Crusher Backing Materials Market: Introduction
In terms of value, the global crusher backing materials market is anticipated to expand at a CAGR of 3.5% from 2019 to 2027. The demand for metals and minerals has been increasing across various industries. Expenditure on mining and exploration has also increased over the past few years, which subsequently boosts the use of crushers in the mining industry. These factors are likely to drive the global crusher backing materials market during the forecast period.
According to a report published by Global Construction Perspectives and Oxford Economics, the global construction sector is expected to reach value of US$ 14.5 Trn by 2030. 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. This, in turn, is boosting the production of construction aggregates, which require various types of crushers for grinding into small pieces. Leading manufacturers of construction aggregates are employing advanced crushers and crusher solutions (repair and maintenance products including crusher backing materials) to increase productivity. Thus, rapid growth of the construction aggregates industry in developing countries drives the demand for crushers, which subsequently boosts the crusher backing materials market in these countries.
Regulatory Framework for Crusher Backing Materials to Hamper Demand
Toxic substances and dust are released during drilling, crushing, and screening of rock, minerals, and metal extracts. This affects the environmental and human health. Regulations on mining are anticipated to become stringent in the next few years, due to increase in awareness about environment-related hazards of byproducts of mining. Thus, rise in environment-related regulations has been adversely affecting the global mining industry and reducing the use of crushers for mining. This, in turn, hampers the global crusher baking materials market. The use of resin-based crusher backing materials leads to deterioration of air quality, as it contains volatile organic compounds (VOCs). This can cause harmful effects on the environment and human health, which leads to implementation of stricter norms on the use of these materials.
The U.S. Department of Labor, Occupational Safety, and Health Administration has applied a specific limit for the VOC content in backing material resins. Regulators such as the Environment Protection Agency (EPA), National Ambient Air Quality Standards (NAAQS), and Registration Evaluation Authorization and Restriction of Chemicals (REACH) have formulated stringent rules on VOC emissions. Upcoming and technologically upgraded crusher machinery requires minimum maintenance. Some of the companies are developing upgraded crushers that do not require backing materials. This change in technologies is projected to hamper the global crusher backing materials market during the forecast period.
Mining & Smelting to Dominate Crusher Backing Materials Market
In terms of end use, the global crusher backing materials market has been divided into mining & smelting and building & construction. Among these, the mining & smelting segment dominated the global crusher backing materials market, in terms of revenue, in 2018. The segment is expected to be highly lucrative from 2019 to 2027. Moreover, increase in demand for metals, minerals, and aggregates leads to growing usage of various types of crusher machinery. This, in turn, drives the global market for crusher backing materials in the mining & smelting segment.
Cone Crushers to be Dominant Application of Crusher Backing Materials Market
Based on application, the global crusher backing materials market has been segregated into cone crushers, gyratory crushers, stone crushers, grinding mills, and others. Among applications, the cone crushers segment held a major share of the global crusher backing materials market in 2018. It is anticipated to continue to dominate the global market from 2019 to 2027. Crusher backing materials are used as shock-absorbing materials and they prevent ware 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.
REQUEST FOR COVID19 IMPACT ANALYSIS –https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=74453
Asia Pacific to be a Lucrative Region of Crusher Backing Materials Market
Based on region, the global crusher backing materials market has been classified into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. The crusher backing materials market in Asia Pacific is projected to expand at a CAGR of ~3% during the forecast period. Asia Pacific is expected to offer significant opportunities to the crusher backing materials market during the forecast period. Asia Pacific is a major manufacturer and consumer of crusher backing materials, due to the well-established mining industry in the region. Crushers are widely used in the mining & smelting industry for stone crushing. Growing mining activities led by rise in the demand for metals and minerals, and production of different types of metals and aggregates in the region are propelling the use of crushers. This, in turn, is driving the demand for crusher backing materials in Asia Pacific.
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 2018. Asia Pacific has been a lucrative region of the global crusher backing materials market for manufacturers over the last few years. Recently, market players have taken significant growth initiatives in Asia Pacific. In February 2020, Henkel Adhesives Technologies India, a subsidiary of Henkel AG & Co. KGaA, opened a new production facility in Kurkumbh, India. Key manufacturers operating in the global crusher backing materials market are 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, Micor Company, Inc., HPZ Crusher Services Inc., Unnathi Enterprises, FINSAD Group Oy, G & S Chemicals, and Epoxa US.
Explore Transparency Market Research’s award-winning coverage of the global Chemicals and Materials Industry:https://www.prnewswire.com/news-releases/global-n-methyl-2-pyrrolidone-market-to-clock-nearly-6-cagr-during-20192027-to-touch-valuation-of-us2-bn-by-2027-transparency-market-research-300998383.html