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Construction and mining sectors have been prime drivers of loader bucket market. Yet, prevalence of proper waste management & recycling facilities reflect need for loader buckets in landfills, and waste collection activities. Market players eye Europe for lucrative prospects on back of increasing waste-to-energy plants, while APAC (Asia Pacific) exhibits fastest growth, attributed to rising infrastructure projects. In its new business intelligence report, FMI finds that global loader bucket market is estimated to peg ~US$ 3 Bn in 2019, and is anticipated to grow at a promising CAGR of ~4.5% throughout forecast period (2019 - 2029).Construction Sector Remains Top Adopter, Mining Sector Picks Pace
Construction sector portrays vital role in contributing to economic development of a majority of countries. FMI finds that adoption rate of loader buckets in construction sector is expected to account for about half of the market share. Increase in infrastructural and construction projects echo surging demand for material handling equipment, including loader buckets, for efficient handling and transportation of construction aggregates. Further construction sector in countries, including China, India, Russia, and Turkey, are showcasing double-digit growth.
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Despite mining sector undergoing resurgence, FMI discovers ~50% upsurge in mining activities within next decade. As extraction of minerals and ores increases, loader buckets will keep finding purpose in mining sector for handling materials, including coal, rocks, and woodchips.
Excavators at Forefront, SSL and Wheeled Loaders in Neck-and-Neck
In construction and mining sectors, excavators remain highly preferred for handling heavy materials with safety and reliability. Gigantic and heavy, excavators continue to maintain their supremacy with ~50% market share throughout forecast period. On the other hand, compact construction equipment, such as skid steer loaders (SSL), and wheeled loaders, are ideal in small commercial and residential applications. In addition, SSL and wheeled loaders are garnering faster adoption growth as compared to their competitors, reveals FMI.
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Compact construction equipment offer benefits of affordable costs, and easy transportation. Skid steer loaders (SSL) and wheeled loaders collectively account for a tenth share of the market revenue, yet customers are increasingly shifting towards wheeled loaders, which is apparent by their greater Y-o-Y growth as compared to SSL.
Analysts at FMI opine that “Construction sector has been the prime adopter of loader buckets, while mining sector is witnessing significant upsurge in mining activities. Government agencies globally are enacting regulations regarding reduced plastic generation, which are further creating white spaces for loader bucket manufacturers in waste management & recycling.”
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