Hoist Sling Chains Assemblies Market Size

Hoist Sling Chains Assemblies Market Size

Hoist Sling Chains Assemblies Market size was over USD 4.2 million in 2017, with projected gains close to 10% CAGR between 2018 and 2025.

Emergence of China and South Korea as the leading force in the shipbuilding industry has been the major driver for increasing the demand for hoist sling chains assemblies in the recent decade. Increase in ship repair and maintenance activities will drive the demand for hoist lifting chains assemblies across the globe in the future years. Growing shipbuilding industry and increasing mega-ship building projects for instance, container ships such as Cosco Glory, Cosco Development by Hyundai Heavy Industries, present brighter outlook for hoist lifting chains assemblies demand in the near future.

As per a publication by the UN Department of Economic and Social Affairs, by 2030, cities having over 500,000 inhabitants will rise by 30% in Asia. Expanding urbanization and population feeding requirements in countries such as India, South Korea and Taiwan present strong growth aspects in the regional construction sector. Such trends present significant potential for the regional hoist sling chains assemblies demand over the forecast span.