBR Inc, TechnipFMC, Chicago Bridge & Iron Company, Hyundai Engineering & Construction, McDermott International Inc, National Projects Construction Corporation, Galfar, Tecnicas Reunidas, Saipem, Daewoo E&C, Petrofac Ltd, Samsung Engineering. Companies are investing in R&D and adopting automation to improve productivity and efficiency of their crushing equipment. Partnerships with construction majors is a key strategy followed.
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