With increase in global population, demand for construction and infrastructure development has risen manifold in the past several decades. This is largely in response to surging urbanisation and the consequent demand for housing. As a result, mining operations for construction materials has accelerated. Moreover, fast-paced industrial development has augmented the need for essential minerals and metals such as iron ore, copper, gold, bauxite, hydrocarbons, etc., for a number of manufacturing processes, thus increasing exploration and mining for these elements.
Based on these trends, the need for heavy crushers is proliferating, leading to constant maintenance and up-gradation of the same, heightening the growth prospects of the crusher backing materials market.
The global crusher backing materials market is slated to reach a valuation amounting to US$33 million by 2030, according to Fact.MR’s recently published report on the subject.
Key takeaways from the market study
- Cone crushers to pivot growth, grinding mills to emerge as the second largest segment, by application.
- By end-use industry, mining and smelting operations are likely to register extensive usage of crusher backing materials.
- Asia Pacific to emerge as a hub for manufacturers in the crusher backing materials market, owing to rapid growth of the construction sector.
- Epoxy-derived materials to be highly popular, attributed to their high resistance to thermal stress and enhanced adaptability.
- The coronavirus pandemic has brought about a massive deceleration in the global economy, resulting in immense sluggishness across several industries, including the crusher backing materials market.
“Adoption of technologically-advanced crushers is restricting the uptake of crusher backing materials in mature markets, compelling vendors to tap into emerging economies to remain afloat,” concluded a report analyst.
Crusher backing materials market: competition analysis
Prominent players within the crusher backing materials landscape include Henkel Corp. Engineering Adhesives, FLSmidth & Co. A/S, ITW Performance Polymers, ESCO Corp., Columbia Steel Casting Co. Inc., Copps Industries, Monarch Industrial Product (I) Pvt. Ltd., Micor Co. Inc., HPZ Crusher Services Inc., Unnathi Enterprises, and FINSAID Group Oy, to name a few. Strategic collaborations, acquisitions, and product launches are at the core of the aforementioned players’ expansion strategies. Additionally, certain players are expanding their geographical outreach by foraying into untapped markets.
For instance, Henkel Corp. India recently opened a new production facility in Kurkumbh, India, in February 2020.
With regard to product offerings, ITW Performance Polymers markets the KORROBOND 65 two-component epoxy-based backing compound and damping material for primary gyratory and cone crushers. The product offers very high compressive strength, is easy to mix and pour, and provides high impact strength and resilience.
Likewise, Monarch Industrial Products (I) Pvt. Ltd. markets and sells the KrushMore HPCBC 8.5 kg CBC01 crusher backing compound. This compound is a 100% solid epoxy used to back wear plates in cone and gyratory offering crushers. It completely eliminates voids, gaps, and misalignments between liners.
In July 2019, ESCO Corp. was acquired by Weir Group for a sum of US$1.3 billion, in order to broad base its ground-based mining equipment business by establishing a steady source of capital to fund growth and reinvestments.
Read the article online at: https://www.globalminingreview.com/special-reports/14102020/crusher-backing-materials-market-to-reach-us33-million-by-2030/