June 13, 2024
Cone Crusher Market
Ict

Global Cone Crusher Market Driven By Growth Of Mining Industry

The global cone crusher market is an important segment of the mining machinery industry. Cone crushers are key crushing equipment used in the mining sector for the size reduction of ores and rocks. They are primarily used in the secondary stage of ore size reduction after the run-of-mine ore is processed in primary jaw crushers. Cone crushers utilize the high speed motion and compression force of rotors against a crushing cavity to reduce material size. The crushing effect occurs by squeezing the material against a stationary crushing wall inside the machine. Cone crushers provide advantages of high crushing ratio, the ability to handle abrasive material, and adjustable discharge settings. The Global Cone Crusher Market Size is estimated to be valued at US$ 2086.43 Mn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growth in the mining industry remains a key driver for the cone crusher market between 2024-2031. According to the British Geological Survey, the mining industry grew by 3.2% globally in 2021 and is projected to exhibit further expansion in the coming years driven by increasing demand for minerals and metals. Factors such as rising population, urbanization and industrialization trends are contributing to higher mineral and metal demand worldwide. This is increasing the volume of mining operations globally and driving demand for equipment such as cone crushers used for size reduction. In addition, as mines operate crushing equipment for extended hours annually, cone crushers need frequent repair and parts replacement which generates significant aftermarket business for component manufacturers. Ongoing technological improvements in cone crusher design aimed at enhancing their efficiency, throughput and reducing energy consumption will also support market growth over the forecast period.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants is moderate as the cone crusher market requires high initial capital investments, and established players have significant economies of scale advantages. However, declining barriers to entry can increase threat over time.

Bargaining power of buyers: The bargaining power of buyers is moderate. While buyers have some influence over suppliers due to the fragmented nature of the market, switching costs are relatively low.

Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. The key components in cone crushers such as gear boxes, bearings, castings, and shell components have many specialized suppliers.

Threat of new substitutes: The threat of new substitutes is low as cone crushers have few product substitutes for size reduction in mining operations.

Competitive rivalry: The competitive rivalry in the market is high owing to the presence of numerous global and regional players. Intense competition based on pricing and product innovation keeps market concentration relatively low.

Key Takeaways:

The global cone crusher market is expected to witness high growth over the forecast period.

Regional analysis: Asia Pacific region is the fastest growing market for cone crushers driven by increasing mineral extraction and construction activities in major countries like China and India. China dominates the regional market owing to large volume of mining activities and presence of numerous regional players.

Key players: 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. Major players are focusing on new product launches and expansion in growing markets to gain higher market shares.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it