Loader Bucket Market Recycling & Waste Management Initiatives Drive Market Growth by 2029 | FMI
Loader buckets have been used as an attachment in material handling equipment to load the debris of solid materials from the generated site towards other places or loading in the transporting vehicles. The loader bucket market will reach US$ 3 Bn in 2022 and see a promising CAGR over the forecast period (2022 – 2029).
Growing environmental concerns are encouraging consumers to recycle and manage their waste. Recycling and waste management initiatives are critical in addressing environmental issues. Material handling equipment is essential for landfilling and other related activities. The combined efforts of the public and private sectors are expected to result in waste management success.
The market’s growth would be directly dependent on the mining and construction industries, which are expected to grow at a rate of 3 – 4 percent, respectively. Nonetheless, the market is expected to see a significant increase in demand from the waste recycling and management sector. Loader buckets are increasingly being used in these industries, with demand being driven by off-road heavy vehicles used in waste management and recycling, construction, and mining.
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Loader Bucket Market Key Takeaways
- With healthy investments and implementation of construction projects undertaken by public and private sectors, 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 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.
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Construction and mining sectors at present are the chief employers of bucket loaders. However, the market will witness a significant impetus from waste management sector in the near future.
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.
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 favorable end-use industry dynamics and increasing concerns towards waste management. Manufacturers of loader buckets are aiming to offer low lifecycle cost and durable loader buckets.