The Loader Bucket Market is anticipated to grow at a robust 4.6% CAGR over the course of the assessment period to reach US$ 3.83 Bn in 2022. Consumers are becoming more interested in recycling and waste management as a result of growing environmental concerns. Initiatives for waste management and recycling are crucial in combating environmental problems.
In landfilling and other related processes, material handling equipment is crucial. The successful management of waste is anticipated to result from the combined efforts of the public and private sectors.
Over 2.1 billion tonnes of municipal waste are produced each year and need to be recycled; of these, 468 million tonnes are produced in East Asia and the Pacific. As a result, material handling equipment are widely adopted, particularly in industries with private ownership.
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Loader Bucket Market Key Takeaways
- With healthy investments and implementation of construction projects undertaken by public and private sectors, a global material handling equipment fleet and subsequent sales are expected to augment, including the sales of associated accessories and components such as bucket loaders.
- According to the United Nations, for sustainable development, Asia Pacific would need about US$ 1.5 Tn spending on infrastructural investment, which is equivalent to 5% of the region’s GDP in 2018.
- Observing the trends in the mining sector, it has been inferred that demand for loader buckets is expected to be generated mainly from surface/open pit mining for ferrous minerals and coal, with the Americas and Asia Pacific being major mining hubs.
- General purpose buckets are the most recognizable loader buckets as they are capable of accomplishing versatile tasks such as dredging, mining, demolition, excavation, landscaping, landfilling, grading, and heavy lifting in harsh environments. This configuration is estimated to capture almost one-third of the global loader bucket market share.
- Since waste management has a strong linkage to many global challenges, the incorporation of waste recycling facilities in many countries such as the U.S., Germany, South Korea, and China has increased, in turn, creating substantial market space for loader buckets.
The construction and mining sectors at present are the chief employers of bucket loaders. However, the market will witness a significant impetus from the waste management sector shortly.
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The loader bucket market is estimated to be a fairly consolidated market, where market players such as Komatsu Ltd., Caterpillar Inc., and Deere & Company are expected to continue witnessing strong sales order inflow and retain their dominance throughout the forecast period.
Brief Synopsis
The construction industry is playing a pivotal role in the loader bucket market and is expected to bag high volume orders of loader buckets in the global market.
Though the mining industry is in a recovery phase in Europe, the region is expected to demonstrate moderate growth in the loader bucket market, backed by favourable end-use industry dynamics and increasing concerns about waste management. Manufacturers of loader buckets are aiming to offer low lifecycle costs and durable loader buckets.
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Recovering Mining Industry to Bolster Sales
The mining industry, like construction and oil & gas, has seen significant downfall during the first half of the decade. Geo-political factors, trade wars, and unstable governments have affected the industry in various countries. Growth of the mining industry is an important economic driver in countries like Chile, Venezuela, Peru, etc.
Recent trends have suggested resurgence of the mining industry in major countries and a 53% rise in mining activities is expected in the next decade. This growth will create increased demand for material handling equipment, in turn, driving the demand for accessories such as loader buckets.
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