February 24, 2024

The Growing Construction And Mining Industries Drive The Cone Crusher Market

Cone crushers are essential machines for mining and construction projects that break down large pieces of ores and rocks into smaller sizes for further processing. They find extensive use for crushing hard rocks or stones and rely on unique mechanical design to reduce the size of materials. The construction aggregates are produced by crushing various rocks like granite, marble, basalt, limestone, and others. The global cone crusher market provides a complete crushing solution with machines that deliver high performance for crushing quarry stone or recyclable materials. Cone crushers have better capacity, high productivity, low operating cost, and easy maintenance.

The global Cone Crusher Market is estimated to be valued at US$ 1811.13 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the cone crusher market growth is the rapid urbanization and rising infrastructure development globally. Increasing economic activities and industrialization in developing countries have led to a surge in construction of roads, buildings, dams, and other infrastructural projects. This results in high demand for crushed construction aggregates that are produced from quarry rocks using cone crushers. Moreover, the mining industry is witnessing considerable growth owing to rising mineral extraction activities. Cone crushers play a vital role in mining operations for efficient processing of metal and non-metal ores. The advent of hybrid cone crushers integrated with advanced technologies like digitalization and automation has also propelled the market expansion. They offer improved output capacity, fuel efficiency, and minimal downtime.
Porter’s Analysis
Threat of new entrants: The cone crusher market requires high initial capital investments for R&D and manufacturing facilities, acting as a deterrent for new entrants. Strict environmental compliance and quality standards further increase barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of multiple vendors and product varieties. However, switching costs associated with integrated systems increases loyalty.
Bargaining power of suppliers: Suppliers of raw materials and components have moderate bargaining power due to availability of substitutes and less differentiation.
Threat of new substitutes: Substitute technologies like impact crushers pose minimal threat currently due to cone crushers versatility and efficiency for high reduction ratios.
Competitive rivalry: The global market is dominated by few large players and competition is based on product quality, price and reliability.

Key Takeaways
The global Cone Crusher Market Growth is expected to witness high at a CAGR of 6.4% through 2030.
Regional analysis: Asia Pacific accounted for highest share in 2023 led by China and India. Increasing demand for crushed stone in infrastructure projects is driving growth in the region. Europe and North America are also significant markets.
Key players: Key players operating in the 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. The market is currently dominated by Tesab, Metso and Sandvik owing to their wide product portfolio and global presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it