Bucket Elevator Market Research Report and Outlook by 2028

The bucket elevator market is anticipated to achieve a valuation of US$ 1,571.40 million by 2028, with a compound annual growth rate (CAGR) of 6.9% projected from 2022 to 2028.

Bucket elevators offer a straightforward yet effective solution for elevating free-flowing and semi-free-flowing bulk materials. Their inherent simplicity makes them a favored option for handling and processing bulk materials, particularly in fertilizer production facilities. These elevators are instrumental in transporting ore at mining locations and in the distribution of finished products from fertilizer plants. Centrifugal belt-style elevators are predominantly employed for high-capacity operations that necessitate the rapid movement of substantial material volumes. Additionally, centrifugal-chain elevators are commonly utilized for ore transportation at mining sites, as they provide enhanced capacity and durability compared to their belt-style counterparts. For extremely high-capacity requirements, a double-chain configuration is frequently adopted. Most bucket elevators designed for the fertilizer sector exhibit superior resistance to corrosion and abrasion compared to those used in other industries. This is primarily due to the corrosive nature of the materials involved in fertilizer production, which can lead to premature wear of the buckets. Furthermore, abrasion is a significant concern for many fertilizer producers, especially in the mining and ore-handling processes. With the global population on the rise and an increasing demand for essential crops, there has been a notable surge in fertilizer consumption worldwide. Consequently, the utilization of bucket elevators in fertilizer manufacturing plants is on the rise, driven by the growing demand and production of fertilizers, which in turn supports the bucket elevator market expansion.

Effects of the COVID-19 Pandemic on Bucket Elevator Market Growth
The restrictions implemented by governments to mitigate the spread of COVID-19 during the early stages of the pandemic significantly impacted daily operations across various industries. Stringent measures and disruptions in supply chains placed many companies in precarious situations globally. As a result, multinational corporations had to adapt their operations to ensure employee safety. Factory closures, production halts, trade restrictions, supply chain disruptions, labor shortages, and border closures to curb the virus's spread adversely affected the operations of bucket elevator market participants. Nevertheless, the market began to recover more rapidly in 2021, driven by a notable increase in construction activities and heightened investments in large-scale infrastructure projects. For example, the National Development and Reform Commission (NDRC) of China reported that approximately 90% of key projects resumed construction in 2021. This resurgence in the construction sector is expected to further enhance the bucket elevator market's growth trajectory.

In the Asia Pacific region, China holds the largest share of the bucket elevator market, followed by Japan and India. The growth rate of the bucket elevator market in China is among the highest globally. Government initiatives in this region are heavily focused on infrastructure development. Moreover, numerous global manufacturing firms are investing in the Asia Pacific to establish production facilities, which is likely to stimulate the growth of the construction sector in the area. Countries such as South Korea, China, India, Vietnam, and Singapore are increasingly channeling investments into the construction of new airports. Therefore, the ongoing expansion of the construction industry is fostering the use of various types of bucket elevators in the Asia Pacific region. These dynamics are driving the advancement of bucket elevator market players operating in this area.

Key players in the bucket elevator market include 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.

The overall size of the bucket elevator market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aims to provide an overview and forecast of the bucket elevator market size across all segments. Additionally, numerous primary interviews have been conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants in this research include vice presidents, 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.