Wear Parts Market Is Driven by Growing Application Across Process Industries
Wear parts, also known as wear components, find extensive applications across various end-use industries such as mining & mineral processing, cement, power generation, oil & gas, sugar, chemicals, food & beverage, and pharmaceuticals. Demand for wear components is driven by their ability to withstand wear and tear caused by abrasion, impact and corrosion in industrial environments. They act as sacrificial parts that protect expensive base components from damage caused due to friction or impact.
The wear parts market is estimated to be valued at USD 685.73 Bn in 2024 and is expected to reach USD 984.65 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.
The process industries extensively utilize various types of Wear Parts Market such as grinding media, grinding balls, ball mill liners, pumps, chutes & hoppers, cyclone liners among others to efficiently carry out their operations without hampering production schedules.
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