The Global Crusher Backing Compound Market is projected to grow at a CAGR of around 4.2 % over the next six years. The key factors driving the growth of the market include; Growing construction sector across the globe, and rising mineral exploration & mining activities. Moreover, increasing R&D & continuous innovation in product development is also fostering the growth of the global crusher backing compound market.
Crusher Backing Compound Market
Crusher backing compounds are used to increase the life of the crusher equipment. The crusher backing compound fills the spaces behind the wear parts and the outer jacket, and reduces the effect of friction, and vibration during the crushing operations. The backing compound acts as a reinforcing layer, and also works as a shock absorber by absorbing the vibrational energy, thus protecting it from serious wear and tear. These backing compounds are highly effective and safe to use compared to the traditionally used molten metal backing materials. They eliminate the need for melting or the use of hazardous equipment.
With the rapid urbanization, there has been an increase in construction activities across the globe. Various governments are increasingly investing in infrastructure projects, which has led to an increased adoption of Crushers. This in turn has favorably affected the crusher backing market. Moreover, the continuous product development in the backing compound has also resulted in more sustainable backing compounds in the market. However, the crusher backing compound market is expected to be hampered due to the advancements in the crusher machines that do not require backing materials.
The report segments the crusher backing compound market into Material ( Epoxy, Polyurethanes, Acrylics), by Application (Cone Crushers, Gyratory Crushers, Jaw Crushers, Stone Crushers, Grinding Mills, Lock Bushings & Bearings), by End-Use (Building & Construction, Mining & Smelting, Others), by Distribution Channel ( Online, Offline), and Regions.
On the basis of Material, the crusher backing compound market is segmented into Epoxy, Polyurethanes, Acrylics. The Epoxy segment is expected to witness high CAGR during the forecast period. The growth in the segment is owing to the increasing focus on manufacturing sustainable backing compound.
On the basis of Application, the Stone Crushers segment held the significant share of the market in 2020. The Cone crusher segment is projected to grow at a significant CAGR over the forecast period.
On the basis of region, Asia-Pacific holds the major share of the crusher backing compound market. This is mainly due to an increasing investment in the infrastructure by public and private players. Moreover, the surge in the number of mining projects is also expected to foster the growth of Crusher Backing Compound Market in the region.
- Based on Material , the Epoxy segment is expected to witness high CAGR during the forecast period
- Based on Application, the Stone Crushers segment is held the significant share of the market in 2020
- On the basis of Region, Asia-Pacific holds the major share in the crusher backing compound market
Key players operating in crusher backing compound market include: ESCO Corporation., Henkel Corporation Engineering Adhesives, Copps Industries., FLSmidth & Co. A/S, Columbia Steel Casting Co., Inc., FINSAD Group Oy, Monarch Industrial Product (I) Pvt Ltd, Epoxa US Incorporated., Unnathi Enterprises, Micor Company, Inc.., HPZ Crusher Services Inc., and Schenck Process, among others.
Key questions Answered in the report :
- What are the major trends in crusher backing compound market?
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- What shares do the major regional markets occupy?
- What is the degree of competition in the crusher backing compound market?
- What are the key strategies adopted by the players operating in the crusher backing compound market?
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