According to our latest study on "Bucket Elevator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Capacity, and Industry,” the bucket elevator market is projected to grow from US$ 1,055.12 million in 2022 to US$ 1,571.40 million by 2028; it is expected to register a CAGR of 6.9% from 2022 to 2028.

Growing Demand for Bucket Elevators in Fertilizer Industry Fuel Bucket Elevator Market Growth

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 widely 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 which drives the bucket elevator market growth. 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. Thus, the rising use of bucket elevators in fertilizer manufacturing plants is driving the bucket elevator market growth.

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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.

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Cement manufacturers are among the largest deployers of bucket elevators. They have been upgrading their plants for coping with the rise in demand for cement, which has been boosting the installation of bucket elevators. In October 2022, MDG America was selected to supply Drake Cement’s plant located in Paulden, Arizona, US, with four high-quality chain bucket elevators. Such instances indicate the rising demand for various types of bucket elevators in the cement industry.

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BEUMER GROUP, AGCO Corporation, AGI, UniTrak and KWS Manufacturing Company Ltd are the prominent market participants in the bucket elevator market. The listing of key players is derived by considering multiple factors such as overall revenue, current bucket elevator product portfolio, geographical reach, new product launches, market initiatives, and investment in technology up-gradation, partnerships, and other market-related activities. In addition to these players, there are several other important players operating in the bucket elevator market ecosystems which were studies analyzed during this market research study, such as FEECO International Inc, Gough & Co (Engineering) Ltd, Motridal SpA, Skandia Elevator AB, Sukup Manufacturing Co, Satake Corp, and Ryson International Inc.

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