Global Crusher Backing Materials Market Size, Trends & Analysis - Forecasts To 2026 By End-Use Industry (Mining & Smelting, Building & Construction), By Application (Cone Crushers, Gyratory Crushers, Stone Crushers, Grinding Mills, Others), By Region (North America, Europe, Asia Pacific, MEA, CSA), Vendor Landscape, End User Landscape and Company Market Share Analysis & Competitor Analysis
Crusher Backing Materials Market: Insights
The global crusher backing materials market is expected to generate revenue amounting to USD 21.76 million in 2020, and is projected to reach to USD 27.94 million by 2026, growing at a CAGR of 4.25% over the forecast period. Crusher backing materials are used to eliminate gaps and misalignments behind the wear parts of a crusher and support the wear surface during crushing. The growing demand for metals and minerals across various industries is one of the major factor driving the market for crusher backing materials during the forecast period. The growing adoption of crushers in various sectors such as mining, infrastructure & building, highways and railways, are driving the market growth for crusher backing materials over the coming years. In June 2020, Henkel launched its new LOCTITE PC 9021 shock-absorbing backing material to prolong the service life of gyratory and cone crushers throughout Europe.
The growing construction industry along with growing usage of minerals in construction activities are expected to propel the market growth during the forecast period. The rise in the number of high-rise structures across various regions including North America, Europe, Asia Pacific, and Central & South America is further projected to propel the demand for crusher backing materials. Crusher backing compounds are used in various ancillary applications, such as filling, bonding, fastening, and grouting among others. These materials offer strong impact resistance, low shrinkage, and minimum filler settlement in containers. However, high maintenance costs is likely to hamper the market growth during the forecast period.
Crusher Backing Materials Market Size: By Segmentation
The global crusher backing materials market is segmented on the basis of application into cone crushers, gyratory crushers, stone crushers, and grinding mills among others. The cone crushers segment is estimated to grow at a significant pace in the global crusher backing materials market during the forecast period. Crusher backing materials are shock-absorbing materials. They prevent wear of parts of crushers and enhance the life of machinery by protecting it from unnecessary damages, vibrations, friction, and impact during crushing operations. The stone crushers segment is expected to hold a significant market share during the forecast period. The growing demand for various sizes of stones in the construction industry is driving the market for stone crushers segment. The growing mining activities across the globe is also driving the market for stone crushers segment.
On the basis of end user, the global crusher backing materials market is segmented into mining & smelting and building & construction. The mining & smelting segment is expected to hold the largest market share during the forecast period. Increase in consumption of crusher backing materials in the mining industry is projected to drive the demand for these materials during the forecast period. Rapid industrialization and rise in usage of stone crushers in construction and mining industries are driving the market growth for crusher backing materials. Also, increase in mining activities for production of metals, aggregates, and minerals are driving the market for mining & smelting segment.
Crusher Backing Materials Market Size: By Region
On the basis of region, the market of crusher backing materials is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The Asia Pacific region is expected to dominate the market and is also estimated to expand at a rapid pace during the forecast period. Rise in investments in the construction sector by governments of China, India, and Thailand among others is driving the market growth in the region. 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 region. Rapid urbanization and increasing number of smart cities is also driving the market growth for crusher backing materials.
Crusher Backing Materials Market Share & Competitor Analysis
Some of the key players operating in the crusher backing materials market include: Henkel, ITW Performance Polymers, FLSmidth & Co. A/S, ESCO Corporation, Copps Industries, Monarch Industrial Product (I) Pvt Ltd., Columbia Steel Casting Co., Inc., Unnathi Enterprises, FINSAD Group Oy, Micor Company, Inc., HPZ Crusher Services Inc., G&S Chemicals, and Epoxa US., among others.
Please note: This is not an exhaustive list of companies profiled in the report.
Check the Press Release on Global Crusher Backing Materials Market Report
Crusher Backing Materials Market: By End-Use Industry
Crusher Backing Materials Market: By Application
Crusher Backing Materials Market: By Region
The global Crusher Backing Materials Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Crusher Backing Materials Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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