Press release
Cone Crushers Market Share, Current Trends, Opportunities, Growth at a CAGR of 5.5% by 2030
Cone crushers are highly effective in utilizing compression to crush material into a consistent product. Consequently, they are the most commonly used crushing equipment for secondary and tertiary crushing stages in both the aggregate and recycling industries.The cone crushers market size was valued at $1.7 billion in 2020, and is expected to reach $2.9 million by 2030, registering a CAGR of 5.5% from 2021 to 2030.
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Several factors drive the global cone crusher market. Increased government spending on infrastructure development, the demand for quicker and more cost-effective construction methods, and advancements in manufacturing technology are key growth drivers. Conversely, high initial investments and the use of alternative construction materials pose challenges to market growth. However, increasing urbanization and industrialization in developing countries present significant opportunities for market expansion.
The market is primarily driven by increased government expenditures on infrastructure projects, such as tunnel improvements, mining operations, and other construction activities, which are expected to rise. Rapid urbanization and industrialization in developing countries are fueling construction activities. Additionally, advancements in manufacturing technology for construction activities are major market drivers, reducing construction time and enhancing outcomes.
COVID-19 Impact:
The cone crushers market experienced setbacks due to restrictions on construction and mining activities during the lockdown. Production of these machines was also affected.
The market is anticipated to recover as lockdown restrictions are lifted, aided by global vaccination campaigns.
The COVID-19 pandemic disrupted logistics and manufacturing projects worldwide, interrupting the supply chain and hindering market growth.
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Market Segmentation:
The global cone crusher market is segmented by end-user industry, sales type, mobility, and region.
Mobility:
The portable-wheeled segment held the largest market share in 2020, accounting for more than half of the total share, and is expected to maintain its lead throughout the forecast period.
The portable-tracked mounted segment is projected to experience the fastest CAGR of 5.9% from 2021 to 2030.
Sales Type:
New equipment sales dominated the market in 2020, contributing to three-fourths of the total market share, and are anticipated to continue dominating during the forecast period.
The aftermarket sales segment is expected to register the fastest CAGR of 6.0% from 2021 to 2030.
Region:
Asia-Pacific, followed by North America and Europe, contributed the highest share in 2020, accounting for more than half of the global cone crusher market. This region is expected to maintain its dominance throughout the forecast period.
The LAMEA region is projected to exhibit the fastest CAGR of 6.1% during the forecast period.
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