According to a new market report published by Transparency Market Research entitled “Heavy Duty Wear Protection Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” the heavy duty wear protection system market was worth US$ 1,414.6 Mn in 2014 and is expected to reach US$ 2,064.8 Mn by 2023, expanding at a CAGR of 4.3% from 2015 to 2023. Asia Pacific was the largest market for heavy duty wear protection systems in 2014. Growth in this region is expected to be driven by the presence of a large number of heavy duty industries, such as iron and steel, construction, and mining, which create an ideal market for equipment and automotive requiring maintenance services.
In almost every application across heavy industries, mechanical wear protection systems act as an active element, keeping components safe from abrasion and corrosion. Such components, if they are not taken properly cared for, may contribute to the breakdown of the entire machinery and platform, leading to huge costs for their restoration. However, the implementation of wear protection systems, such as rubber liners, ceramic coatings, rubber coatings, or steel plates greatly improves the operating life of the heavy duty machinery. Thus, in order to ensure timely production and safety for personnel and machines at the workplace, large-scale adoption of wear protection systems has been witnessed.
The report provides cross-segment analysis of the heavy duty wear protection systems market, based on material type and end-use industry. Segmentation on the basis of material type includes rubber, ceramic, steel, and plastic. Ceramic wear protection systems is expected to emerge as the fastest-growing segment, owing to the high durability of ceramic coats and their wide-scale applicability. The rubber wear protection systems segment comprises rubber lining and rubber coating systems.
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Prominent end-use industries deploying heavy duty wear protection systems include transportation and automotive, oil and gas, iron and steel, mining, power plants, wood pulp and paper, construction, and others such as agriculture and farming, food and beverage, and marine. In 2014, the oil and gas and iron and steel industries held the largest revenue shares, contributing nearly 18% each of the overall heavy duty wear protection systems market. However, the impact of the oil and gas industry across regions such as the Middle East and Africa and North America has boosted market’s expansion at a CAGR of 5.0%. However, the impact on investments in the oil industry due to falling oil prices has diminished near-term growth prospects for the wear protection systems market.