Crusher Backing Materials Market to Reach US$ 33 Mn by 2030; Growth Deceleration Expected During COVID-19 Pandemic: Fact.MR Study
Published : 05 Oct 2020 Industry: Chemical & Materials
With increase in global population, demand for construction and infrastructure development has risen manifold in the past several decades. This is largely in response to surging urbanization and the consequent demand for housing. As a result, mining operations for construction materials has accelerated. Moreover, fast-paced industrial development has augmented the need for essential minerals and metals such as iron ore, copper, gold, bauxite, hydrocarbons, etc., for a number of manufacturing processes, thus increasing exploration and mining for these elements.
Based on these trends, the need for heavy crushers is proliferating, leading to constant maintenance and upgradation of the same, heightening the growth prospects of the crusher backing materials market.
The global crusher backing materials market is slated to reach a valuation amounting to US$ 33 Mn by the year 2030, according to Fact.MR’s recently published report on the subject.
Key Takeaways from Crusher Backing Materials Market Study
- Cone crushers to pivot growth, grinding mills to emerge as the 2nd largest segment, by application.
- By end-use industry, mining & smelting operations are likely to register extensive usage of crusher backing materials.
- Asia Pacific to emerge as a hub for manufacturers in the crusher backing materials market, owing to rapid growth of the construction sector.
- Epoxy-derived materials to be highly popular, attributed to their high resistance to thermal stress and enhanced adaptability.
- The coronavirus pandemic has brought about a massive deceleration in the global economy, resulting in immense sluggishness across several industries, including the crusher backing materials market.
“Adoption of technologically-advanced crushers is restricting the uptake of crusher backing materials in mature markets, compelling vendors to tap into emerging economies to remain afloat,” concludes a Fact.MR analyst.
Crusher Backing Materials Market: Competition Analysis
Prominent players within the crusher backing materials landscape include Henkel Corporation Engineering Adhesives, FLSmidth & Co. A/S, ITW Performance Polymers, ESCO Corporation, Columbia Steel Casting Co. Inc., Copps Industries, Monarch Industrial Product (I) Pvt. Ltd., Micor Company Inc., HPZ Crusher Services Inc., Unnathi Enterprises, and FINSAID Group Oy, to name a few. Strategic collaborations, acquisitions, and product launches are at the core of the aforementioned players’ expansion strategies. Additionally, certain players are expanding their geographical outreach by foraying into untapped markets.
- For instance, Henkel Corporation India recently opened a new production facility in Kurkumbh, India, in February 2020.
- With regard to product offerings, ITW Performance Polymers markets the KORROBOND 65 two-component epoxy-based backing compound and damping material for primary gyratory and cone crushers. The product offers very high compressive strength, is easy to mix & pour, and provides high impact strength and resilience.
- Likewise, Monarch Industrial Products (I) Pvt. Ltd. markets and sells the KrushMore HPCBC 8.5 kg CBC01 crusher backing compound. This compound is a 100% solid epoxy used to back wear plates in cone and gyratory offering crushers. It completely eliminates voids, gaps, and misalignments between liners.
- In July 2019, ESCO Corporation was acquired by Weir Group for a sum of US$ 1.3 billion, in order to broad base its ground-based mining equipment business by establishing a steady source of capital to fund growth and reinvestments.
More Valuable Insights on Crusher Backing Materials Market
Fact.MR, in its new offering, presents an unbiased analysis of the global crusher backing materials market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the basis of application (cone crushers, gyratory crushers, stone crushers, grinding mills, and others [jaw crushers and crusher buckets]) and end-use industry (mining & smelting and building & construction), across five major regions.
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