North America will remain the leader in terms of growth in production of liquid hydrocarbons. The regional hoist lifting chains assemblies market will witness significant demand from the oil & gas sector. Many regional businesses have been moving from an ‘offshore’ model to a ‘nearshore or onshore’ model, where manufacturing services are closer to where market demand and innovation take place. Some of the drivers behind the rise of reshoring and manufacturing regionalization include the increase in foreign wages in countries like China, rising transport costs and market volatility risks. These trends will have a positive influence on the regional hoist sling chains assemblies market by 2025.
Hoist Sling Chains Assemblies Market Size will surpass USD 8.9 million by 2025. Hoist sling chains assemblies industry has been witnessing an escalating demand in the recent years. Demand for the lifting chains assemblies is likely to grow for new shipbuilding and repair and maintenance projects in countries such as Brazil, South Africa and Saudi Arabia. Middle East & African region in the future years.
According to a report by the United Nations, Department of Economic and Social Affairs, the number of cities with 500,000 inhabitants or more is expected to grow by 80% in Africa between 2016 to 2030. Rising urbanization and the involved feeding necessities present substantial opportunity aspects for hoist sling chains assemblies market in South Africa building & construction industry by 2025.Hoist lifting chains assemblies of type V or grade 100 are expected to rise at a fast pace of CAGR 9.3% by 2025. Advancements in processing technology and metallurgy has resulted in the transition of the industry into making type V alloy chain – the manufacturers’ choice. Type V hoist sling chain has about 25% higher capacity rating in contrast to type T. This feature has extended a substantial ergonomic gain to the type T.
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By using the master link, damage to the sling chain is avoided by providing a properly designed pulling point. Most common types of master links have been the single master links, quad master links and kuplinks. Global hoist lifting chains assemblies market is expected to observe significant growth of master links, with a CAGR exceeding 9.0% by 2025. Typical hook designs for sling chains include: foundry hooks, grab hooks, sling hooks and self-locking hooks, with a clevis or eye profile. Hooks with a load bearing capacity of 10.1 – 20.0 tons contributed a significant market share exceeding 20% in 2017, and a similar trend is expected by 2025.
General manufacturing segment is expected to observe the fastest growth of CAGR close to 10% in global hoist lifting chains assemblies market by 2025. Escalating growth aspects of industrialization in the emerging economies will propel the product demand in general manufacturing.
Some significant industry players in the hoist sling chains assemblies market are: pewag, Campbell, Gunnebo, Retezarna A.S., McKinnon Chain, RUD, etc. Industry participants have been engaged in significant new product development to strengthen the market position. For instance, in January 2018, Gunnebo launched a new grab hook with locking pin. The product involved supporting cradle lugs for its usage at full Working Load Limit (WLL). The product features include high strength, lightweight, easy handling, and risk minimization. With these product developments, the company could gain an edge over its competitors.