Stabilization of trade flows in the post-pandemic scenario to be retained
USA, Rockville MD, May 23, 2022 (GLOBE NEWSWIRE) — According to the latest report from Fact.MR, a market research and competitive intelligence provider, the global lifting accessories market is expected to reach a valuation of USD 801.5 Million by the end of 2032 expanding at a CAGR of 5.8%. the request Lifting accessories is expected to increase over the forecast period and the market is expected to gain a global market size of US$ 458.1 million by the end of 2022.
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Lifting hooks promise notable growth and dynamic evolution in the lifting accessories market. Rising trade volume at seaports and container terminals is boosting the lifting accessories market in a positive manner. Additionally, the boom in the material handling industry is paving the way for the growth of lifting equipment and hence the lifting accessories market.
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The growing use of containers for logistics and transportation across the world has reached pre-pandemic levels. This promises stability as well as consistency of application. In addition, construction sites in the Asia-Pacific region, mainly in India and China, generate high sales of bright types of lifting accessories.
On the other hand, the tendency of lifting accessories to potentially damage sensitive products is a major drag on the growth of the market. However, manufacturers are keenly modifying their accessories in order to achieve greater efficiency and meet the dynamic needs of the market. Moreover, with an increase in the number of applications of lifting accessories, such as in the oil and gas sector and the power and energy sector, the market will show positive trends in the future.
Why is China a huge market for lifting equipment?
A significant number of investments are being made in the development of lifting accessories in China’s dynamic industrial lifting equipment industry. These lifting accessories are used by construction sites as well as by logistics and transport companies.
Five of the ten largest ongoing construction projects are in China. This has helped the Chinese lifting accessories market grow significantly.
The Chinese lifting accessories market is expected to grow at a CAGR of 6.6% due to these factors. The growing number of industrial lifting equipment manufacturers gaining control of the market and providing such platforms at lower prices will contribute to the regional growth.
The Chinese market is expected to reach a valuation of US$119 million by the end of the forecast period.
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Key segments covered by the Taken Industry survey
- Lifting Accessories Market by Product Type:
- Lifting hooks
- Tail hooks
- Eye hooks
- Swivel hooks
- Clevis hooks
- Lifting hooks
- Regulate sockets
- Crimp fittings
- Wedge sockets
- Arc sockets
- Lifting Accessories Market by Lifting Capacity:
- Lifting accessories up to 5 tons
- Lifting accessories from 5 to 10 tons
- Lifting accessories from 10 to 15 tons
- Lifting accessories from 15 to 20 tons
- Lifting accessories from 20 to 30 tons
- Lifting accessories from 30 to 50 tons
- Lifting accessories over 50 tons
Companies enter into constructive collaborations and partnerships with end-use industries for product innovation and customization. Market players channel their resources and capital by focusing on lucrative end uses while trying to expand their customer base.
Overall, a mixture of an organic and inorganic growth strategy enables companies to capture a significant share of this highly competitive market.
- In December 2021, The Crosby Group acquired Airpes, a company that develops and manufactures lifting, material handling and weighing solutions for wind energy and industrial customers.
- In September 2021, Dunes Point Capital, LP (“DPC”) invested in All-Lift Systems, Inc. (“All-Lift”). The company is a supplier of aftermarket services and parts for overhead cranes and other construction lifting equipment.
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The key players in the East Asia Lifting accessories Market
- The Croby Group
- Columbus McKinnon
- Pewag Group
- Van Beest
- Würth Group
- William Hackett Lifting Products Ltd.
- Peerless Industrial Group, Inc.
Main takeaways from North America Lifting accessories Market research
- The global lifting accessories market is poised to grow at a CAGR of 5.8%, reaching a valuation of US$801.5 million by the end of 2032.
- Based on product type, the market is expected to be dominated by lifting hooks, which will account for 31.3% market share by 2032.
- By lifting capacity, up to 5 tons of lifting accessories are likely to account for 1/3 of the revenue share.
- The OEM segment is expected to grow 1.6x in value, while the aftermarket segment is expected to grow 1.8x by 2032.
- The European market is expected to register a CAGR of 5.2% over the forecast period and be valued at USD 175.4 million by the end of 2032.
- In the end-use sector, the logistics and transportation sector is expected to account for approximately 17.6% market share in 2022 and is expected to increase its market share by 156 bps by 2032.
Check out Fact.MR’s coverage on the Industrial products Domain-
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