The Loader Bucket Attachments Market is experiencing a surge in demand, primarily driven by the growing need for efficient waste management in manufacturing industries, particularly in developing countries. As industrial sites, construction sites, and waste yards generate increasing amounts of waste, there is a rising requirement for heavy material handling systems like backhoe loaders and wheeled loaders. This trend is fueling the global growth of the loader bucket attachments market.
One of the primary factors contributing to large volume sales is rising safety standards and the need for regular replacement of loader bucket attachments. A loader bucket attachments market usual service life is three to five years; after which it must be replaced or fully repaired. Furthermore, regional governments are paying more attention to safety requirements established by OSHA and others, resulting in a market opportunity of more than US$ 1.3 billion over the projected period of 2022 to 2029.
On the back of these factors, the global loader bucket attachments market is projected to register a CAGR of 4.6% through the period.
“Increasing infrastructural investments, recovering mining industry, and the prevalence of waste management is anticipated to offer abundant opportunities to manufacturers in the loader bucket attachments market, especially in developing countries.”
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Trends in loader bucket attachments market
Focus on waste management providing huge returns
The increasing need for waste management in manufacturing industries is expected to provide many opportunities for the loader bucket attachments market, especially in developing countries. Gathering waste from industrial sites, construction sites and waste yards have raised the demand for heavy material handling systems like backhoe loaders, wheeled loaders and others, thereby propelling the growth of the global loader bucket attachments market. In addition, expanding government support and awareness schemes for proper waste management are expected to contribute significantly for the loader bucket attachments market in the upcoming years.
Notable growth in mining sector
Governments of different nations are exponentially investing on upcoming new mining projects. For example, the government of India has approved new mining projects like Adasa underground mine project in Maharashtra, Kulda opencast project in Odisha, and more. The loader bucket attachments have wide range of applications in the mining industry as the extraction of mining products essentially need ground engaging equipment for extraction. Moreover, the mining sector throughout the world is witnessing fast recovery from an economic crisis in recent years. These factors and new projects in different countries will considerably affect the loader bucket attachments market growth
Key Segments of Loader Bucket Attachments Industry Survey
Loader Bucket Attachments Market by Attachment:
· Attach Adapters & Couplers
· Ground Engaging Tools
· Mounting Brackets
· Pushers & Snow plows
Loader Bucket Attachments Market by Region:
· North America Loader Bucket Attachments Market
· Latin America Loader Bucket Attachments Market
· Europe Loader Bucket Attachments Market
· East Asia Loader Bucket Attachments Market
· South Asia & Pacific Loader Bucket Attachments Market
· Middle East & Africa (MEA) Loader Bucket Attachments Market
Loader Bucket Attachments: Competition Scenario
The loader bucket attachments market is assessed to be a fairly consolidated market space, where players such as Caterpillar, AB Volvo, Komatsu Ltd., JCB, Doosan Corporation, Deere & Company, and CNH Industrial are projected to maintain their supremacy in the market throughout the forecast period.
What’s in it for you?
The global loader bucket attachments market report published by Future Market Insights details an extensive market analysis for the projected period of 2022-2029, based on attachment type and region. The loader bucket attachments market report offers an exhaustive analysis of major attachments employed in bulk material handling systems across various end-use industries, with their regional market dynamics and sales forecast. The study contains information about emerging market opportunities over the forecast period, and also highlights supply trends, key considerations for manufacturers, and other macro and micro factors impacting the growth of the loader bucket attachments market.
Key Takeaways of Loader Bucket Attachments Market Study:
· The rise in infrastructural projects with promising economic growth necessitates manufacturers of heavy-duty off-road vehicles to increase efficiency and productivity, creating growth opportunities for players in the loader bucket attachments market.
· Prominent players in the loader bucket attachments market are striving to offer an extensive range of attachments and ground engaging tools. Additionally, these companies strive to offer new products in developing regions where end-use industries have registered double-digit growth in the past, such as China, India, and Latin America.
· Between thumbs and grapples, grapples are estimated to gain more prominence, as they can be used to multitask, which leads to increased productivity in demolition, rock handling, scrap handling, and land clearing applications. Grapples are expected to gradually replace thumbs in the latter half of the forecast period.
· Amongst all the loader bucket attachments, ground engaging tools are gaining more acceptance in the loader bucket attachments market, owing to their better productivity.
· Cumulatively, the Americas and Europe have a notable installed base of bulk material handling equipment. The need for frequent maintenance due to safety concerns and the resulting volume sales of loader bucket attachments, coupled with growing concerns regarding proper waste handling is expected bolster the growth of the loader bucket attachments market.