The cone crusher market is estimated to be valued at US$ 1.91 Bn in 2024, exhibiting a CAGR of 5.3% over the forecast period (2024-2031). The rapid increase in mining activities worldwide along with growth in the number of infrastructure projects are the major factors driving the demand for cone crushers. Furthermore, advancements in cone crusher designs aimed at improving production efficiency are also fueling the market growth.
Market Dynamics:
Mining activities have witnessed strong growth over the past few years due to the rising demand for minerals and metals from end-use industries such as manufacturing, construction, power, etc. Cone crushers are extensively used for mining and extracting valuable minerals from the mined ore. The growing mineral production around the world is directly increasing the demand for cone crushers in mining applications.
The development of infrastructure, such as roads, bridges, buildings, dams, and other construction projects, require large amounts of crushed stones as raw materials. Cone crushers are ideal for crushing stones into aggregates used in the construction sector. The global construction industry has grown swiftly over the past decade, thus augmenting the cone crusher market growth.
Market Drivers: Increasing Demand from Construction Industry is Driving Growth in the Cone Crusher Market
The construction industry has seen significant growth over the past few years globally. There is increased infrastructure development taking place across both developing and developed countries. This includes projects related to roads, bridges, dams, airports, etc. Cone crushers find wide applications in the construction industry for crushing stones and aggregate materials. They are used at construction sites to break larger rocks into smaller rocks, gravel, or rock dust. The growing construction volumes have led to higher demand for crushed stones and aggregates which is directly boosting the sales of cone crushers. Manufacturers are witnessing good order inflows from construction companies and aggregates producers catering to this industry.
Market Driver: Growing Mining Industry is Increasing the Adoption of Cone Crushers
The mining industry has also witnessed steady growth supported by higher mineral commodity prices and rise in mineral production. Cone crushers serve as indispensable equipment in mining operations across various mineral types like iron ore, copper, limestone, gold, etc. They are used to crush run-of-mine material into smaller sizes suitable for downstream processing activities like grinding or separation. As mining companies ramp up production levels to meet growing commodity demand, their needs for crushing equipment like cone crushers keeps rising. Many mining projects planned or underway in regions like Asia Pacific, Latin America, and Africa will fuel further demand. The overall expansion of the mining industry globally is working as another important driver for the cone crusher market.
Market Restraints: Volatility in Raw Material Prices Pose a Challenge
One major restraint affecting the cone crusher market is volatility in raw material prices. Cone crushers have steel castings in their design which use alloy steels and other metals as raw materials in manufacture. Fluctuating prices of these input commodities impacts the cone crusher production costs for manufacturers. Uncertainty around raw material costs, coupled with their increasing prices at times, makes inventory management difficult and squeezes profit margins. This hinders quick supply response and discourages capacity additions within the industry players. Price swings in steel and metals thus act as a challenge restraining steady growth of the cone crusher market.
Market Restraints: High Equipment Costs Limit Market Penetration in Price Sensitive Regions
Another barrier constraining the greater adoption of cone crushers is their high initial investment costs. Cone crushers, especially those with advanced functionalities to handle high-volume and harder materials, come with heavy price tags running into several hundreds of thousands of dollars. This puts them out of reach for many small and medium scale end-use industries in price sensitive developing markets. High equipment costs mean longer payback periods and discourage first-time purchases for many prospective clients involved in small contracts. This further weakens market penetration in regions with lower capital availability, impacting overall sales volume potential for cone crusher manufacturers.
Market Opportunities: Adoption of IoT and Automation Opening New Avenues
Integration of emerging digital technologies is paving the way for growth opportunities in the cone crusher market. Growing adoption of industrial internet of things (IIoT) and connectivity solutions allow remote monitoring and control of crushing operations. This enables preventive maintenance, utilization tracking, and performance optimization of cone crushers over their lifespan. Vendors are also introducing automation, such as automatic greasing units, to reduce human interference on equipment. Advancements in artificial intelligence and data analytics can further aid predictive maintenance capabilities. These Industry 4.0 enabled features cater well to environmental factors like safety and sustainability driving end users to invest in smart, digitally advanced cone crushers.
Market Opportunities: Rising Demand for Higher Efficiency Crushing Equipment are Presenting New Sales Potential
With mining and construction activity expanding rapidly in several nations, there is an increased demand for highly efficient, high-capacity crushing equipment. Cone crusher manufacturers continue advancing their product designs to deliver greater throughput, finer output sizes, and consistent performance even when crushing very hard or abrasive materials. Novel crushing chamber profiles, sophisticated automated controls, and higher power levels maximize productivity levels. This rising demand for high efficiency crushers presents a prominent opportunity for manufacturers to introduce newer, technology-driven models with enhanced capabilities. It paves way for new project orders and equipment replacement cycles globally, further fueling revenue growth in the cone crusher market.
Link: https://www.coherentmarketinsights.com/market-insight/cone-crusher-market-5391
Key Developments:
- In April 2023, Colorado Materials Inc. is a company specializing in providing construction materials and services in Colorado. invested in a mobile jaw crusher called Goliath from Sandvik Group. is a multinational engineering company that provides advanced technology and services for industries such as mining, construction, and manufacturing. This electric-powered crusher offers cost-effective solutions per ton and comes with environmental benefits.
- In December 2021, Weir Minerals is a company that specializes in providing equipment, solutions, and services for the mining and minerals processing industries. announced the enhancement of its Trio TC live-shaft cone crushers. The upgraded Trio TC84XR now features robust design elements, making it suitable for use in the mining, sand, and aggregate industries.
- In March 2023, Metso Outotec is a global leader in providing technologies, equipment, and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling, and process industries. unveiled its latest Nordberg HP200e cone crusher series, promising enhanced performance and sustainable uptime
- In November 2022, Terex MPS is a company that focuses on providing equipment and solutions for the construction, mining, and recycling industries. launched the Cedarapids CRC1350 Portable Cone Plant, equipped with the new TC1300X cone crusher. This plant offers increased productivity at a cost-effective price, owing to its high-efficiency roller bearings that contribute to improved performance and functionality.
Key Players:
Astec Industries Inc., FLSmidth & Co. A/S, IROCK Crushers, Metso Corporation, Minyu Machinery Corporation, NMS Industries Ltd., Propel Industries Pvt. Ltd., R.R. Equipment Company, Sandvik AB, Telsmith Inc., Terex Corporation, Tesan Engineering Ltd., Trimax Machinery, and Weir Group Plc