The global cone crusher market is expected to surge at a steady CAGR of 2% during the forecast year of 2020 to 2030. The demand for cone crushers will be driven by rise in mining activities. Cone crushers are used for crushing sandstone, limestone, granite, iron ore, and other minerals for further processing.
Rise of Construction Industry to Fuel Demand for Cone Crushers
Emergence of industries such as mining, aggregate, demolition, and construction in many countries is the key driver for cone crushers. The demand for cone crushers is growing globally as governments are investing in infrastructural projects. Furthermore, focus on affordable housing projects is also expected to bode well for the market. Cone crushers provide many operational advantages to the industries, which is expected to be added advantage to the sale of machinery.
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In countries like India, where mining industry is not registering a significant growth, the demand for cone crushers used in mining industry is seeing the decline in the growth, which is inhibiting the global cone crusher market growth.
In order to save the capital and operational costs associated with the cone crushers, many construction and mining companies are opting for rented cone crushers as per the requirement, which is inhibiting sale of new cone crushers but opening up a rental avenue for the vendors.
Middle East and Asia Pacific Emerge as Leading Regional Market with Infrastructural Developments
On the basis of geography, the global cone crusher market is segmented into North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and the Middle East & Africa. In terms of market revenue, Asia Pacific and the Middle East and Africa are the attractive markets for cone crushers.
Analysts anticipate that the Middle East & Africa and Asia Pacific are projected to register a steady CAGR as developing economies witness infrastructural developments. North America cone crusher market is projected to register a slow but stable CAGR during the forecast period. However, rise of mining and construction industry and introduction of innovative and advanced technologies are some of the factors are fuelling the growth of cone crusher market in North America.
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Key Players
The key players operating in the global cone crusher market are WESTPRO, Telsmith, Terex, Global Mining Crusher, Metso and Sandvik.
By Segmentation
The global cone crusher market can be segmented on the basis of end-use application, by power source and by regions
On the basis of end-use application, the global cone crusher market is segmented as:
Mining Construction Aggregate Demolition Industrial Environment
On the basis of power source, the global cone crusher market is segmented as:
Electric Motor Diesel Generator Engine
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On the basis of application, the global cone crusher market is segmented into construction, mining, demolition, aggregate, environmental, and others. The mining segment is expected to stand out, proving the global cone crusher market a massive scope for growth. However, analysts also project that the demolition segment will also leap ahead as nations take a step forward toward materializing infrastructural plans for building future cities.