Heavy industry components such as cranes, turbines, silos, pipes, lines, and the various automotive components get corroded and undergo abrasion over time. The malfunction of even a single component may result in significant expenditure for the plant owners. Hence, for the prevention of such incidents in an organization, the employment of wear protection systems within heavy duty machinery is very crucial.
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Heavy duty wear protection systems are utilized for keeping machine components safe from both abrasion and corrosion in most applications in heavy industries. The global market for heavy duty wear protection systems was valued at US$1.14 bn in 2014 and is predicted to touch US$2.1 bn by 2023, by expanding at a 4.30% CAGR from 2015 to 2023.
Swift Development of Iron and Steel Industry to Boost Heavy Duty Wear Protection Systems Market
The market for heavy duty wear protection systems is poised to grow due to the increasing expenditure by plant owners on efficiency improvements and replacement of components globally. In addition, the increasing stringency of environmental legislations will also support the employment of heavy duty wear protection systems globally. Furthermore, the swift development of the iron and steel, construction, mining, and oil and gas industries owing to the increasing urbanization and industrialization will also augment the growth of the market.
The introduction of a plethora of advanced heavy duty wear protection systems with improved designs will further provide impetus to the growth of this market. On the other hand, the expanding wear-proof components market and the wavering cost of heavy industry projects may inhibit the development of this market.
Rubber Coating Systems to Experience Swiftest Growth by 2023
In terms of material type, the market is segmented into ceramic, steel, plastic, and rubber. The segment of rubber wear protection systems is further segmented into lining systems and coating systems. Amongst these, coating systems are predicted to witness the swiftest development by 2023.
By end use, the heavy duty wear protection systems market is categorized into the sectors of oil and gas, transportation and automotive, mining, iron and steel, wood, pulp, and paper, power, construction, and others including marine, F&B, agriculture and farming, and planer mills. Amongst these, on the basis of deployment of wear protection systems, the oil and gas, construction, and mining industries are anticipated to expand at the fastest growth rate by 2023.
Asia Pacific to Dominate Market till 2023
On the basis of geography, the market is categorized into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa (MEA). Amongst these, the region of Asia Pacific has led the market over the past few decades and is predicted to maintain its superiority in the coming years. The extensive installation of heavy industrial equipment in the key economies of Australia, Indonesia, India, Japan, and China is amongst the prime factors fuelling the growth of the market for heavy duty wear protection systems in Asia Pacific.
Browse the full Press Release of Global Heavy Duty Wear Protection Systems Market at http://www.mrrse.com/global-heavy-duty-wear-protection-systems-market
The prime players dominant in the market are Thejo Engineering Limited, Metso Corporation, Sandvik Construction (Sandvik Group), CeramTec GmbH, Kalenborn International GmbH & Co. KG, FLSmidth & Co. A/S, ThyssenKrupp Industrial Solutions AG, and Bradken Limited, among others.