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The industrial girth gear market size is estimated to grow at a CAGR of 2.01% between 2023 and 2028. The market size is forecast to increase by USD 54.16 million. The growth of the market depends on several factors such as the improvement in girth gear manufacturing technologies, the expansion activities and setting up of new cement plants, and the augmented demand for industrial girth gears in APAC.
The report includes a comprehensive outlook on the Industrial Girth Gear Market, offering forecasts for the industry segmented by Type, which comprises flange mounted girth gear and tangential spring mounted girth gear. Additionally, it categorizes Applications into cement, mining, chemical and petrochemicals, metal fabrication, and others, and covers Regions, including APAC, Europe, North America, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
Industrial Girth Gear Market Forecast 2024-2028
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As the demand for cement is rising constantly, most cement and lime producers are increasingly expanding their present production capacity to cater to the rising demand. In addition, many countries in APAC and North America witnessed the announcement of the installation of new cement and lime-producing plants. All the activities being undertaken about capacity addition, as well as the setting up of new cement and lime plants, are explicitly driving the demand for industrial girth gear from end-users, such as ball mills and rotary kilns.
For instance, in June 2021, Adani Enterprises Limited (AEL), through its wholly-owned subsidiary Adani Cement Industries Limited, announced plans to build a 5-MTPA cement plant in Maharashtra. Also, in September 2021, Cementos Molins agreed to acquire Hanson Hispania assets in Catalonia. The Expansion newspaper has reported that the business consists of two concrete plants and multiple quarries. Thus, such factors will foster the growth of the global industrial girth gear market during the forecast period.
The demand for cement is yet to pick up, which has led to most of the manufacturing capacity being underutilized. Thus, the profitability of cement manufacturers has also remained subdued. Therefore, many cement companies are opting for brownfield expansion or inorganic growth, which will help them save time and money. The ongoing trend of consolidation in the cement industry is anticipated to bring about production discipline, leading to price stability in the long run. With the ongoing consolidation in the cement industry, we expect the demand for industrial girth gears to increase.
Moreover, there are some of the noteworthy acquisitions in the cement industry. For instance, in September 2021, Cementos Molins agreed to acquire Hanson Hispania assets in Catalonia. The Expansion newspaper has reported that the business consists of two concrete plants and multiple quarries. Hence, such consolidation in the cement industry will positively impact the growth of the global industrial girth gear market during the forecast period.
Ductile iron is one of the prime raw materials used to fabricate girth gear, and any fluctuation in the prices of these materials has a direct effect on the production costs. Factors that influence the cost of raw materials include inflation, production, and availability. Such continuous fluctuations in the prices of ductile iron are attributed to lower demand from allied industries such as metal fabrication.
Furthermore, most of the prominent industrial girth gear market players prefer to enter into long-term contracts with their suppliers to stay immune from such fluctuations in the prices of raw materials. However, this strategy may not be feasible for small vendors that lack sufficient financial resources. Thus, fluctuations in the prices of raw materials may impact the production of industrial girth gears, thereby impeding the growth of the market during the forecast period.
The flange-mounted girth gear segment will account for a major share of the market's growth during the forecast period.?Flange-mounted industrial girth gears are commonly used in equipment like autogenous grinding mills and as well as in ball mills. These mills are used in the cement industry and the mining industry for cold-processing operations. The manufacturing industry has set some standards for flange-mounted industrial girth gears to provide stability and stiffness to the mill to carry out successful operations.
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The flange-mounted girth gear segment was valued at USD 273.42 million in 2018. The increasing demand for energy across various end-user industries like cement, mining, and chemicals, coupled with the rapid increase in industrialization and growing investments in renewable energy projects, will foster the growth of the flange-mounted girth gear market segment. Therefore, the flange-mounted girth gear segment of the global industrial girth gear market is expected to grow during the forecast period.
Based on application, the market has been segmented into cement, mining, chemical and petrochemicals, metal fabrication, and others. The cement?segment will account for the largest share of this segment.?An increase in residential and commercial construction activities globally will foster the growth of the cement segment. Cement is a vital binding component in any construction activity and is utilized as a part of the concrete mix, along with materials such as bricks or stones. Limestone, silica sand, clay, and cinder are some of the major raw materials used in manufacturing cement. Moreover, the demand for public infrastructure and non-residential buildings, like hospitals and healthcare centers, creates an opportunity for the growth of the cement segment. Therefore, due to all these factors, the cement segment of the market will grow significantly during the forecast period.
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APAC is estimated to contribute 46% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Countries in APAC, specifically China and India, have been adding significant capacity to their cement production units over the past few years, which is a major source of growth for the industrial girth gear market in the region. In 2020, China was the leading producer and exporter of lime in the region. The rapid growth of several industries, such as construction, automotive, and technology, resulted in high demand for ferrous and non-ferrous metals such as steel, aluminum, and copper in the country.
Moreover, various applications of lime in ferrous and non-ferrous metal production and new investments in metal production in the country were the key drivers for the growth of the industrial girth gear market in APAC. In addition, the Government of India allowed 100% foreign direct investment (FDI) in the mining sector while fostering the exploration of metal and non-metal ores under the automatic route. This will drive the growth of the industry and, consequently, drive the demand for industrial girth gears in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ASHOKA MACHORD PVT. LTD., DB Santasalo Sarl, FLSmidth and Co. AS, Galbiati Costruzioni Meccaniche Srl, Harcliff Mining Services Pty Ltd., Hofmann Engineering Pty Ltd., Kohara Gear Industry Co. Ltd., Kumera Corp., Marshall Gears, Nippon Chuzo K.K., P. van der Wegen Gears, SEW-EURODRIVE GmbH and Co KG, Stotz Gears Pvt. Ltd., SYMMEN, The KCP Ltd., Ueda Heavy Gear Works Ltd., VULCAN Industrial Engg. Co. Pvt. Ltd., Xinxiang Great Wall Machinery Co. Ltd., and Siemens AG
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The industrial girth gear market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Industrial Girth Gear Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.01% |
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Market Growth 2024-2028 |
USD 54.16 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
1.76 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, India, Russia, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ASHOKA MACHORD PVT. LTD., Chanderpur, DB Santasalo Sarl, FLSmidth and Co. AS, Galbiati Costruzioni Meccaniche Srl, Harcliff Mining Services Pty Ltd., Hofmann Engineering Pty Ltd., Kohara Gear Industry Co. Ltd., Kumera Corp., Marshall Gears, Nippon Chuzo K.K., P. van der Wegen Gears, SEW-EURODRIVE GmbH and Co KG, Stotz Gears Pvt. Ltd., SYMMEN, The KCP Ltd., Ueda Heavy Gear Works Ltd., VULCAN Industrial Engg. Co. Pvt. Ltd., Xinxiang Great Wall Machinery Co. Ltd., and Siemens AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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