Loading Spout Market is expected to reach US$ 443.05 Million by 2028

The global loading spout market size is expected to reach US$ 443.05 million by 2028, registering a CAGR of 6.2% from 2022 to 2028, according to a new research study conducted by The Insight Partners. 

Growing Industrial Sector to Hold Potential Opportunity for Loading Spout Market Growth during 2021–2028

The growth of industrial activities is primarily attributed to the growing economy, formulation of new business practices, and supportive policies by governments that encourage new investments in business and technology. The rise in industrial operations would increase emissions in the environment and the working environment. Thus, strict regulations pertaining to industrial emissions and concerns about occupational health and safety of workers have led the industrial and commercial sectors to prioritize the need for installing loading spout products at the operating and manufacturing facilities. According to Trading Economics data, industrial production in India increased by 12.3% year-on-year in June 2022, following a 19.6% jump from the previous month. Industrial output increased in all sectors including manufacturing from 12.5% in June 2021 to 20.6% in 2022 and mining from 7.5% to 10.9%. Thus, such growth prospects in the industrial sector are propelling the need for loading spouts for the health and safety of workers, which is expected to propel the loading spout market growth during the forecast period.

Loading Spout Market Share – by Region, 2021

Source: The Insight Partners Analysis

Commercial and residential constructions are continuously growing worldwide, majorly in developing countries. The developing countries are experiencing a rapid rise in urbanization. As per the World Bank Group, the world's urban population will reach to 6 billion by 2045. Also, according to the Ridgewater Homes website data, in 2021, there was a 10% growth in the construction of residential buildings in Australia from 2020. The growth is attributed to the rising demand for houses due to record-low interest rates; growing sustained employment; and increasing government programs, such as HomeBuilder. Further, several government initiatives help the housing industry. For instance, according to the Yonhap News Agency website data for February 2021, the South Korean government announced that it would ease building regulations and support redevelopment projects in urban areas to increase the number of new houses to 836,000 nationwide. As a result, developing infrastructure activities in the construction sector and growing government projects for smart cities bolster cement usage, which is projected to propel the loading spout market size over the forecast period.

The significant growth in infrastructure capabilities and industrialization propel the demand for loading spouts market size on a large scale. Furthermore, the stringent government regulations regarding emissions standards also drive the market growth.

The loading spout market is segmented on the basis of loading system, type, end user, and geography. Based on loading system, the market is segmented into closed loading, open loading, and combined loading. The open loading segment is expected to dominate the market during the forecast period. The loading spout market, by type, is bifurcated into heavy-duty loading spout and standard duty loading spout. The standard duty loading spout segment is expected to dominate the market during the forecast period. The loading spout market, by end user, is segmented into mining, shipping, food and beverage, oil and gas, construction, chemical, and others. The food and beverage segment is expected to dominate the market during the forecast period. In terms of geography, the Loading Spout market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific dominated the overall market in 2021, and Europe contributed to the second-largest market share in 2021.

Impact of COVID-19 Pandemic on Loading Spout Market Growth

North America has the highest acceptance and development rate of emerging technologies for loading spouts across the world, owing to favorable government policies to boost innovation and reinforce infrastructure capabilities. The construction industry has a potential influence on North American loading spout market share. Notably, the US is one of the world's worst-affected countries by the impacts of the COVID-19 pandemic. The operations in the construction industries were temporarily discontinued during the pandemic, which hampered the loading spout market share in the first half of 2020. Further, the decline in the production of loading spouts during the pandemic adversely affected the loading spout market growth.

As per Global Construction 2030, the volume of construction output is estimated to increase by 85% to US$ 15.5 trillion by 2030 worldwide. The US is projected to account for over ~50% share in the growth of the construction industry. In October 2021, the Canadian government planned to invest in infrastructure projects with an investment of worth US$ 72.96 billion. After the COVID-19 pandemic, the construction sector, coupled with the support of government bodies in the US, is taking initiatives to promote infrastructural developments in the country. Further, in the country, the construction of residential buildings and large concrete structures, such as bridges, will increase the usage of cement, which, in turn, is expected to boost the loading spout market during the forecast period.

SLY INC; Maschinen- and Muhlenbau; Erhard Muhr MbH; Beumer Group; Daxner GmbH; Hennlich S.r.O; Pebco Inc; WAM Group; and POLIMAK GRUP ENDüSTRIYEL ÜRETIM SAN A S are among the key players operating in the loading spout market. In addition, several other market players have been analyzed to understand the market size.

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