December 19, 2022 07:35 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The global stone crushing equipment market size is anticipated to grow on account of rising developments in construction industry. This information is published by Fortune Business Insights, in its latest upcoming report, titled “Stone Crushing Equipment Market Size, Share & Industry Analysis, By Type (Jaw Crusher, Cone Crusher, Impact Crusher, Others), By End Users (Mining, Quarrying, Recycling, Construction & Infrastructure, Others (Railways, Agricultural)) Others and Regional Forecast, 2022-2029” Plastic Extruder Machine
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Stone crushing equipment is generally made up of metal surfaces that have the capability of compressing materials such as stones, rocks, iron, and others. The stone crushers are used in several industrial fields such as building materials, mining, constructing roads and highways, building canals and bridges, and other activities. Mining industry has witnessed rampant use of stone crushers in recent times. For instance, the total mining production across the globe that was accounted to be more than 16.5 billion metric tons in 2016, and set to grow every year requires stone crushers for efficient operational activities.
Accelerating Construction Industry to Promote Growth
According to Global Construction 2030, the construction industry is set to expand to $15.5 trillion with countries such as China, India, and the USA leading the way which will account for over 57% of all growth worldwide. Stone Crushers are an integral part of the construction industry. Increasing infrastructural projects in developing economies is expected to boost the growth of the market in the forthcoming years. For instance, in February 2020, Union Coal and Mines Minister of India, Mr. Pralhad Joshi, inaugurated a Crusher and Conveyor System with an active investment of Rs. 483 crores at aluminum major NALCO’s Mining and Refinery (M&R) complex located at Damanjodi, Odisha.
COVID-19 had a Potential Impact On Market
This market is expected to be negatively affected during the COVID-19 pandemic because of severe supply chain restrictions. The sudden spike in COVID patients led to the adoption of stringent lockdown norms, thereby negatively affecting the market’s development. The restrictions on transport, declining automotive sales, and the lack of raw materials led to severe disruptions in the supply chain. Further, manufacturing restraints negatively affected manufacturers’ revenue generation. These factors may propel market development during the pandemic.
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Innovations in Product Will Aid Growth
Major players operating in the stone crushing equipment market are marking their presence by focusing on product development and innovations. The companies are adopting strategies such as launching new products for the market to gain a competitive edge during the forecast period. In addition to this, incorporation of advanced technical features into new products by the companies will contribute to the growth of the market during the forecast period.
Stone Crushing Equipment Market Segmentation:
The report includes detailed information about the stone crushing equipment market trends. It further includes list of all the growth driver, barriers, opportunities, and challenges that the market will probably go through during the forecast period. Furthermore, it comprises of comprehensive analysis of every region present in the market. Moreover, in-depth data information about the key strategies adopted by the companies to gain maximum of the stone crushing equipment market share is included that will contribute to the growth of the market during the projected horizon.
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Increasing Government Expenditure Will Surge Demand in Asia-Pacific
Geographically, the market is segmented into regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Among the regions, Asia-Pacific is anticipated to grow significantly during the forecast period. This is attributable to factors such as increasing government expenditure in countries such as China, and India for developments of roads and highways. Furthermore, several long-term and short-term projects undertaken by countries in Asia-Pacific will contribute to the growth of the market in this region. North America, on the other hand, is expected to derive growth considering increase in number of high-rises in countries such as U.S. and Canada. The Middle East and Africa will witness substantial growth owing to upcoming construction projects. Countries such as UAE, Qatar, and Oman with its increasing constructional activities will impact the growth of the market in this region between 2022 and 2029.
List of Companies Operating in the Global Stone Crushing Equipment Market:
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.3 Porter’s Five Forces Analysis
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