Press release
Demand Is Likely To Increase, Expanding At A CAGR Exceeding 3.5% Throughout The Assessment Period 2022-2032
Being a crucial component in the lifting and rigging industry, lifting hooks hold significant opportunities as far as the future is concerned.Lifting hooks make the task of lifting and rigging safe and efficient across various industries such as construction, automotive, logistics, and transportation, out of which, the construction sector account for most of the demand.
Fact.MR, in its latest research report, offers insights on key factors that are expected to fuel demand over the decade.
The regions of North America, Europe, and Asia Pacific are huge markets for lifting hooks. The report also details how the ongoing COVID-19 pandemic is having an impact on the lifting hooks market, and what the future looks like.
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Will Future Lifting Hook Demand be Higher than Historical Trends?
From 2015 to 2019, the global lifting hooks market exhibited a CAGR of 3.5%. High investments in construction, automotive, logistics, transportation, and several other industries, from where steady demand has been experienced, is a key stimulants driving this growth.
Stringent government regulations across industries are expected to induce the use of lifting hooks for various lifting and rigging tasks. All in all, lifting hook demand is likely to increase, expanding at a CAGR exceeding 3.5% throughout the 2020-2030 assessment period.
Key Segments Covered of the Global Lifting Hooks Market
Type
Eye Hooks
With Latch
Without Latch
Clevis Hooks
With Latch
Without Latch
Swivel Hooks
With Latch
Without Latch
Grab Hooks
Eye Grab
Clevis Grab
Foundry Hooks
Eye
Clevis
Working Load
[1-5] ton
(6-12) ton
(12-23) ton
(23.0-32) ton
Over 32 ton
Industry
Construction
Automotive
Logistics and Transportation
Industrial
Others
Sales Channel
OEM
Aftermarket
Region
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa
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Lifting Hooks Market- Competition Landscape
Companies operating in the lifting hooks market are aiming to increase their market share and geographical footprint through acquisitions in industries associated to lifting. Recent mergers & acquisitions that have taken place in the lifting hooks market are:
In 2007 Van Beest acquired the brand EXCEL. Under this brand, lifting hooks are produced in the company’s French factory.
Kito Corporation is one of the global leaders in the crane and hoist manufacturing business, and also has a strong material handling solution business. It acquired North America chain hook manufacturer Peerless Industrial Group to expand its business in North America.
The Crosby Group a leading manufacturer of premium accessories used in lifting, rigging, and securement applications, and acquired Gunnebo Industries, which is primarily into material handling and other related applications.
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How Big is the Opportunity in the Construction Industry?
Looking at the current scenario, the construction industry has a significant share of over 40% as far as demand for lifting hooks is concerned.
The need for lifting hooks in the construction industry is pretty high due to their large number of uses at construction sites.
The construction also uses heavy duty lifting hooks extensively, which further contributes to its increasing share in the global lifting hooks market, which is anticipated to be more than 45% by 2030.
For More Insights-
https://www.einpresswire.com/article/556693095/advancements-in-the-technology-of-avionics-propels-the-business-aircraft-manufacturing-industry
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