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Heavy Duty Wear Protection Systems Market: Rapid Industrialization and Urbanization Boosting Global Market

The global heavy duty wear protection systems market has witnessed a considerable increase in the past few years thanks to the rapid rate of urbanization and industrialization and the steady development of the iron and steel, oil and gas, and construction and mining sectors. The surge in industrialization has resulted in the growing deployment of automotive parts and machinery, leading to a rising demand for heavy duty wear protection systems. Transparency Market Research states that by 2023, the value of the heavy duty wear protection systems market is estimated to be over US$2 bn, rising from US$1.4 bn in 2014 at a 4.30% CAGR therein.

Download PDF for Heavy Duty Wear Protection Systems Market : http://tinyurl.com/jphtydt

A large number of end-use industries have been installing advanced heavy duty wear protection systems to make up for lost production time and improve overall efficiency. This, too, has greatly benefited heavy duty wear protection systems market.

Oil and Gas and Steel Industries Emerge as Largest Revenue Generators

Heavy duty wear protection systems find application in a number of industries such as oil and gas, mining, wood pulp and paper, transportation and automotive, iron and steel, power plants, construction, and others such as farming and agriculture, planer mills, marine, and food and beverages. The steel and oil and gas industries have emerged as the biggest revenue generators in the heavy duty wear protection systems market, each accounting for an 18% share in 2014.

The only challenge that the heavy duty wear protection systems market faces on account of the oil and gas industry is the declining oil prices. The consistent drop in prices has adversely impacted the investments in the sector, resulting in lower near-term growth prospects for the heavy duty wear protection systems market. The growth of the construction and mining sectors is likely to benefit the global market.

Asia Pacific to Retain Lead through 2023

The global heavy duty wear protection systems market is geographically divided into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Accounting for a 40% share in the heavy duty wear protection systems market in 2014, Asia Pacific dominated the global scenario in terms of revenue mainly owing to the increase in large-scale installations of heavy industries in emerging economies such as Japan, Indonesia, China, India, and Australia. The Asia Pacific region is projected to maintain its lead position through 2023 and also record the highest CAGR from 2015 to 2023.

The list of leading players operating in the global heavy duty wear protection systems market is long, reflecting the intense competition in the overall vendor landscape. Some of the key companies in the heavy duty wear protection systems market are Densit (ITW Engineered Polymers), REMA TIP TOP AG, Kingfisher Industrial, Sandvik Construction, Raptor Mining Products Inc., Blair Rubber Company, The Weir Group PLC, Polycorp Ltd., West American Rubber Company, LLC, FLSmidth & Co. A/S, The Trelleborg Group, Metso Oyj, CERATIZIT S.A, ContiTech AG, and germanBelt GmbH.

Browse Market Research Report: http://www.transparencymarketresearch.com/heavy-duty-wear-protection-systems-market.html

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