The global heavy duty wear protection systems market witnesses the prominence of a few large players, states Transparency Market Research (TMR) in a new market study. Extensive requirement of manufacturing capabilities and capital intensive nature of units for the manufacture of heavy duty wear protection systems limits participation from large players. However, the heavy duty wear protection market has the presence of some small players that vie to partner with large ones, adds the report.
Top companies having a significant presence in the global heavy duty wear protection systems market include Sandvik Construction, CeramTec GmbH, Kalenborn International GmbH & Co. KG, Bradken Limited, Sulzer Ltd, Metso Corporation, FLSmidth & Co. A/S, ThyssenKrupp Industrial Solutions AG, and Thejo Engineering Limited.
According to the TMR report, the global heavy duty wear protection systems market is likely to rise at a tepid 4.3% CAGR from 2015 to 2023. Rising at this pace, the market is likely to be worth US$2.06 bn by 2023 increasing from US$1.4 bn in 2014.
Among key material types, ceramic wear protection system is anticipated to display the leading growth rate over the forecast period. The high durability and wide applicability of ceramic coats account for their expansive use for wear protection systems. Among the key end users, in 2014, oil & gas and iron and steel industries held the leading revenue shares in the overall heavy duty wear protection systems market. Going ahead, with predictions of exponential growth of the oil & gas sector in the Middle East & Africa, the heavy duty wear protection systems market is expected to receive a boost in the region.
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Measures to attain Complete Life of Equipment in Heavy Duty Industries pushes Demand
Across the world, growth of heavy duty industries such as rubber, ceramic, steel, and plastic is favoring the growth of ancillary industries. These industries employ equipment and processing units that are exorbitantly expensive and are difficult to replace or even repaired very often. The long life of the equipment as claimed by the manufacturer of these equipment can be attained if the optimum ambient conditions are provided. This includes protection from wear and tear as well.
Heavy duty wear protection systems are an integral component of heavy duty industries at various stages. For example, conveyor belt of an assembly are protected with heavy duty wear protection. The protection gear is specifically placed at those parts that are particularly prone to wear. This is providing tailwinds to the heavy duty wear protection systems market.
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Susceptibility of Heavy Duty Components to Corrosion necessitate Wear Protection System
Heavy duty components such as pipes, cranes, lines, turbines, silos, and automotive components are susceptible to abrasion and corrosion. The breakdown of one single component in the entire assembly results into production loss and monetary loss for plant owners. To prevent such situations, use of heavy duty wear protection for these components is a common practice in heavy duty industries. The heavy duty wear protection systems market is thus benefitted.
The review presented is based on the findings of a TMR report, titled “Heavy Duty Wear Protection Systems Market (Material Type: Ceramic, Rubber, Steel, Plastic; End-use Industry: Transportation and Automotive, Oil and Gas, Iron and Steel, Mining, Power Plants Construction, Wood Pulp and Paper, Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”