The wear parts market includes various components and parts that are utilized across various industrial machineries and equipments to enhance their performance and increase their lifespan. Wear parts such as bearings, bushings, wear strips, seals, wear plates and various other components are installed across critical assembly points in industrial equipment that experience high friction during operation. These components effectively reduce wear and tear and enhance equipment efficiency. Mining industry utilizes a variety of heavy machinery such as excavators, loaders, dozers and conveyor systems for various digging and material handling applications. The continuous operations of these machineries lead to rapid wear of critical components, which needs to be replaced on a regular basis. Thus, the rising production volumes across major mining countries and modernization of existing mining fleets is expected to drive significant demand for wear parts over the coming years.

The wear parts market is estimated to be valued at USD 685.73 Bn in 2024 and is expected to reach USD 984.65 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.

Key Takeaways

Key players operating in the wear parts market are Metso Corporation, Hilti Group, FLSmidth, Caterpillar, and Sandvik AB. Metso Corporation and FLSmidth are among the leading suppliers of mining wear parts globally.

The growing demand from various industrial sectors such as mining, construction, energy, and manufacturing is a key factor driving the Wear Parts Market. In the mining industry, replacing worn out components helps reduce downtime and improves productivity.

Advancements in material designing of wear parts has significantly improved their lifespan. For instance, the use of high manganese steel helps enhance abrasion resistance of wear strips used in conveyor systems. 3D printing technology is also enabling customized designing of complex wear components with improved fit and finish.

Market Trends

Increased Automation: Mining companies are increasingly automating their excavation, haulage, and material handling operations through integration of advanced technologies such as AI, IoT, and telematics. This is reducing human intervention near heavy machineries and facilitating condition monitoring of wear parts to schedule predictive maintenance.

Recycling of Wear Materials: Leading manufacturers have launched recycling programs for worn out wear parts to promote circular economy. For example, steel from used wear plates is used in electric arc furnaces to manufacture new components, reducing costs and carbon footprint.

Market Opportunities

Growth in Electric & Hybrid Mining Fleets: Adoption of electric and hybrid drive systems in mining trucks and excavators is surging to improve sustainability. This will drive replacement demand for newer generation wear parts compatible with advanced powertrain technologies.

Modernization of Aging Mining Infrastructure: Many mining companies are investing in upgrades to replace aging fleets and equipment. This offers significant opportunities for wear part suppliers to provide optimized repair and replacement solutions tailored to modern mining operations.

Impact of COVID-19 on Wear Parts market growth

The COVID-19 pandemic has significantly impacted the wear parts market across the globe. During the initial phase of lockdowns imposed worldwide, the demand from end-use industries such as mining, construction, agriculture, and manufacturing saw a steep decline. Plant closures, disruptions in supply chains, and restricted transportation led to a drop in procurement of wear parts by OEMs and aftermarket players. The sales of wear parts witnessed a fall of over 15-20% in 2020 compared to the pre-pandemic situation.

However, with gradual opening up of economies and resumption of operations from Q3 2020, the wear parts market has started recovering. The mining industry, being crucial for economic growth, was one of the first to resume activities with COVID protocols. This provided some relief to wear parts suppliers catering to mining equipment fleets. The construction sector is also recovering steadily, spurring demand for parts replacing concrete cutting blades, excavator buckets, and dozer blades. Going forward, mass vaccination drives and global economic rebound are expected to help normalize wear parts consumption across core end-users from 2022.original investments planned in infrastructure developments and capacity expansions by mining and manufacturing companies will further aid market growth.

Geographical regions where the wear parts market is concentrated in terms of value

The North American region accounts for the largest share of the global wear parts market in terms of value. This is mainly due to heavy presence of mining and construction equipment fleet, especially in the US and copyright. According to estimates, the North American market for wear parts was worth over US$ 10 Bn in 2019. It is followed by Europe and China where mining, cement, and heavy manufacturing industries utilize huge number of machines and vehicles requiring frequent replacement of wear parts. countries like Germany, Russia, and China have a well-established domestic manufacturing base for wear parts as well serving worldwide exports.

Fastest growing region for the wear parts market

The Asia Pacific region, excluding China and Japan, is expected to witness the fastest growth in demand and sales of wear parts during the forecast period. This is attributable to fast-paced industrialization and infrastructure growth activities underway in several economies. India, Indonesia, and Vietnam in particular are witnessing expanded mining of coal and metals to fuel their economic progression. At the same time, building of roads, rails, ports, airports and urban infrastructure projects necessitates larger utilization of earthmoving and material handling equipment. This would drive the replacement and maintenance requirements for wear parts in these emerging Asian nations exhibiting over 7-8% annual GDP growth rates.

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