Cone crusher are advanced crushing machines used for crushing rocks and ores of various hardness grades. Cone crushers rely on compression crushing by squeezing or compressing material between a moving piece of steel and a stationary piece lined with manganese. They provide superior reduction ratio, cubicity and consistent sized end product. The demand for cone crushers is driven by various large infrastructure development projects such as construction of highways, buildings, bridges, ports, power plants etc.
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 Opportunity:
Rising Infrastructure Development Projects
The market is expected to witness lucrative growth over the forecast period owing to rising number of infrastructure development projects across both developed and developing nations. Governments worldwide are investing heavily in development of roads, highways, railways, ports and urban infrastructure to drive economic growth. For instance, the United States plans to invest over $1 trillion under 2021 infrastructure bill to modernize its infrastructure. Similarly, China has outlined a 13th Five-Year Plan with an investment of over $1 trillion planned for infrastructure development between 2016-2020. Rising construction activities require large volumes of crushed aggregates which is boosting demand for cone crushers. As infrastructure development remains a top priority globally, it will continue opening up new market opportunities for cone crusher manufacturers over the coming years.
Porter's Analysis
Threat of new entrants: The Cone Crusher Market has moderate barriers to entry due to high start-up capital required for R&D and manufacturing plants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products offered by key players.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and parts.
Threat of new substitutes: Threat of substitutes is low as cone crushers have properties unique to size reduction and material processing.
Competitive rivalry: Intense due to presence of global and regional players offering customized and cost-effective solutions.
SWOT Analysis
Strengths: Precision and quality crushing for size reduction. Energy efficient and low maintenance costs.
Weaknesses: High initial investment and operational costs. Requires periodic replacement of wear parts.
Opportunities: Rising demand from construction, mining, and aggregates industries. Technological advancements for automation and digitization.
Threats: Volatility in raw material prices. Environmental regulations regarding noise and dust pollution.
Key Takeaways
The Global Cone Crusher Market Growth is expected to witness high during the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 1811.13 Mn registering a CAGR of 8.6%.
Regionally, Asia Pacific dominates the market and is expected to grow at the fastest pace during the forecast period. Rising infrastructure development and industrialization in China, India and other Asian countries will drive the demand for cone crushers in this region.
North America is another major region for the cone crusher market owing to strong mining industry and growing construction activities in the US and Canada. Government initiatives for development of transportation and power sector infrastructure will augment the regional growth.
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. These players are focused on new product launches, mergers & acquisitions and regional expansion strategies to gain leading position in the market.
Explore more information on this topic, Please visit-
https://www.dailyprbulletin.com/cone-crusher-market-share-size-and-growth-share-trends-analysis-demand-forecast/
Explore more trending article related this topic:
https://www.newsintv.com/sports/eurothrills-unleashing-sporting-excellence-with-europes-finest-gear-and-game/
Comments
0 comment