According to a new market research report published by Credence Research “Heavy-duty Wear Protection Market (By Material: Ceramic, Rubber, Steel, Plastic and Others; By End-use Industry: Automotive and Transportation, Oil and Gas, Power Plant, Metal Industry, Construction and Mining; and Others) – Growth, Future Prospects, and Competitive Landscape, 2017-2025”, heavy-duty wear protection market was valued at US$ 1.50 Bn in 2016 and is expected to grow at a CAGR of 4.4 % during the forecast period from 2017 to 2025.
The complete report is available at http://www.credenceresearch.com/report/heavy-duty-wear-protection-market
Heavy-duty wear protection is a technique to provide additional protection to heavy-duty equipment used in a variety of industrial applications. Protection from hostile environmental as well as working conditions is one of the prime objectives of heavy-duty protection methods. The wear protection techniques aid in extending the functional life of machines and equipment. Thus, the cost associated with periodic maintenance and the downtime associated with it is significantly reduced. In addition, it aids in reducing the overall cost of maintenance, and re-installation of heavy and expensive machinery. Consequently, a variety of industry verticals have realized the importance of heavy-duty protection equipment and are incorporating it significantly over a past few decades.
Consistent growth in material science and evolution of new techniques for wear protection has led to the higher adoption of these techniques into heavy industry machinery for wear protection. The use of new composite materials has improved the wear protection against conditions such as heat, vibrations, shocks, abrasion and corrosion due to the moist environment. Industries such as automotive and transportation, oil and gas, power plants, metal industries and construction and mining are few of the many industries which have adopted heavy-duty wear protection to extend their equipment life. With consistent growth in the aforementioned industries, the growth in the demand for heavy-duty wear protection is also expected to demonstrate a considerable rise throughout the forecast period from 2017 to 2025.
Heavy duty wear protection market is highly fragmented and comprises several international manufacturers. Manufacturers have been engaged in developing new materials and methods to provide optimum heavy-duty wear protection to the machineries used in hostile conditions. Companies have been focusing on new and emerging markets in the Asia-Pacific, Middle East and Africa (MEA) and Latin America regions. Major players in the market include Metso Corporation, CeramTec GmbH, ThyssenKrupp Industrial Solutions AG, Kalenborn International GmbH & Co. KG, Bradken Limited, Sulzer ltd., Thejo Engineering Limited, FLSmidth & Co. A/S, Sandvik Construction (Sandvik Group) and Caterpillar, Inc.
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- High investments in heavy-duty wear protection by companies to prevent damage to the machinery
- Improved form of wear protection techniques and advanced composite materials has increased the life of the equipment
- Expansion of sales and distribution network in new and emerging markets