Bulk Material Handling Products and Technologies Market (Type - Powder Materials (Material Feeding Systems, Weighing Systems, Conveying Systems, and Screening Systems), Iron Ores, Wood Chips, and Coal; End Use - Chemical, Construction, Energy, Food & Beverages, Mining, Metals, Oil and Gas, Pharmaceuticals, and Plastics) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 04/06/2017 -- The degree of competition in the global bulk material handling products and technologies market is quite intense owing to the presence of a large number of leading players, says Transparency Market Research (TMR) in a research report. The point of differentiation is very low in the market with manufacturers producing identical products. Thus, to stay ahead in the competition and establish a leading position along with a wide consumer base, leading players are focusing on new and advanced technologies and innovations to distinguish themselves from their competitors and enhance brand loyalty among their consumers.
Big multinational companies also have the potential to stay ahead in the game by forward integration in the value chain and manufacturing products with their personal material handling equipment. The four leading players, ThyssenKrupp AG, Metso, FL Smidth and Co. and TENOVA accounted for a share of almost 60% in the global bulk material handling products and technologies market in 2013. The market is expected to witness steady yet slow growth over the forecast period. The market is projected to be worth US$62.36 bn by the end of 2020.
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Mining Sector to Retain Dominance until 2020
According to a TMR analyst, "The mining sector is expected to lead the market in terms of consumption until 2020 with a share of 28.49% in the same year." The mining industries across the globe have the leading applications of bulk material handling products and technologies. This can be attributed to the substantial demand for power resources which typically includes thermal power. Thermal power requires coal and to extract coal, mining is necessary. The growing demand for iron and steel plants is also putting pressure on the mining industries as it requires iron ore and other raw materials, which are obtained through the mining process. These mining activities require bulk material handling products and technologies such as bucket wheel excavators to dig the ground and extract coal and iron ore. Conveyor belts, spreaders, and reclaimers are used for transporting, dumping, and reclaiming materials such as limestone, coal, sand, potash, kaolin clay and soda ash from a stockpile.
Region-wise, Europe is anticipated to retain its leadership position and dominate the market by accounting for 34.0% share of the global market in 2020. The Asia Pacific market is anticipated to witness substantial growth considering the increasing demand for high capacity in production plants and also due to the rising demand for bulk equipment across the industrial sector. The market share of Asia Pacific is likely to go up to 33% in 2020.
Progress of Construction and Industrial Sector in Emerging Economies to Benefit Market
Currently, the construction and industrial infrastructure sectors across countries such as Indonesia, India, and China are witnessing exponential growth. This growth can be attributed to the huge expenditure allocation for the purpose of expansion and the development of plants with enhanced capacity as they trigger the demand for bulk material handling products. These products are employed in residential, industrial, as well as commercial construction projects. Factors such as the rising investment in domestic infrastructure construction and burgeoning investments from foreign multinational and power projects are helping the bulk material handling industry to grow robustly. Europe and the U.S. are already saturated markets in bulk material handling products; henceforth, the key contributors to the growth of the market are likely to be Asia Pacific, Middle East, and Latin America.
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This review is based on a Transparency Market Research report titled, "Bulk Material Handling Products and Technologies market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020."