by The global Ground Engaging Tools Market is estimated to be valued at US$ 7,087.4 Mn in 2022 and is expected to exhibit a CAGR of 23.1% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ground engaging tools are an essential part of heavy construction equipment used for earthmoving operations. These tools including buckets, rippers, grabs and hammers are used for mining, demolition, heavy lifting and construction activities. They provide wear resistance, improve productivity and reduce operating costs.
Market Key Trends:
The Ground Engaging Tools market has been witnessing a rise in demand for tools with advanced coating & metallurgy. Manufacturers are focusing on development of multi-layered coatings and usage of premium alloy steels to improve wear life upto 50% compared to conventional tools. This has helped equipment owners achieve higher productivity with reduced downtime and maintenance costs. There is also a shift towards composite tool materials such as cemented tungsten carbide to bring greater strength and impact resistance. Sensors are being integrated with tools to monitor wear life remotely and trigger automated replacements. This is promoting condition-based maintenance over conventional time-based cycles.
Market Key Trends:
One of the key trends in the Ground Engaging Tools Market is the growing demand for efficient cutting tools and wear parts that enable heavy construction and mining equipment to work effectively in tough conditions. There is an increasing focus on using tools made of advanced materials that can withstand high pressures and temperatures while providing long operational life. Manufacturers are developing tools with composite matrix bodies reinforced by hard particles like tungsten carbide. These composite materials exhibit high strength, fracture toughness, and wear resistance.
SWOT Analysis
Strength: Advanced materials and composite engineering enable ground engaging tools to withstand tough working conditions effectively.
Weakness: Frequently replaced tools incur additional maintenance costs. Complex geometry of tools makes manufacturing challenging.
Opportunity: Growth in infrastructure projects and mineral extraction activities will drive the demand for high-performance tools. Adoption of 3D printing can simplify manufacturing.
Threats: Stringent regulations regarding mining emissions and impact on environment. Competition from local and regional Asian manufacturers.
Key Takeaways
The global ground engaging tools market is expected to witness high growth, exhibiting CAGR of 23.1% over the forecast period, due to increasing investments in infrastructure development and mining & quarrying activities worldwide.
Regional analysis: The US accounts for the largest share of the ground engaging tools market owing to strong demand from the construction and mining industries in the country. Asia Pacific region is expected to witness the fastest growth over the forecast period with China, India, and Australia emerging as the major markets. This can be attributed to ongoing infrastructure development projects and expansion of mining operations in the region.
Key players: Key players operating in the ground engaging tools market are Atlas Copco AB, Caterpillar, Inc., Hitachi Construction Machinery, Komatsu Limited, Sandvik AB, Columbia Steel Casting Co., Inc., Doosan Corporation, USCO S.p.A, Volvo AB, and MB America, Inc. These companies are focusing on introducing innovative tool materials to enhance equipment productivity. For instance, Komatsu has developed composite tools with tungsten carbide particles that last nearly 10 times longer than conventional tools.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
