Hoist Chains Market Size, Industry Analysis Report, Regional Outlook (Americas, APAC and EMEA), Application Development status, Price Trend, Competitive Market Share & Forecast, 2019-2025.
Latin America hoist chains market is anticipated to rise at a CAGR more than 9.0% in the forecast timespan. Robust product demand from construction, automotive, energy and electronics sector will help achieve considerable gains to the Latin America hoist chains market by 2025. Growing economic conditions in Argentina and Mexico has propelled socio-economic factors which has led to rising automotive sales and has subsequently propelled hoists demand for lifting auto parts/components while assembling process.
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For instance, automotive sales in Mexico were recorded 1.1 million in 2013 which rose to 1.5 million by the end of 2017. These trends are likely to continue in the coming years which will help attain promising gains to the hoist chains market during the forecast timespan. Moreover, regional government has proposed substantial investment in the major infrastructure projects to boost economy which will further drive demand for lifting/handling components and therefore boost hoist chains market by 2025.
Hoist Chains Market is forecast to exceed USD 9.5 million; according to a new research report. Rapid industrialization & urbanization mainly in emerging economies including Asia Pacific and the Middle East is a major factor which will propel hoists demand and will have successive impact on the hoist chains demand and therefore leads to a strong rise in hoist chains market by 2025. Regional government in these regions are proposing funds for major infrastructure projects to boost regions economy.
For instance, Singapore is known for its airports, ports, roads, housing, sanitation, etc. According to World Economic Forum s Global Competitiveness Index for 2017-18, Singapore holds the second spot in the robustness of its infrastructure across the globe. Moreover, the country has strong ability to reinvest in projects focused on digital or smart infrastructure in the coming future. These trends are projected to boost hoist demand, resulting in driving product demand and henceforth likely to boost hoist chains market by 2025.
Availability of several product alternatives such as wire, rope, etc. in the market is probable to impede the hoist chains market by 2025. Additionally, limited specialists availability to operate hoists will have a negative impact on the hoists demand and will subsequently impact the global hoist chains market by 2025.
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Surface-hardened hoist chains market is projected to attain CAGR close to 9% in the projected time spell. Hoist chains are primarily used in powered hoists across various industries including aerospace, oil & gas, construction, energy, mining, automotive, etc. Key hoist chain manufacturer chains in several diameter such as 4 mm, 5 mm, 5.6 mm, 6.3 mm, 7.1 mm, 8 mm, 9 mm, 10 mm, 11.2 mm, among others. These diameters depict the chain s tensile strength which vary as per the requirement of lifting components at the construction site, mining site, automotive and aerospace workshops, etc.
In volume terms, hoist chains market for energy industry constituted approximately 10% of the overall hoist chains market share in 2017. Energy sector mainly including oil & gas exploration activities has triggered strong demand for hoists from upstream oil & gas sector for handling/lifting heavy components. Abundance of shale oil reserves in North America and rising energy demand from transportation, power and other sectors will boost hoists demand in the coming years. These parameters will make notable influence on the hoist chains market share by 2025.
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The major lifting chains companies are J.D. Theile, RUD, PEWAG, FEC Corporation, Peerless Industrial Group and Gunnebo. Some of the abovementioned players are making significant investment in forming strategic alliances to generate higher gains. For instance, RUD Group entered into a partnership with Caldwell Lifting Solutions in May 2018 and combined its sales & service activities for its lifting and material handling solutions in the U.S. and Canada. This move is intended to improve its market presence in the region with a new level of expertise and a wider range of products from a single source.