Wear Plates Market In-Depth Analysis with Booming Trends Supporting Growth and Forecast 2021-2031

The global wear plate market is expected to register year-on-year growth of 5.1% in 2021, reaching US$ 6.9 Bn by the end of 2021. Wear plates are used in a variety of end-use sectors to assure the long-term safety of the equipment.

It also saves money on maintenance as it lasts longer than any other steel. Wear-resistant steel plates reduces the weight of the equipment by 30-40%. On account of this, the global wear plates is anticipated to exhibit growth at a CAGR of 6.3% between 2021 and 2031.

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Regionally, North America is projected to remain a key wear plate market over the forecast period owing to increasing demand from end-use applications. Sales in North America are expected to surge at a CAGR of 7.0% through 2031.

According to Future Market Insights (FMI), the wear plates market is likely to witness robust growth in the near future, on the back of expansion of end-use industries and applications in manufacturing.

On account of growing applications in waste management, pulp & paper, chemicals, and other industries, demand in wear plate market is expected to increase over the forecast period. Subsequently, growing research and development activities will accelerate the growth in the wear plate market.

Historically, the wear plate market grew at 2.0% CAGR between 2016 and 2020. Increasing material cost and lack of professional labour hampered the demand for wear plates in various end-use sectors, severely impacting the growth.
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As per FMI, the sales in the wear plate market are likely to increase at a CAGR of 5.8%, in terms of volume over the assessment period of 2021-2031. Growth in the market is attributable to increasing applications in mining, power generation, steel & aluminium mills, and others.

Wear plates protect the equipment by coating it with a protective layer. It aids in the prevention of damage and ensures proper usage, extending the usable life of each piece of equipment.

Every movement creates abrasion as the mechanical pieces, which are usually made of metal, grinding against each other. If it breaks, the replacement cost and the cost of unwanted downtime, will be inefficient.

Protecting the most vulnerable parts of the equipment with protective covers is one way to prevent harm. Hence, end users are providing safe and secure communication between suppliers and customers to protect the machinery.

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