The growing demand for metals across various industrial sectors is one of the leading driving factor of the global rockbreakers market. The mining sector has seen the significant growth in past few years and it is expected to persist in upcoming years.
Growth is anticipated in the upcoming years due to the mining industry’s rising demand. In addition to mining, the construction industry uses rockbreakers.
Demand in the sector is anticipated to increase, primarily as a result of increased investment in commercial and residential construction. According to a Future Market Insights (FMI) study, the global market for rockbreakers is anticipated to expand between 2021 and 2031 at a CAGR of 5.9 percent.
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Key Takeaways of Global Rockbreakers Market Study
- After a period of temporary lull, the rockbreakers market will recover exhibiting a little below 5% y-o-y growth in 2021
- Increasing mining activities will boost sales in the U.S., enabling it to account for over 69% of the North America market
- The U.K. will exhibit a steady 4.6% y-o-y growth in 2021
- Increasing construction activities will fuel demand in Germany and France
- China will exhibit increasing demand on the back of rising mining activities
“Continuously growing demand from mining sector is expected to drive the rockbreakers market throughout the forecast period. The demand from construction industry will also play pivotal role in the growth exhibited during the forecast period. Long term supply agreement with regional construction contractors and governmental agencies will provide opportunities to rockbreaking system manufacturers in the forecast period.” says an FMI Analyst.
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Competitive Analysis:
The global rockbreakers market has been identified as a highly fragmented market on the back of presence of large number of market participants operating in the market. The leading players account for nearly 15% share in the global market. Some of the leading players in the market are Orica Limited, Enaex S.A, Dyno Nobel, Exsa S.A. Maxam corp Holdings, Sandvik, Furukawa, ASTEC Industries, Sichuan Yahua Industrial Group Co., Ltd, BME Mining, Hanwha Corporation, and Eurenco S.A. These players are focusing on expansion of their product portfolio and establishing long term supply agreements with key end users to attain higher market revenue shares.
Rockbreakers market is estimated to witness sound growth during 2021-2031. Manufacturers are expected to concentrate further on research and development activities to develop new and innovative products that meet personalized requirements of consumers along with improved efficiency and durability. Expansion of sales and distributor network, collaborations with regional companies to expand footprint in regional market are seen as a key strategies expected to magnify in the forecast period.
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