News Update 2020: Wear Parts Market will Grow with 4.9% CAGR by 2026

The global wear parts market was valued at 490.8 Bn US$ in 2018 and will reach 716.2 Bn US$ by the end of 2026, growing at a CAGR of 4.9% during the forecast period. Although tool wear and tear is a common characteristic in nearly all of the machining procedures, grinding and polishing epitomizes the highest level of wearing. Abrasives are consumable products having a product lifecycle of up to three months. Where this is observed as a periodic overhead at the consumer side, abrasive manufacturers see this as a profitable opportunity. Due to a comparatively shorter lifespan, the demand for the abrasive products remains uplifted continuously regardless of factors such as industry slowdown and decline in equipment sales.

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Additionally, the wear parts are predominantly dependent upon the material processing machines (such as grinding/polishing/cutting machines) segment. Thus, with the rising market for this equipment, in terms of volume, the demand for the related consumables too is intensely fuelled. The overall demand for this equipment and consumables is majorly driven by the enormous global industrial manufacturing industry. The overall global market is mainly driven by the Asia Pacific region due to its speedy growth in the sector over the last couple of decades. The weakness in growth is driven by a sharp decline in manufacturing activity and global trade, with higher tariffs and persistent trade policy ambiguity damaging investment and demand for capital goods. Moreover, there has been increased popularity for the wear parts market in China over recent years. There are several reasons why most machine owners are buying parts from Chinese manufacturers.

Key Findings:

  • Asia Pacific dominated the global market in 2018 and is expected to remain dominant over the forecast period
  • Abrasive wear segment is expected to attain a major market share of 38.9% in the global wear parts market, by wearing mechanism in 2018
  • The bushings segment will grow at a CAGR of 4.2% during the forecast period. The segment accounted for the largest market share in 2018
  • The tungsten carbide segment is expected to grow at the fastest pace with a CAGR of 5.6% during the forecast period.

Recent News:

  • In December 2019, SKF announced its agreement with Gerdau a steel producer and owing to agreement SKF will increase productive and reduce its unplanned downtime. At the same time, SKF will also provide full range of lubrication system, bearings, and monitoring units.
  • In September 2019, Castolin Eutectic has introduced new CastoTIG welding machines, to continue the leadership in the field. During the TIG process, the arc is created between a tungsten electrode and the workpiece in an atmosphere made up of argon. The inert atmosphere protects the molten material from oxidation. The TIG process helps to improve the quality and precision of the weld.
  • In September 2019, Metso is expanding its crusher wear part offering by launching a new range of OEM crusher liners. Available for selected markets from September 2019, the new Metso O-Series offers the right balance between performance, affordability and reliability.
  • In April 2019, Castolin Eutectic announced its agreement with Hlakani Engineeringand owing to this Castolin Eutectic refurbishment will be offered in South Africa and Southern Africa.
  • In March 2019, Magotteaux becomes Strategic Equity Partner of Grinding Media South Africa.

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