July 25, 2024
Cone Crusher Market
Ict

Growing global mining industry to boost the growth of Cone Crusher Market

The global Cone Crusher Market is estimated to be valued at US$ 1811.13 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Cone crushers are mechanical equipment which is used to crush hard and abrasive materials in mining, aggregates production and recycling applications. They are ideal for reducing ores and rocks into smaller size particles. Cone crushers employ a spinning cone that gyrates in the bowl-shaped crushing chamber of the machine. They are known for their high capacity, versatility and ability to crush a variety of hard materials in mining and aggregate industries. The growing global mining and aggregates industry is projected to drive the demand for cone crushers in the coming years.

Market key trends:
The key factors expected to boost the demand for cone crushers over the forecast period include growing mining activities, infrastructure development projects worldwide and recycling of construction and demolition waste. The global mining industry has been growing steadily over the past few years driven by rising demand for metals and minerals from industrial sectors. The mining industry requires effective and efficient crushing equipment like cone crushers to reduce ores and rocks into smaller size particles. Also, numerous infrastructure development projects across regions are augmenting the need for crushed aggregates that can be produced using cone crushers. Moreover, with growing environmental concerns, recycling of construction and demolition waste is gaining traction which will subsequently increase the need for cone crushers in recycling plants. Technological advancements in cone crusher design like hydraulic setting adjust and automatic central lubrication are some other factors fueling the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high initial capital requirements for setting up a cone crushing plant. However, Intellectual property rights pose a low threat.
Bargaining power of buyers: Buyers have low bargaining power due to the diverse applications of cone crushers in mining and quarrying industries. Customers cannot substitute a cone crusher easily.
Bargaining power of suppliers: A few large companies dominate the supply of cone crushers globally. Thus, suppliers enjoy high bargaining power.
Threat of new substitutes: No direct substitutes exist for cone crushers in medium and hard rock applications due to unparalleled efficiency, high throughput, and shape control. The threat is low.
Competitive rivalry: High due to the presence of few large players like Metso Corporation, Sandvik, and Terex Corporation globally.

Key Takeaways
The global Cone Crusher Market Growth is expected to witness high growth, exhibiting a CAGR of 6.4% over the forecast period of 2023 to 2030, due to increasing mining and infrastructure development activities.
Regional analysis: Asia Pacific dominates the global market and is expected to continue its dominance, mainly driven by China, India, and Indonesia. The region is witnessing growth in cone crusher demand led by mining industry expansion and infrastructure development projects.
Key players: Key players operating in the Cone Crusher Market include Tesab Engineering Ltd., Terex Corporation, ThyssenKrupp AG, Metso Corporation, FLSmidth & Co. AS, McCloskey Equipment, Keestrack NV, Westpro Machinery Inc., Puzzolana Machinery Fabricators LLP, Â Astec Industries Inc., and Sandvik AB.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it