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(Construction.IndustryNews247.Com, July 06, 2019 ) The Mining Remanufacturing Components Market is projected to reach USD 5.0 billion by 2027 from USD 3.8 billion in 2019, at a CAGR of 3.5% during the forecast period.
The mining remanufacturing components are driven primarily by the growing mining equipment parc & equipment working hours and lower cost of remanufactured mining components as compared with OE products.
Some of the key players in the global market are Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery (Japan), Liebherr (Switzerland), Epiroc (Sweden), Atlas Copco (Sweden), JCB (UK), Volvo Construction Equipment (Sweden), SRC Holdings Corporation (US), and Swanson Industries (US).
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The Americas is expected to account for the largest market share during the forecast period
A positive measure adopted by the US, such as low-interest rates and increasing demand for commodities has boosted investment in the mining industry. The growth is attributed to the presence of large deposits of gold, iron, coal, copper, crushed rocks, zinc-lead, and rare earth materials in this region. In 2017, the US metal mining production generated a revenue of USD 26.3 billion. In 2017, Canada’s gold extraction stood at USD 8.7 billion, while revenues from coal were USD 6.2 billion, copper at USD 4.7 billion, potash at USD 4.6 billion, and iron generating USD 3.8 billion. The positive outlook of the mining industry in this region has increased the demand and sales of mining equipment, which in turn drives the mining component remanufacturing market growth.
A hydraulic cylinder is expected to be the largest market, by components, during the forecast period
The major driving factor for the global market is cost. A remanufactured component can cost 25-35% lower than a new one and has similar performance. This reduces the lead time and increases the operational efficiency of the equipment. Rising mining activities in developing countries and growing demand for resource exploration are driving the mining industry and thus, impacting the mining remanufactured components market.
The hydraulic cylinder is estimated to account for the largest market share during the forecast period. Hydraulic cylinder has to undergo through harsh extraction environment & extreme pressure for carrying heavy mining work and goes through a rigorous application and challenging operating environment. Working in extreme conditions causes oil leakage and wear & tear of the hydraulic cylinders causing a reduction in the average operating hours. All these factors create a positive outlook for the remanufacturing of hydraulic cylinders.
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The demand for remanufactured components is projected to be highest in hydraulic excavators over the forecast period
The hydraulic excavator is heavy mining equipment which is used to dig out soil from the ground or to move large objects. It tremendously enhances the productivity of any mining work. These excavators are available in a wide range of sizes and capacities ranging from 20 metric ton (MT) to 77 metric ton (MT) payload capacity, depending on the magnitude of the work to be done. Excavators consist of a chassis, boom, and bucket. It is used commonly for transportation of large amounts of materials, such as minerals.
The Americas and Asia Oceania together account for the highest population of hydraulic excavators. According to Indian Construction Equipment Manufacturer Association (ICEMA), the demand for earth moving & mining equipment during FY 2017-18 was significant, recording an increase of 23%, with a growth of 24% for hydraulic excavators. The rising demand for the equipment indicates an increase in application and usage of mining equipment, creating a positive outlook for the global market.
Coal mining remanufacturing components market is estimated to be the largest market from 2019 to 2027
The count of mining equipment used in the coal industry is more in comparison to metal and mineral industry. According to the World Coal Association, 7,269 MT hard coal and 787 MT lignite coals are produced globally with Asia Oceania holding the largest share in 2017. Increasing demand for electricity in countries such as China, India, and Australia have resulted in driving the requirement for coal. Rising coal demand is directly proportional to the utilization of mining equipment. The growing coal production in this region is expected to drive this market.
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