CONE CRUSHER MARKET ANALYSIS

The global cone crusher market size was valued at USD 1599.8 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. The Cone Crushers market is expected to experience significant growth due to the rising requirement for low cost production equipment. Moreover, the rising demand for concrete, asphalt, aggregates and precast products is expected to fuel the market growth. Construction industries are experiencing continuous development in various countries. Rapid urbanization is generating huge demand for housing projects. This demand is expected to drive the market in emerging countries. Also, the rapid growth of industries such as roads & railways is expected to create opportunities for the market. 

Global Cone Crusher Market: Regional Insights

The global cone crusher market is regionally segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Asia Pacific, is expected to dominate the global cone crusher market over the forecast period. this is due to rapidly increasing population in countries such as India and China, further creating demand for housing projects. Moreover, the rise in focus on governments in the region on improvement of infrastructure to increase economic position is also supporting the market growth across the region, as cone crushers are largely used in construction sector.

Furthermore, North America is also anticipated to witness substantial growth in the global cone crusher market over the forecast period. This can be attributed high adoption of cone crushers among end-use industries such as mining and construction in the region. For instance, as per the National Mining Association, 50% of electric power is generated using coal in the United States. Thus, the mining industry in the U.S. is a potential buyer of cone crushers in North America. This in turn supports growth of the global cone crusher market.

Figure 1. Global Cone Crusher Market Share (%), By Region, 2021

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Global Cone Crusher Market Drivers:

Rise in demand for cone crushers from the mining industry in developing regions is expected to boost growth of the global cone crusher market over the forecast period. The mining sector comes under the primary sectors of any economy, as countries depend on this sector significantly for generation of promising natural resources such as gold, coal, nickel, and iron ore, which are primarily used in construction. As per the Department of Industrial Policy and Promotion, the annual growth rate of mining industry of India increased to 2.9% in 2019 from 2.3% in 2018. Thus, rise in demand from the mining industry is supporting growth of the market.

Rapidly growing construction industry is also projected to fuel growth of the global cone crusher market over the forecast period. The construction industry around the globe is witnessing rapid growth, as the number of people living in the cities is increasing everywhere. For instance, as per the Bureau of Labor Statistics United States, the output of construction sector is likely to increase from US$ 1,427.3 billion in 2018 to US$ 7,575.7 billion in 2026. Moreover, as per the United Nations, the rate of population living in cities will increase by two-third by 2050 all over the globe, which in turn is boosting the construction industry, and this is expected to fuel growth of the cone crusher market in the near future.

Global Cone Crusher Market Opportunities:

Growing investments in novel designs of cone crushers is generating various opportunities for market players in the global cone crusher market. Due to the increasing investments in safely operable and reliable designs, newly created cone crushers will offer higher reduction as well as product cubicity, which will cater the rising demand for sub-base materials and high-quality aggregate. The emergence and possible continuation of innovation in hydraulic release capabilities could improve the replacement retrofits/orders. Thus, this is expected to create various lucrative opportunities for market players in the global cone crusher market.

Furthermore, market players are increasingly focusing on performance and capacity enhancement, which is expected to generate growth opportunities in the global cone crusher market over the forecast period. Several vendors in the market are involved in improving capacity and performance of cone crusher along with launch of these enhanced products. Over the years the development of cone crushers has changed in terms of performance and capacity. Due to the sophistication in the requirements of processing industries has led to production of crushers having mission-critical applicability. This is further expected to create lucrative opportunities for the market players during the forecast period.

Global Cone Crusher Market Trends:

Increasing focus of vendors on mobile cone crusher development is a growing trend in the global cone crusher market during the forecast period. Market players are focusing on developing mobile crushers that can be easily set up and have substantially higher capacities. This is due to reviving economical activities after the Covid-19 pandemic are augmenting the short-term demand for cone crushers. Thus, this trend will continue in the global cone crusher market over forecast future.

Moreover, growing adoption of cone crusher for removal and separation of materials is trending in the global cone crusher market. Safely removing materials from the chamber and separating these materials will hold a major significance in the global cone crusher market. Old asphalt materials is considered difficult to work with, as bitumen and aggregates in the material are inseparable; however, crusher used currently offer capabilities of separating bitumen as well as other aggregates for reuse purpose. Thus, this trend is expected to aid in growth of the global cone crusher market during the forecast period.

Global Cone Crusher Market Restraints:

Factors such as emission of noise, carbon, and pollution is projected to restrain growth of the global cone crusher market over the forecast period. Grinding and crushing activities involved in construction and mining account for significant share of the energy needed for these industries. It consumes 3-5% of the global power usage. Moreover, due to the government regulations regarding carbon footprint is creating limitations for enterprises working in these industries. Apart from this, use of cone crushers also create noise pollution and due to all the aforementioned factors, the market growth is restricted.

Furthermore, high cost of setup and maintenance of cone crushers is expected to hinder growth of the global cone crusher market over the forecast period. Cone crushers are used in construction activities and setup as well as maintenance of these equipment is high cost as compared to the labor costs. The use of these equipment is not constant among consumers, as they require the equipment for short term due to which, they chose to rent the equipment rather than buying them. Furthermore, customers may need to take loan on higher interest rates, which may not be a feasible option for all the customers. Thus, these factors limit the adoption of cone crushers, which in turn is hinder growth of the global cone crusher market.

Figure 2. Global Cone Crusher Market Share (%), By Offering Type, 2021

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Global Cone Crusher Market Segmentation:

The global cone crusher market report is segmented into Type, Offering, Power Source, and End-User Application.

Based on Type, the market is segmented into Symons, Hydraulics, Gyratory, and Other Types. Out of which, Symons is expected to dominate the global market over the forecast period and this is attributed to the high demand for Symons cone crushers in industries such as metallurgy, road building, construction, silicate, and chemical industries. These cone crushers can crush rocks and ores with a medium hardness as well as harder than medium hardness. Thus, demand for these cone crushers is high in abovementioned industries, which is driving growth of the segment.

Gyratory segment is also expected to witness significant growth in the near future and this is owing to the demand for and benefits offered by these crushers. Gyratory cone crushers are used for crushing fourth stage medium-hard materials. Due to its distinctive crushing cavity shape, it can laminate crushing as well as obtain a small product granularity even in the biggest discharge size.

Based on Offering type, the market is segmented into Mobile Crushers, Portable Crushers, Stationary Crushers. Out of which, Mobile Crusher is expected to dominate the global market over the forecast period and this is attributed to the rise in introduction of novel equipment or strategic partnership and acquisition by market players to expand into mobile crusher market.

Portable Crusher segment is also expected to witness significant growth in the near future and this is owing to the growing demand in emerging markets in developing countries. Due to increasing cost of quarry operation as well as lack of skilled manpower for operating the plants, is driving the demand for portable crushers in emerging markets.

Based on Power Source, the market is segmented into Electric Connection, Diesel Connection, and Dual Connection. Out of which, Electric Connection is expected to dominate the global market over the forecast period and this is attributed to the rise in adoption of electric-based equipment due to multiple concerns regarding sustainability in quarrying and mining industry. Several market players are launching all-electric cone crushers having environmental benefits, improved working conditions and reduced cost of operations. This in turn is supporting growth of this segment in the global cone crusher market.  

Dual Connection segment is also expected to witness significant growth in the near future and this is owing to the high rate of investment in dual connection cone crushing technology by other companies. For instance, Keestrack introduced eight novel products in recent years with major focus on hybrid electric drive units. The company is mainly investing in R&D activities having 90% of all machines being electric or hybrid drive.

Based on End-User Application, the market is segmented into Mining and Metallurgy, Construction, Aggregate Processing, Demolition, and Other End-user Applications. Out of which, Mining and Metallurgy is expected to dominate the global market over the forecast period and this is attributed to rise in productivity demands as well as cost-reduction leading to changes in basic processes, technology and infrastructure in the mining industry. This has further created potential opportunities for market players in the cone crusher market.

Construction segment is also expected to witness significant growth in the near future and this is owing to the high demand for cone crushers in construction industry, as cone crushers are mainly used for crushing the abrasive, dense and hard material in the construction industry. The growing construction industry around the world, is driving the demand for cone crushers, which is driving growth of the market.

Global Cone Crusher Market: Key Developments

In May 2020, Metso signed a rental agreement for long-term office premises for supporting its increasing operations in Lithuania. The new office of the company is located near the city center of Vilnius, which already has various modern business services centers.

In October 2020, McCloskey International added TBF Construction Machinery to its global distribution network. The company will be focusing on the Irish Market to provide clients with a full range of components, services, and goods.

Global Cone Crusher Market: Key Companies Insights

The global cone crusher market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global 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,  Astec Industries Inc., and Sandvik AB.

*Definition:

Cone crushers are a piece of equipment that compresses materials between two pieces of metal. They are used to reduce the size of a variety of raw materials. The resulting product is typically in the form of crushed rocks or particles. These machines are relatively simple to operate, and they are widely used in a variety of industries.