United States, Rockville MD, May 23, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Fact.MR, a market research and competitive intelligence provider, the global lifting accessories market is expected to reach a valuation of US$ 801.5 Million by the end of 2032 expanding at a CAGR of 5.8%. The demand for Lifting Accessories is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 458.1 Million by the end of 2022.
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Lifting hooks promise notable growth and a dynamic shift in the lifting accessories market. Increasing rate of trade volume across seaports and container terminals is driving the market for lifting accessories in a positive manner. Moreover, rise in the material handling industry is paving the way for the growth of lifting equipment, and thereby, the lifting accessories market.
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Increasing use of containers for logistics and transportation across the world has reached pre-pandemic levels. This promises stability as well as consistency in demand. Additionally, construction sites in the Asia Pacific region, mainly in India and China, are driving high sales of vivid types of lifting accessories.
On the flip side, the tendency of lifting accessories to potentially damage sensitive products is a major restraint for market growth. However, manufacturers are keenly modifying their accessories in order to achieve higher efficiency and cater the dynamic needs of the market. Moreover, with an increase in the number of applications of lifting accessories, such as in the oil & gas sector and power & energy sector, the market will show positive trends going forward.
Why is China a Huge Market for Lifting Equipment?
A significant number of investments are being made in the development of lifting accessories in the dynamic industrial lifting equipment industry in China. These lifting accessories are used by construction sites as well as logistics and transportation companies.
Five out of the ten largest ongoing construction projects are in China. This has helped the Chinese lifting accessories market grow significantly.
The China lifting accessories market is predicted to expand at a CAGR of 6.6% as a result of these factors. Growing number of industrial lifting equipment manufacturers that are acquiring control over the market and providing such platforms at lesser prices will aid regional growth.
The market in China is expected to reach a valuation of US$ 119 Mn by the end of the forecast period.
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Key Segments Covered in the Sockets Industry Survey
- Lifting Accessories Market by Product Type :
- Lifting Hooks
- Shank Hooks
- Eye Hooks
- Swivel Hooks
- Clevis Hooks
- Lifting Hooks
- Shackles
- Dee Shackles
- Bow Shackles
- Sockets
- Spelter Sockets
- Swage Sockets
- Wedge Sockets
- Bow Sockets
- Lifting Accessories Market by Lifting Capacity :
- Up to 5 Ton Lifting Accessories
- 5 - 10 Ton Lifting Accessories
- 10 - 15 Ton Lifting Accessories
- 15 - 20 Ton Lifting Accessories
- 20 - 30 Ton Lifting Accessories
- 30 - 50 Ton Lifting Accessories
- Above 50 Ton Lifting Accessories
Competitive Landscape
Companies are entering into constructive collaborations and partnerships with end-use industries for product innovation and customization. Market participants are channelizing their resources and capital focusing on lucrative end uses while trying to expand their customer base.
All in all, a blend of an organic and inorganic growth strategy is allowing companies to capture a significant share in this highly competitive market.
- In December 2021, The Crosby Group acquired Airpes, a company that develops and manufactures lifting 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 provider of aftermarket services and parts for overhead cranes and other construction lifting equipment.
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Key players in the East Asia Lifting Accessories Market
- The Crosby Group
- Columbus McKinnon
- Pewag Group
- Van Beest
- Wurth Group
- William Hackett Lifting Products Ltd.
- Peerless Industrial Group, Inc.
Key Takeaways from North America Lifting Accessories Market Study
- Global lifting accessories market poised to expand at CAGR of 5.8%, reaching a valuation of US$ 801.5 Mn by the end of 2032.
- Based on product type, the market is projected to be dominated by lifting hooks, which will account for 31.3% market share by 2032.
- By lifting capacity, up to 5 ton lifting accessories are likely to account for 1/3 revenue share.
- The OEM segment is projected to grow 1.6X by value, while the aftermarket segment is set 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 US$ 175.4 Mn by 2032-end.
- Under end-use sector, the logistics and transportation sector is estimated to account for approximately 17.6% market share in 2022 and is expected to increase 156 BPS in its market share by 2032.
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