Heavy duty components are prone to abrasion, corrosion, and other mechanical faults. It becomes necessary to integrate heavy duty systems with a protective scheme that prevents such faults and preserves the efficiency and productivity of the plant. Hence, the installation of heavy duty wear protection systems becomes indispensable. The global heavy duty wear protection systems market is anticipated to grow at a 4.3% CAGR between 2015 and 2023 as a result of efficiency improvements, reduction in repair requirements and costs, and cost saving on spare parts.
Expansion of Heavy Industries to Benefit Deployment of Wear Protection Systems
The rapid industrialization and urbanization witnessed around the globe have resulted in notable growth in the number of heavy industries. Thus, large-scale installation of machinery is being observed, which successively has created a lucrative market for heavy duty wear protection systems. Moreover, wear protection systems are flexible in terms of design and material used, depending upon the intended operational area. For instance, equipment employed to work at higher temperatures is mainly integrated with ceramic protection systems, as it offers a high degree of hardness and stability. This provides a significant boost to the growth of the global heavy duty wear protection systems market.
Increasing Popularity of Wear-proof Components Poses a Threat to Wear Protection Systems
The rapid increase in heavy industries has led to wide-scale deployment of machinery that require wear protection. However, the technological advancement in the field has also resulted in the development of various wear-proof components, which can be directly used as a part of the machinery. In some areas, these parts have proved to be a better alternative to heavy duty wear protection parts. Furthermore, fluctuating heavy industry project costs affect the protection systems market adversely. These factors have become impediments in the growth of the heavy duty wear protection systems market globally.
Ceramic Wear Protection Systems Gain Prominence due to High Strength and Stability
In terms of material type, the global heavy duty wear protection systems market is categorized into steel, plastic, ceramic, and rubber. The demand for ceramic wear protection systems is anticipated to expand at the highest growth rate in the forecast period due to their high degree of hardness and stability even at extreme temperatures. On the basis of end use, the oil and gas and iron and steel industries collectively dominated the market, with a share of nearly 18% in 2014.
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By geography, the market is segmented into North America, the Middle East and Africa (MEA), Latin America, Europe, and Asia Pacific (APAC). Asia Pacific was the leader in the global market for heavy duty wear protection systems in 2014 and is anticipated to retain its leadership till 2023.
The overall market is anticipated to reach a valuation of US$2.1 bn by 2023, rising from US$1.1 bn in 2014. The key players in the global heavy duty wear protection systems market are Bradken Limited, CeramTec GmbH, Kalenborn International GmbH & Co. KG, FLSmidth & Co. A/S, Metso Corporation, Sandvik Construction (Sandvik Group), Sulzer Ltd, ThyssenKrupp Industrial Solutions AG, and Thejo Engineering Limited.