The major restraining factor for the hoist chains market is limited skilled technicians to operate hoists across various end-user industries including construction, automotive, mining, etc. for handling and maintain equipment and operations at the site. Nevertheless, rising growth parameters for electric hoists market size will generate sufficient opportunities for the global lifting chains market size by 2025.Hoist Chains Market size is forecast to exceed USD 9.5 million by 2025. Rising product demand from Asia Pacific automotive industry for lifting/handling large components is probable to make considerable impact on lifting chains market size by 2025. For instance, China automotive sales registered were 21.9 million units in 2013, which reached close to 29.1 million units by the end of 2017.
Hoists are widely employed in the assembly line, stamping and punching workshops and warehouses. Moreover, hoists are used for handling & storing steel coils which are used in making auto parts. The aforementioned trends are probable to make staggering impact on hoist demand, which will subsequently trigger product demand and therefore will boost lifting chains market size by 2025.
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Quenched & trenched hoist chains market size is anticipated to witness gains close to 8.5% in the forecast timeframe. These hoist chains comprise of several grades including grade 40, 80, 100 and 120. However, major chunk of the overall quenched & tempered hoist chains constitutes Type T (grade 80) and Type V (grade 100). These chains are used for non-electric hoists (pneumatic and hydraulic) for material handling and lifting equipment applications across various end-user industries including construction, mining, oil & gas, automotive, aerospace industry, etc.
Based on diameter, type T quenched & tempered hoist chains is available in several diameters including 4.0 mm, 5.0 mm, 6.0 mm, 7.0 mm, 8.0 mm, 9.0 mm, 10.0 mm and others including 13mm, 16mm, 23.5mm, 32mm, etc. Hoist chains preference based on diameter for non-electric hoists varies application wise with respect to strength needed for lifting or material handling. Significant demand for non-electric hoists (hydraulic & pneumatic) is in potentially explosive areas where a spark can root explosion such as mining sites, which will have positive impact on the hoist chains market size by 2025.
In terms of volume, hoist chains market size for automotive industry constituted close to 25% of the total business size in 2017. This is majorly attributed to rising hoists demand at the assembling sites and automotive workshops for lifting heavy components/auto parts. Consistently changing customer preferences has led to strong R&D investment by the key automotive players for the development of advanced vehicles. These trends will have notable impact on hoists demand, which will trigger product demand and will drive hoist chains market size by 2025.
Asia Pacific lifting chains market size is projected to witness gains close to 9.5% in the coming years. Strong product demand in the region is mainly due to rising automotive, construction, mining, electrical & electronics industry, which will help attain significant lifting chains market size by 2025. Hoists are widely applicable in mining industry to raise and lower conveyances within the mine shafts. Asia Pacific is a land rich in natural resources and is anticipated to experience high level of mining activities by 2025. For instance, Australia has significant coal, iron ore, lead, nickel and liquified petroleum reserves. In 2010, Australian resource sector exports totaled USD 177 billion which includes coal, iron ore, gold and copper exports. Similar trends are projected to be witnessed which will drive hoists demand and will have positive influence on the hoist chains market size by 2025.
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Some of the prominent lifting chains market players are Peerless Industrial Group, J.D. Theile, Gunnebo and FEC Corporation. Most of these players are making substantial contribution to their R&D facilities to expand its product portfolio and meet competitive edge over its competitors in the region. For instance, Peerless Industrial Group is a subsidiary of the KITO Corporation (KITO), a Japan based hoist chain manufacturer. It operates its manufacturing activities through six different segments including overhead lifting, below-the-hook & material handling device, cargo control products, hardware chain & chain accessories, marine chain accessories, and tire chains.