Hoist Chains Market Analysis

Hoist Chains Market Analysis

In terms of volume, surface-hardened hoist chains share constituted close to 85% of the total industry share in 2017. Surface-hardened chains market is mainly driven by strong demand for electric/powered hoists from several end-user industries such as aerospace, automotive, construction, oil & gas, mining, etc. This segment constituted a larger market share as comparted to quenched & tempered hoist chains owing to its demand from electric hoist manufacturers which are progressively preferred across aforementioned industries. These chains are available in various diameters such as 4 mm, 5 mm, 5.6 mm, 6.3 mm, 7.1 mm, 8 mm, 9 mm, 10 mm, 11.2 mm, etc. However, there is strong demand for 7.1 mm, 11.2 mm and 6.3 mm surface-hardened hoist chains from hoist manufacturers, owing to their suitability in terms of strength for lifting and material handling equipment from end-user industries, which will help drive the overall hoist chains market size in the coming years.
 

Hoist chains market size for aerospace industry will constitute approximately 25% of the total industry share in 2017. Rising electric/powered hoists demand from aerospace industry in Asia Pacific is majorly attributed to rapidly growing air traffic which is due to improving consumer lifestyles in the region. According to International Air Transport Association (IATA), Asia Pacific carriers experienced a growth of 8.5% air traffic rise in 2017. These trends will in turn trigger powered hoists demand owing to its rising applications at the assembling sites for lifting heavy components, which will propel product demand and have subsequent positive influence on the lifting chains market size in the coming years.
 

North America constituted close to 20% of the global hoist chains market share in 2017. This is mainly attributed to strong hoists demand from aerospace, automotive and oil & gas end-user industry in the region. Availability of abundant shale oil reserves and rising exploration activities in the region is likely to trigger hoists demand, which will have subsequent positive impact on the product demand, and thereby driving hoist chains market size in the coming years. According to EIA, U.S. has approximately 3.7 trillion barrels of shale oil reserves. Strong energy demand from transportation, power, household and various other sectors will result in rising exploration activities in the region. These trends will have positive influence on the material handling & lifting equipment demand and therefore will result in rising lifting chains market size in the forecast timeframe.