The wear parts market involves the manufacturing of components used in industrial equipment that are prone to regular wear and tear due to operational friction. This includes drill bits, mill liners, shovel buckets, and conveyor belts used in mining, construction, and bulk material handling industries.

Wear parts experience accelerated wear owing to frequent contact with abrasive materials. They need to be replaced regularly to ensure efficient functionality of equipment over extended periods of time. The rising mineral extraction and construction activities across the globe have propelled the demand for heavy machinery. The intensive and large-scale nature of these applications subjects wear parts to high stress, thereby increasing the replacement needs. Moreover, underground mining requires specialized wear protection solutions to withstand the harsh environmental conditions found in such areas.

The wear parts market is estimated to be valued at USD 685.73 Bn in 2024 and is expected to reach USD 984.65 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.

Key Takeaways

Key players: Key players operating in the wear parts market include Metso Corporation, The Weir Group PLC, ESCO Corporation, FLSmidth, Kop-Coat Incorporated, Italfill Zevenbergen B.V., PSS Manufacturing, Revee Company, Vulco SA, and Corrosion Engineering.

Growing demand: Wear Parts Market Demand Rising mineral and coal production in Asia Pacific and Africa driven by rapid urbanization and industrialization has augmented the demand for mining and construction equipment. This factor has fueled the requirement for wear parts used in these machinery.

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