Press release
Sprocket Market Projected To Expand At CAGR Of 7% Over 2021 To 2031 And Reach Valuation Of US$ 8.6 Bn
The global automotive industry is witnessing drastic changes as result of technological advancements and introduction of electric vehicles.This will result in providing a boost to the sales of sprockets across regions. Furthermore, increasing demand from motorcycle OEMs will also complement demand growth over the forecast period.
With a wide range of application in end-use industries, such as linear motion in two wheelers, power transmission in building and construction, and the agriculture industry, demand for sprockets, especially steel sprockets, is set to increase at a faster rate in future.
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Key Takeaways from Market Study
The global sprocket market is expected to grow 2X in value over the next ten years.
Plain bore sprockets are projected to hold a prominent market share in terms of value over the forecast period.
However, taper lock bore sprockets are projected to resister a higher growth rate of 7.4% in terms of value.
Below ½ pitch sprockets are estimated to account for 30% revenue share of the market by 2021-end, but are expected to lose 39 BPS by 2031.
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The thermoplastic segment is expected to expand at a CAGR of more than 8% in terms of value, to be valued at US$ 410 Mn by 2031-end.
Largest share is contributed by the building and construction segment in terms of sprocket demand, representing a CAGR of 7% across the forecast period.
Competitive Landscape
North America and Europe are home to leading sprocket manufacturers such as Renold PLC, Rexnord Corp., Regal Beloit, SKF Group, Altra Industrial Motion, and others.
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East Asia, followed by South Asia, are emerging regions with potential market players such as Tsubakimoto Chain Group, Senqcia Corporation, and others. Latin America and MEA are steadily progressing on the back of improving manufacturing facilities across these regions.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global sprocket market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
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The study divulges essential insights on the market on the basis of pitch (standard and customized), material (steel, cast iron, thermoplastics, and others), strand (simplex, duplex and triplex), bore (plain and taper lock), application (conveyors, rotor rollers, and other drives),
End-use vertical (bicycles, motorcycles, building & construction, food & beverages, glass & plastic, textiles, agricultural equipment, and others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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