By 2032, sales of stone crushing equipment are projected to surpass US$ 11 billion, growing at a remarkable CAGR of 10% from 2022 to 2032. The demand for stone crushing equipment in the market is expected to increase due to increasing application.
By the end of 2022, the market for stone crushing equipment is expected to generate an absolute dollar opportunity of US$ 5.5 Bn. By 2032, sales of stone crushing equipment are projected to surpass US$ 11 billion, growing at a remarkable CAGR of 10% from 2022 to 2032. The demand for stone crushing equipment in the market is expected to increase due to increasing application across the artificial store and sand manufacturing sector.
As per FMI, North America is estimated to exhibit growth at a rapid CAGR in the stone crushing equipment market during the forecast period 2022-2032. In addition to this, increasing mining and metallurgy activities across the countries such as the U.S. and Canada is estimated to bolster the sales of stone crushing equipments in the North America market.
According to the need and use for the stone size, stone crushing equipment is a type of machine made to reduce the size of large rocks into smaller rocks, aggregates, sand, gravels, and other materials. By separating the stones into uses for construction, railways, canals, beaches, and other application-specific uses, they are also used to alter the shape of raw material mixtures.
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These crushing equipments operate by applying compressive strength to the rocks and crushing it by means of collisions between the rock and machine. They are made of thick metal surface and are capable of breaking and crushing all varieties of materials such as quartzite, stones, coke, rocks, marbles, irons, and others. Attributed to this, stone crushing equipments are finding a wide range of application across sectors such as mining, building materials, metallurgy, railway, and highway among others.
In addition, rapidly growing mining activities and increasing introduction of advanced crushing machineries integrated with innovative technology such as telematics and artificial intelligence is projected to propel the demand for stone crushing equipments market.
Which are Some Prominent Drivers Spearheading Stone Crushing Equipment Market Growth?
As the trend of urbanization continues to surge, a swift rise in building and construction activities is being witnessed, especially across countries such as China, the U.S., Germany, India, Australia, and others. Also, growing emphasis on sustainable development and upgrading nation’s infrastructure is encouraging governments in several countries to undertake a number of initiatives.
For instance, according to a report by the India Brand Equity Foundation (IBEF), the Government of India plans to construct over 100 smart cities across the country and has announced sanctioning nearly US$ 868 Mn under the country’s Smart City Mission for 2021-2022.
Stone crushing equipments are extensively used for producing stones, aggregates, sand, gravels from larger rock based on the requirement by the type of construction activities such as buildings, bridges, roads, canals, and others. Thus, growing construction activities and implementation of such initiatives are estimated to create lucrative growth opportunities in the market.
However, rapidly expanding building & construction sector and increasing extraction of sand & gravels from water bodies has resulted in depletion of inland as well as marine reserve of stones and sand. This has led to a shift in construction industry players towards using artificial sand and stone for construction activities. As these artificial materials are made using stone crushing equipments, growing shift towards artificial sand and stone is expected to bolster the sales in the global market.
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What are the Challenges Faced by the Stone Crushing Equipment Market?
Stone crushing equipments are needed to locate close the demand centers such as cities canal, construction sites, bridges, and others. As these equipments causes a lot of noise pollution and release dust particles in the air, implementation of stringent regulations regarding noise and air pollution is compelling the operator to set up the plant away from cities, resulting in increased cost of hauling.
Also, need for large manpower for the operation, consumption of huge amount of electricity, and extravagant cost of stone crushing equipments are other factors hindering the growth in the market.
Why is Asia Pacific Excluding Japan Emerging as an Opportunistic Stone Crushing Equipment Market?
Future Market Insights reveals that Asia Pacific excluding Japan is estimated to register the fastest growth in the global stone crushing equipment market from 2022 to 2032.
With surging demand for materials such as stones, aggregates, sand, gravels, owing to the rising building and construction activities across Asia Pacific, leading players in the market are increasingly aiming at launching novel machines to capitalize on the existing opportunity.
For instance, in 2019, Mesto, an Indian manufacturer, and supplier of construction equipments announced launching its latest addition to the versatile MX Multi-Action cone crusher series, MX3. It assists in lowering the operating costs and improving crusher productivity with a design optimized especially for mid-sized quarrying. A slew of such new product launches is estimated to augment the demand for stone crushing equipments in the market.
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How is North America Contributing to the Growth of the Stone Crushing Equipment Market?
As per FMI, North America is estimated to exhibit growth at a rapid CAGR in the stone crushing equipment market during the forecast period 2022-2032.
Government in countries across the region are launching massive construction and railway projects to strengthen their transportation infrastructure citing the trend of urbanization. For instance, the U.S. has announced its plan to sanction nearly US$ 53.8 Bn under the Sound Transit 3 (ST3) Construction Project for expanding the country’s existing link light railway system starting from the suburbs of Tacoma to West Seattle.
In addition to this, increasing mining and metallurgy activities across the countries such as the U.S. and Canada is estimated to bolster the sales of stone crushing equipments in the North America market.
Market Competition
Some of the leading players in the global stone crushing equipment market are BUCY International, Sandvik AB, Metso Oyj, Terex Corporation, CNH Global N.V., Komatsu Ltd., Caterpillar Inc., and Joy Global Inc.
The market for stone crushing equipment is highly competitive, due to large number of participants and increasing investment in development and introduction of novel crushing machines by leading players.
Key Segments Profiled in the Stone Crushing Equipment Market Survey
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By Application:
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Stone Crushing Equipment Market , Stone Crushing Equipment Market Share , Stone Crushing Equipment Market Size
Mar 16, 2023
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