Press release
Hoist Chains Market Growth Projection to 2025 - J.D. Theile, RUD, PEWAG, FEC Corporation, Peerless Industrial Group, Gunnebo
Hoist Chains Market
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According to World Economic Forums 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.
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 region s economy. For instance, Singapore is known for its airports, ports, roads, housing, sanitation, etc.
Growth Drivers: -
1. Rising demand for material handling equipment in aerospace & defense industry
2. Strong demand for lifting equipment in the automotive industry
3. Rapidly growing construction industry in Asia Pacific
4. Increasing product demand for oil & gas drilling and material handling activities in North America
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.
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Hoist chains market, by end-user:
1. Aerospace
2. Automotive & Transportation
3. Construction
4. Energy
5. Marine
6. Others
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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