Compactors Market: Introduction
- A compactor is a system or machine used to reduce material size. Compactors are used across different industries to convert raw materials into powder form. The most common form of raw materials compacted in a compactor include sheets, ribbons, flakes, and panels of wood, cement, stone, plastic, etc. Compacted raw materials can be easily and appropriately used in end processes.
Key Drivers of the Global Compactors Market
- High demand in end-use industries and availability of a diverse product range are key drivers of the global compactors market. Compactors are used in several industries including pharmaceutical, automotive, chemicals, and paints. In addition, compactors are preferred in waste management by hotels, restaurants, and the municipal sector.
- Municipalities use compactors to compress landfill waste at low cost. Further, the system allows higher recycling rates for waste processing plants. Rising importance of food waste industrial waste management is anticipated to boost the demand for compactors during the forecast period.
Opportunities in the Global Compactors Market
- Increasing demand for portable compactors in residential waste management is the key opportunity in the global market. Rising environment awareness among the millennial population is influencing the home composting trend and thus driving the demand for garbage compactors. Furthermore, small-scale biogas production units are increasingly installed at residential apartments to recycle kitchen waste.
- Increasing focus on waste management and recycling by the hospitality sector is anticipated to push the demand for compactors during the forecast period. Hospitals, restaurants, hotels, and airports are key end-users in the commercial sector. Waste compactors for the commercial sector are primarily designed to handle the dumping of common black bag waste, wet food waste, broken pallets, plastic wrapping, cardboards, disposable plates & cups, and plastic water bottles.
For More Industry Insight, Request Sample@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=57093
Asia Pacific to Register Highest CAGR during the Forecast Period
- By region, the global compactors market is classified into South America (SA), North America (NA), Europe (EU), Middle East & Africa (MEA), and Asia Pacific (APAC).
- Country-level bifurcation of the North America market includes the forecast and analysis for the U.S., Canada, and Rest of North America. The country-level analysis and forecast of the Europe market covers the compactors market in the U.K., Germany, France, and Rest of Europe. Country-level analysis and forecast for the Asia Pacific market includes major countries in the region such as India, China, Japan, and Rest of Asia Pacific. Middle East & Africa country-level analysis and forecast for the compactors market includes GCC countries, South Africa, and Rest of Middle East & Africa. The South America compactors market is categorized into Brazil, and Rest of South America.
- Strong demand across the industrial sector and ongoing awareness about residential waste management are likely to drive the demand for compactors in the Asia Pacific market. Furthermore, a well-developed hospitality sector across Singapore, Thailand, Malaysia, and India is expected to enhance market penetration in the coming years. Governments in countries with rapid industrialization such as India, China, and Japan are expanding their efforts to regulate industrial waste management. This in turn offers lucrative opportunities for compactor manufacturers during the forecast period.
Key Players Operating in the Global Market
Key manufacturers operating in the global compactor market are heavily investing in new technologies, innovative product development, and online product marketing. Furthermore, companies are focused on effective expansion of plant operations in untapped markets through strategic acquisitions and partnerships. Companies closely monitor worldwide developments in the biogas sector to establish business in emerging markets.
Some of the major companies identified in the global compactors market are:
- Hamm AG
- HJ Industries
- Marcel Equipment Limited
- Caterpillar Inc.
- Terra Compactor Wheel
