Dublin, June 28, 2019 (GLOBE NEWSWIRE) -- 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 reach USD 5.0 billion by 2027 from USD 3.8 billion in 2019
The Americas is projected to lead the mining remanufacturing components market during the forecast period owing to the higher share of mining equipment parc than other regions. The US dominates the regional market with almost 56% share in 2019, followed by Canada and Peru with 11.4% and 11.3% share, respectively. On the other hand, the Asia Oceania market is projected to grow at the highest CAGR of 3.7% during the forecast period. Asia Oceania accounts for 75% of the world's coal demand owing to the rising capital spending and infrastructure and smart city development projects.
Other factors that drive market growth in the region are large population and increasing domestic demand for raw materials such as iron, copper, and coal. Australia, China, and India are the prominent markets in this region that have significant demand for component remanufacturing of mining equipment. China and Australia produced about 4,060 and 1,237 million metric tonnes of minerals in 2016, respectively. Further, 70% of coal mined in China is used for domestic consumption. India is the second largest consumer of coal after China.
Mining trucks hold the largest share of component remanufacturing at the global level. Mining trucks accounted for nearly 64-68% of the global mining equipment in 2018. These trucks weigh more than 100 metric tons and are used for mining activities. As these trucks carry heavy loads to long distances at extreme temperatures and provide better traction on rough terrains, they have a high demand for engine remanufacturing due to more wear and tear of engine components than other parts. Increased mining activity in remote areas is expected to boost the demand for mining trucks and remanufacturing of these trucks.
The mining remanufacturing components market is dominated by a few global players and comprises several regional players.
Some of the key players in the mining remanufacturing components market are Caterpillar (US), Komatsu (Japan), Hitachi (Japan), Liebherr (Switzerland), Epiroc (Sweden), and Atlas Copco (Sweden).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Mining Remanufacturing Components Market: Trend, Forecast & Opportunity
4.2 Mining Remanufacturing Components Market, By Region
4.3 Mining Remanufacturing Components Market, By Component
4.4 Mining Remanufacturing Components Market, By Equipment
4.5 Mining Remanufacturing Components Market, By Industry
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Lower Cost of Remanufactured Mining Component
5.2.1.2 Inventory Issues With OEMs for Mining Equipment
5.2.2 Restraints
5.2.2.1 Growing Presence of Local Players
5.2.3 Opportunities
5.2.3.1 Growing Demand for Metals and Commodities Around the Globe
5.2.4 Challenges
5.2.4.1 Rising Development of Electric Mining Equipment
6 Mining Remanufacturing Components Market, By Component
6.1 Introduction
6.1.1 Research Methodology
6.1.2 Assumptions
6.1.3 Industry Insights
6.2 Engine
6.2.1 Asia Oceania is the Fastest Growing Market for Engine Remanufacturing
6.3 Hydraulic Cylinder
6.3.1 Americas is the Largest Market for Hydraulic Cylinder Remanufacturing
6.4 Axle
6.4.1 Asia Oceania is the Second Largest Market for Axle Remanufacturing
6.5 Differential
6.5.1 US and Mexico Have Witnessed Promising Demand for Differential Remanufacturing in Recent Years
6.6 Transmission
6.6.1 Average Replacement Life of Transmission is 10,000-11,500 Operating Hours
6.7 Torque Converter
6.7.1 Remanufacturing of Torque Converters is Cost Effective and Reduces Lead Time
6.8 Final Drive
6.8.1 Asia Oceania is the Fastest Growing Market for Final Drive Remanufacturing
7 Mining Remanufacturing Components Market, By Industry
7.1 Introduction
7.1.1 Research Methodology
7.1.2 Assumptions & Definitions
7.1.3 Industry Insights
7.2 Coal
7.2.1 Asia Oceania is the Largest and Fastest Growing Market for in the Coal Mining Remanufacturing Components Market
7.3 Metal
7.3.1 Americas Leads the Market for Metal Mining Remanufacturing Components Market
7.4 Other Minerals
7.4.1 Increase in Mining Activities is Driving the Demand for Mining Equipment
8 Mining Remanufacturing Components Market, By Equipment
8.1 Introduction
8.1.1 Research Methodology
8.1.2 Assumptions
8.1.3 Industry Insights
8.2 Hydraulic Excavator
8.2.1 Hydraulic Excavator is the Fastest Growing Market
8.3 Mine/Haul Truck
8.3.1 Mine/Haul Truck Accounts for the Largest Share in the Mining Equipment Market
8.4 Wheel Loader
8.4.1 Asia Oceania is the Largest Market for the Wheel Loaders
8.5 Wheel Dozer
8.5.1 The Americas is the Second Largest Market for Wheel Dozers
8.6 Crawler Dozers
8.6.1 Asia Oceania is the Fastest Growing Market for Crawler Dozers
9 Mining Remanufacturing Components Market, By Region
9.1 Introduction
9.1.1 Research Methodology
9.1.2 Assumptions
9.1.3 Industry Insights
9.2 Asia Oceania
9.2.1 Australia
9.2.1.1 Hydraulic Cylinder Accounts for Largest Market in Australia
9.2.2 China
9.2.2.1 Increase in Mining Activities in This Region is Primary Reason for the Growth of Mining Remanufacturing Components Market
9.2.3 India
9.2.3.1 India is Expected to Be the Fastest Growing Market for Mining Remanufacturing Components
9.2.4 Japan
9.2.4.1 Final Drive Accounts for Second Largest Market in Japan
9.3 Europe
9.3.1 France
9.3.1.1 Axle is the Third Largest Market for Mining Remanufacturing Components Market in France
9.3.2 Germany
9.3.2.1 Germany is the Second Largest Market in Europe
9.3.3 Spain
9.3.3.1 Engine is the Fastest Growing Market in Spain
9.3.4 UK
9.3.4.1 Engine is the Fastest Growing Market in UK
9.3.5 Italy
9.3.5.1 Hydraulic Cylinder Accounts for Largest Market in Italy
9.3.6 Russia
9.3.6.1 Russia Accounts for Maximum Share in Europe for Mining Remanufacturing Components Market
9.4 Americas
9.4.1 US
9.4.1.1 US Accounts for Maximum Share in the Americas for Mining Remanufacturing Components Market
9.4.2 Mexico
9.4.2.1 Engine is the Fastest Growing Market in Mexico
9.4.3 Canada
9.4.3.1 Final Drive is the Second Largest Market in Canada
9.4.4 Argentina
9.4.4.1 Torque Converter is the Second Largest Market in Argentina
9.4.5 Peru
9.4.5.1 Peru is the Second Largest Market in the Americas
9.4.6 Chile
9.4.6.1 Engine is the Fastest Growing Market in Chile
10 Competitive Landscape
10.1 Overview
10.2 Mining Remanufacturing Components: Market Ranking Analysis
10.3 Competitive Leadership Mapping
10.3.1 Terminology
10.3.1.1 Visionary Leaders
10.3.1.2 Innovators
10.3.1.3 Dynamic Differentiators
10.3.1.4 Emerging Companies
10.3.2 Strength of Product Portfolio
10.3.3 Business Strategy Excellence
10.4 Competitive Scenario
10.4.1 Expansions
10.4.2 Mergers & Acquisitions
10.4.3 New Product Development
10.4.4 Supply Contract/Partnerships/Joint Ventures/ Collaborations
11 Company Profiles
- 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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