bucket elevator Market

The bucket elevator market is projected to reach US$ 1,571.40 million by 2028, growing at a CAGR of 6.9% from 2022 to 2028.

Bucket elevators present a simple but efficient method of elevating free-flowing and semi-free-flowing bulk materials. Their characteristic simplicity makes them a popular choice for bulk material handling and processing applications in fertilizer plants. Bucket elevators are used to move ore at mining sites and dispatch finished products from a fertilizer plant. Centrifugal belt-style elevators are mostly utilized for high-capacity tasks that require moving large quantities of material quickly. Further, a centrifugal-chain elevator is often used for moving ore at a mine site as it allows for greater capacity and is more rugged than belt-style elevators. For superhigh-capacity handling, a double-chain configuration is often employed. Most bucket elevators supplied to the fertilizer industry have higher corrosion and abrasion resistance, as compared to those utilized in other industries. This is because materials used in the production of fertilizers have corrosive qualities, due to which they can cause excessive premature wearing of the buckets. Similarly, abrasion is a prevalent concern for many fertilizer manufacturers, particularly on the mining and ore-handling sides. With a rising population and growing demand for major crops, there is a steep rise in the consumption of fertilizers globally. The use of bucket elevators in fertilizer manufacturing plants is increasing with a rise in fertilizer demand and production, which bolsters the bucket elevator market growth.

Impact of COVID-19 Pandemic on Bucket Elevator Market Growth
The limitations imposed by governments to control the spread of COVID-19 during the initial phases of the COVID-19 pandemic in most countries affected daily activities in most industries. Stringent restrictions and supply chain disruptions put most companies in most countries across all regions in jeopardy. Hence multinational enterprises operating in different regions had to reconfigure their operations to accommodate all their employees. Factory and production shutdowns, trade bans, supply chain and procurement management disruptions, labor scarcity, and border lockdowns to combat the disease spread hampered the working of bucket elevator market players. However, the market performance began improving at a faster pace in 2021 with a significant rise in construction projects and increasing investments in mega infrastructure developments. For instance, according to the National Development and Reform Commission (NDRC) of China, the country resumed construction in ~90% of key projects in 2021. Such recovery in the construction industry is expected to further boost the bucket elevator market size.

China accounts for the largest share in the bucket elevator market in Asia Pacific, followed by Japan and India. The bucket elevator market in China is growing at one of the fastest rates globally. The government bodies across this region are investing heavily in infrastructural development. Additionally, several manufacturing companies operating globally are investing in Asia Pacific to set up their production facilities, which is likely to bolster the growth of the construction industry across the region. Countries such as South Korea, China, India, Vietnam, and Singapore are increasingly investing in the construction of new airports. Hence, the ongoing proliferation of the construction industry is promoting the application of various types of bucket elevators in Asia Pacific. These factors propel the progress of the bucket elevator market players operating in this region.

BEUMER Group GmbH & Co KG, FEECO International Inc, Gough & Co (Engineering) Ltd, KWS Manufacturing Co Ltd, Motridal SpA, Skandia Elevator AB, Sukup Manufacturing Co, Satake Corp, Ryson International Inc, and AGCO Corp are a few of the key companies in the bucket elevator market.

The overall size of the bucket elevator market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the bucket elevator market size with respect to all market segments. Further, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights. Participants in this process include VPs; business development managers; market intelligence managers; national sales managers; and external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the bucket elevator market.