July 17, 2024
Cone Crusher Market

The Rapidly Growing Cone Crusher Market Is Driven By Rising Construction Activity

Cone crushers are essential machines used for crushing rocks and minerals in construction and mining applications. They function by compressing materials caught between a movable cone and a fixed cone. Cone crushers offer various advantages such as high crushing capacity, adjustable discharge settings, and easy maintenance. High compression strength and versatility make them suitable for reducing hard and abrasive materials. The global cone crusher market is witnessing growth as construction projects ramp up globally. Rising infrastructure development and expanding mining operations are fueling demand for cone crushers to crush rocks, gravel, and minerals efficiently.

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 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the cone crusher market is growing automation and mechanization. Manufacturers are developing advanced cone crushers with integrated automation systems that provide remote monitoring and control capabilities. This enables real-time process optimization to improve productivity and reduce downtime. Also, there is a rising demand for mobile cone crushers owing to their versatile and flexible nature. Mobile cone crushers can be easily transported around construction sites and mines, helping contractors crush materials closer to the working face and reduce hauling costs. Their mobility allows materials to be crushed on location where they are extracted.

Porter’s Analysis

Threat of new entrants: The cone crusher market requires large investments and has significant economies of scale. Therefore threat of new entrants is low.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like impact crusher. However, cone crusher has its advantages over impact crushers.

Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials required for manufacturing cone crusher are commodity products and available.

Threat of new substitutes: Impact crushers are emerging as substitutes but cone crusher gains advantage due to its capability to crush hard and abrasive ores and rocks.

Competitive rivalry: The market is fragmented with presence of global as well as regional players. Competition is high based on product quality, price and service.

Key Takeaways

The Global Cone Crusher Market Demand is expected to witness high growth.

Regional analysis: Asia Pacific region dominates the cone crusher market and is expected to grow at fastest rate due to increasing mining and construction activities in countries like China and India. Countries are investing heavily in infrastructure development which will boost the demand.

Key players: Key players operating in the cone crusher market are Wood plc, WorleyParsons, Fluor Corporation, Aecom, Jacobs, SNC-Lavalin, Hatch Ltd, Bechtel Corporation, KBR Inc, TechnipFMC, Chicago Bridge & Iron Company, Hyundai Engineering & Construction, McDermott International Inc, National Projects Construction Corporation, Galfar, Tecnicas Reunidas, Saipem, Daewoo E&C, Petrofac Ltd, Samsung Engineering. Leading players are focusing on product launches and innovations to gain competitive edge.

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