Market Trends of Global Cone Crusher Industry
This section covers the major market trends shaping the Cone Crusher Market according to our research experts:
The Construction Segment is Expected to Hold a Major Market Share
- Cone crushers are primarily used for crushing hard, abrasive, and dense materials, such as granite, used in the construction industry. These crushers are currently available in multiple types, such as stationary, track, and mobile designs.
- The construction industry is one of the largest demand generators for crushers. Aggregates used in the industry are a major demand driver for crushers. The availability of aggregates has been very crucial with the pace at which infrastructure development and construction are happening across the world.
- The companies primarily engaged in the construction of more than 40 km of pavement quality concrete roads per day are demanding three and four-stage crusher plants of 300-500 tph capacity to produce fine aggregates of (-) 20 mm and sand plants.
- In developing nations, renewed policies in the residential and commercial construction sector and the demand for more infrastructure buildings, such as roads and bridges, are all contributing to the increasing demand for crushing equipment.
- According to the United Nations, two-thirds of the global population is expected to live in cities by 2050. Currently, around 55% of the worldwide population is known to be living in urban areas or cities, and the share is poised to increase to about 68% over the coming decades. Therefore, the construction industry is expected to increase capital spending for the installation of equipment, including crushers and other equipment.
- Moreover, a large number of new road projects are being rolled out across various countries, along with road widening from 2 to 4-lane and from 4 to 6-lane, which is boosting the demand for crushing plants. Also, the restricted timelines of the project are forcing contractors to deploy advanced machines that give assured performance with minimum set-up time coupled with minimum downtime. Manufacturers are meeting their requirements by upgrading their machines to deliver better and faster.
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Asia Pacific is Expected to Witness the Highest Growth
- China has become one of the largest construction markets globally. According to the National Bureau of Statistics of China, in 2020, the construction industry value in China amounted to USD 1,049 billion. As the Chinese government plans to focus on improving the infrastructure in small and medium-sized cities, the construction industry is forecasted to maintain continuous growth at around 5% annually. In 2021, the market value of China's construction industry totaled USD 1,117.42 billion. The country's robust growth in construction activities is anticipated to offer lucrative opportunities for the development of the studied market.
- Further, China's 'one belt, one road initiative is propelling the cooperation and trade with its neighboring countries, thereby drawing massive investments in the construction sector, which is anticipated to drive the country's construction equipment. China is also planning to design 150 logistics hubs during 2021 - 2026 as part of the significant expansion and transformation of its supply chain industry, which is expected to impact the market in the region positively.
- With China's growing need for higher-quality iron ore (to cut down on pollution and improve efficiency), Australian miners are increasing their production capacities and investing in replacing older and exhausted mines. With Australia being one of the largest exporter of iron ore to China, such mining trends would contribute to the positive demand for processing equipment, like cone crushers. Further, with the introduction of investor-friendly regulations and laws in emerging economies, such as Vietnam, Myanmar, and Indonesia, these countries are expected to approve numerous production and exploration projects during the forecast period.
- Additionally, India is one of the fastest-growing construction markets in the region, and its expenditure is expected to be around USD 13 trillion in construction industry by 2030, according to India Brand Equity Foundation. The country's expanding population is generating a vast demand for housing projects due to the increase in urbanization and disposable income. The focus on enhancing infrastructure to boost the economic position is also adding to the market opportunity in the region and creating more growth for the cone crushers market in the country, as they are highly deployed in the country's construction sector.
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