by The Cone Crusher Market is estimated to be valued at US$ 1811.13 Mn or in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cone crusher is a crushing machine used for crushing varieties of minerals and stones that do not exceed specific sizes. They are ideal for producing construction aggregates like sand, gravel, and road base. A cone crusher uses compression force to crush materials fed into the chamber between a movable cone and a fixed cone. As the cone crusher pivots through the eccentric motion, it will reduce materials against the chamber walls until they are small enough to pass through the discharge opening.
Market Dynamics:
One of the key drivers fueling growth of the cone crusher market is rapid growth of construction activities globally. Infrastructure development projects like buildings, roads, bridges require huge volumes of aggregates which boosts demand for cone crushers. Moreover, cone crushers offer advantages like higher productivity, betterquality product shape and gradation compared to conventional jaw crushers. They are suitable for secondary and tertiary crushing applications which expands their application scope. Furthermore, growing mining activities especially for metals and minerals exploration create need for higher crushing capacity. Cone crushers cater to such specialized crushing needs of mining industries. However, high installation and maintenance cost of cone crushers limits their adoption among smaller construction contractors.
Segment Analysis
The global cone crusher market is dominated by the mining industry segment. Cone crushers find extensive applications for crushing stones and ores in mining operations. They are used for crushing harder rocks and minerals such as iron ore, copper ore, and granite, among others. Within mining, the iron ore sub-segment currently dominates the demand for cone crushers due to the extensive mining of iron ore globally to meet growing steel demands.
PEST Analysis
Political: Mining regulations in major markets influence investments and thereby impact cone crusher demand. Stringent environmental norms also impact product design.
Economic: Economic growth drives construction and infrastructure development, positively impacting stone crushing activities and cone crusher sales. The China-US trade war impacts global trade and demand-supply dynamics.
Social: Growing construction of roads, housing, and commercial buildings fuels demand for crushed aggregates. Increasing consumerism also drives demand for crushed stone in the packaging industry.
Technological: Advancements in crushing chamber and eccentric sleeve designs have improved throughput and fuel efficiency of cone crushers. Automation and IoT enable remote monitoring of equipment health.
Key Takeaways
The global Cone Crusher Market Growth was valued at US$ 1811.13 Mn in 2023 and is expected to expand at a CAGR of 6.4% during the forecast period. Rapid urbanization and growth of the construction sector are anticipated to drive the demand. The Asia Pacific region currently dominates the market and the trend is expected to continue owing to rising construction spending in China and India.
Regional analysis: The Asia Pacific region is expected to remain the dominant as well as the fastest growing regional market for cone crushers during the forecast period. China, being the world’s leading construction market, is anticipated to lead the regional demand on account of massive investments in construction of roads and buildings.
Key players: Key players operating in the cone crusher market are Tesab Engineering Ltd., Terex Corporation, ThyssenKrupp AG, Metso Corporation, FLSmidth & Co. AS, McCloskey Equipment, Keestrack NV, Westpro Machinery Inc., Puzzolana Machinery Fabricators LLP, Â Astec Industries Inc., and Sandvik AB. The market remains moderately consolidated in nature with the top five players accounting for over 50% of the revenue share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
