In terms of value, the global crusher backing materials market is expected to reach US$ 33 Mn by 2030, expanding at a CAGR of ~4% during the forecast period. The increase in demand for crusher backing materials in crusher machines is a key factor driving the global crusher backing materials market. Additionally, growth in the mining industry across the globe is anticipated to fuel the global market during the forecast period.
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Major Drivers of Crusher Backing Materials Market
The demand for metals and minerals has been increasing in various industries. Investment in mining and exploration of these metals and minerals has increased over the past few years. This is boosting the use of crushers in the mining industry. These factors are estimated to drive the global crusher backing materials market during the forecast period. The construction industry in Asia Pacific is expanding at a rapid pace, due to the large number of projects in pipeline. This is anticipated to fuel the demand for metals, minerals, and construction aggregates in the region during the forecast period. In turn, this is estimated to boost the production of construction aggregates, which require various types of crushers. Leading manufacturers of construction aggregates are employing advanced crushers and crusher solutions, including crusher backing materials to increase productivity. Thus, rapid growth of the construction aggregates industry in developing countries is driving the demand for crushers, thereby boosting the crusher backing materials market in these countries.
Cone Crushers to Witness High Demand
Based on application, the cone crushers segment dominated the global crusher backing materials market in 2019. Crusher backing materials are used as shock-absorbing materials. They prevent the wear of parts of crushers. They are also useful in enhancing the life of machinery and protect it from unnecessary damage, vibration, friction, and impact during crushing operations. The stone crushers segment is expected to expand at a significant pace by 2030. Crusher backing materials are employed as substitutes for various compounds in crushers. Grinding mills is another lucrative segment of the market across the globe. Crusher backing materials are used to crush aggregates that are employed as concrete admixtures in various constriction activities.
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Mining & Smelting End-use Industry to Dominate Crusher Backing Materials Market
Increase in consumption of crusher backing materials in the mining industry is projected to drive the demand for these materials during the forecast period. Moreover, rise in demand for metals, minerals, and aggregates is augmenting the usage of various types of crusher machinery. This, in turn, is boosting the demand for crusher backing materials in the mining & smelting segment. Crushing machines or crushers are used to break large, dense materials such as stones into more easily manageable forms. Durable and shock-absorbing crusher backing materials play a vital role in the protection and reinforcement of heavy-duty mining and quarry equipment.
Asia Pacific Holds Prominent Share of Crusher Backing Materials Market
In terms of volume, Asia Pacific accounted for a leading share of the global crusher backing materials market in 2019, due to rise in investments in the construction sector by governments of China, India, and Thailand. China is expected to constitute significant share of the market in Asia Pacific during the forecast period. Wide construction base, high availability of raw materials, and less regulations on mining are key factors driving the demand for crusher backing materials in the country. Middle East & Africa is another major consumer of crusher backing materials, led by the presence of a large number of mining reserves as well as facilities in the region. Rise in production of various minerals and growth in the construction sector are anticipated to boost the demand for crusher backing materials in Middle East & Africa in the near future.
The crusher backing materials market in Europe is anticipated to expand in the near future, owing to expansion in the construction industry in Germany, Turkey, Russia, and France. North America is a prominent mining base; therefore, it is a key region of the crusher backing materials market.
Key Players in Global Market
The global crusher backing materials market was highly fragmented, with various small- and medium-scale producers of crusher backing materials constituting nearly 50% of the market share in 2019. In February 2020, Henkel Adhesives Technologies India, a subsidiary of Henkel AG & Co. KGaA, opened a new production facility in Kurkumbh, India. Major players operating in the global crusher backing materials market include Henkel Corporation Engineering Adhesives, FLSmidth & Co. A/S, ITW Performance Polymers, ESCO Corporation, Columbia Steel Casting Co., Inc., Copps Industries, Monarch Industrial Product (I) Pvt Ltd, and Micor Company, Inc.
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