$5 Billion Mining Remanufacturing Components Market, 2027 - Growing Demand for Metals and Commodities Around the Globe - ResearchAndMarkets.com

DUBLIN--()--The "Mining Remanufacturing Components Market By Component (Engine, Hydraulic Cylinder, Axle, Transmission, Differential, Torque Convertor, Final Drive), Equipment (Excavator, Mine Truck, Wheel Loader, Dozer), Industry, Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The Mining Remanufacturing Components Market is Projected to Grow at a CAGR of 3.5%, to Reach a Market Size of USD 5.0 Billion By 2027 from USD 3.8 Billion in 2019.

Lower cost of remanufactured mining components and increasing mining activities will drive the mining remanufacturing components market.

Market growth can be attributed to factors such as lower cost of remanufactured mining components as compared with new parts and growing mining equipment parc across the globe. On the other hand, rising developments in electric mining equipment and the growing presence of local players are few concerns for this market.

Wheel loader is estimated to be the fastest growing market for mining remanufacturing components market, by equipment, during the forecast period

Wheel loader is mainly used to transmit material from one place to another. With the growing mining activity around the globe, the demand for wheel loaders is consistent, and the sales are projected to grow to above average during the forecast period. This makes the wheel loader the fastest growing segment of the mining remanufacturing components market.

Also, some activities cannot be completed by huge bulldozers due to their sizes but can be easily finished using wheel loaders due to their flexibility. This factor is also driving the global wheel loaders market. Americas is the largest market for wheel loaders, followed by Asia Oceania and Europe.

Mining remanufacturing components market for the mineral industry will be the fastest growing for the projected year

Metals considered in the study are iron, copper, and gold as they have the largest deposits. According to the National Bureau of Statistics, Australia, Brazil, China, and India account for the largest iron production. China, Peru, and the US accounted for the highest copper production, whereas China, Russia, and the US accounted for the largest gold production, as of 2017.

Asia Oceania is projected to be the fastest growing market for mining equipment because of vast deposits and increasing commodity prices. China, South Africa, and Russia account for the largest mineral deposits. According to key industry experts, the demand for mining equipment for mining minerals is expected to be more than that for metals and coals.

The Americas and Asia Oceania - The largest and the fastest growing mining remanufacturing component's market, respectively

The Americas is estimated to be the most prominent market for mining remanufacturing components owing to factors such as low-interest rates, increasing demand for commodities coupled with investments in the mining industry. US, Canada, Peru, and Mexico together account for the major market for mining remanufacturing components market due to the significant presence of mining industry in these countries. Asia Oceania region is anticipated to be the fastest growing market for mining remanufacturing components.

The region has witnessed growth in mining operations due to the increasing demand for raw materials. This has resulted in the presence of several international companies in this region. Hence, due to the rising mining activities and the presence of key players, the Asia Oceania market is estimated to be the fastest growing market during the projected years.

Market Dynamics

Drivers

  • Lower Cost of Remanufactured Mining Component
  • Inventory Issues With OEMs for Mining Equipment

Restraints

  • Growing Presence of Local Players

Opportunities

  • Growing Demand for Metals and Commodities Around the Globe

Challenges

  • Rising Development of Electric Mining Equipment

Companies Mentioned

  • All Type Hydraulic
  • Atlas Copco
  • Axletech
  • Brake Supply
  • Cardinal Mining Equipment
  • Caterpillar
  • Detroit Reman
  • Epiroc
  • Hitachi Construction Machinery
  • Hydraulex
  • JCB
  • John Deere
  • Komatsu
  • Liebherr
  • Pivot Equipment Parts
  • Pt Sanggar Sarana Baja
  • SRC Holdings Corporation
  • Sandvik
  • Swanson Industries
  • VOLVO Construction Equipment

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Related Topics: Mining Equipment

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Mining Equipment