New York, Aug. 28, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Chain Block Market” published by Consegic Business Intelligence, the market was worth USD 1,974.51 Million in 2022 and is anticipated to reach over USD 3,017.31 Million by the year 2030, growing at a CAGR of 5.7%.
A Chain Block is a type of lifting device designed to lift, lower, and move heavy objects in industries including manufacturing, construction, and logistics among others. The chain block comprises of chain gears and pulley. The growth of the construction industry serves as the primary factor responsible for driving the demand for chain blocks in the market. The increasing investment in infrastructure development plays a significant role in spurring the demand for chain blocks. The infrastructure projects inclduing bridges, highways, roads and ports involve lifting and moving heavy machinery and equipment.
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Additionally, the growing manufacturing industry is further driving the market growth of the chain Block. The chain blocks in the manufacturing industry are commonly used for lifting and moving heavy components or raw materials. Moreover, there has been an increasing trend of industrialization and urbanization which further drives the demand for chain block.
In addition to the increasing demand for chain blocks in manufacturing and construction industry, the wide range of load carrying capacity of the chain block further drives the market growth. The chain blocks are made from material inclduing steel, cast iron and others and are able to lift weights up to 20 tons or more.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 3,017.31 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.7% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Columbus McKinnon Corporation, KITO CORPORATION, Konecranes, Hitachi Industrial Equipment Systems Co., Ltd, TBM, Ingersoll Rand, TOYOLIFT GROUP, Shanghai Yiying Crane Machinery Co., Ltd., ABUS Kransysteme GmbH, CHENG DAY MACHINERY WORKS CO., LTD., PLANETA-Hebetechnik GmbH |
| By Operation | Manual, Electric, and Others |
| By Capacity | Up to 1 ton, 1 ton to 5 ton, and Over 5 ton |
| By End User | Construction, Manufacturing, Retail, Agriculture, Ports & Shipping, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Chain Block Market Growth Drivers:
- Growing investment in infrastructure development is driving the demand for chain block
Restraints
- Presence of alternatives inclduing hydraulic lifting system and robotics are restraining the market growth
Opportunities
- Growing manufacturing industry offers lucrative opportunities for market growth
Global Chain Block Market Segmentation Details:
Based on Operation, the manual chain block segment contributed the largest shares to the market growth in 2022. Chain block offers benefits including affordability and durability resulting in the market growth of the segment. Further, manual chain blocks work using manual labor and need no power supply which results in reduced cost and increased affordability of the chain blocks. Additionally, manual chain blocks are used for a wide range of applications in retail, workshops, and warehouses among others.
Based on Capacity, the 1 to 5 ton chain block holds the largest market share and is expected to grow at a significant growth rate. Factors inclduing growing manufacturing, and the construction industry are driving the demand for chain blocks with 1 to 5 ton load capacity. Additionally, chain blocks have a wide range of applications in factories, warehouses, workshops, and others which further drives the market growth.
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Based on End User, the manufacturing segment holds the maximum share of the market growth in the year 2022. In the manufacturing industry chain blocks are utilized for lifting heavy machinery, raw materials, and finished products. Further, growing demand for chain blocks in a wide range of industries inclduing automotive, aerospace, and heavy machinery among others is driving the market growth.
Based on Region, North America has been a major contributor to the growth of the Chain Block Market. The growth is attributed to the increased demand for chain blocks in the growing automotive and aerospace industry in the region. The industry uses chain blocks for material handling, equipment installations and production line operation.
Recent Developments
- In February 2022, Kito Europe GmbH CX010 hand chain block with 1 ton load capacity
- In November 2029, Verlinde launched Eurochain VX which is a new range of cutting-edge electrical chain hoists. The electric hoists is designed for loads ranging from 63 kg to 10,000 kg.
Key Market Highlights
- Globally, Chain Block are divided based on the operation manual, electric, and others.
- In the context of capacity, the market is separated into up to 1 ton, 1 ton to 5 ton, and over 5 ton.
- The End-User segment is classified into construction, manufacturing, retail, agriculture, ports & shipping, and others
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with large number of end use industries.
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List of Major Global Chain Block Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Columbus McKinnon Corporation
- KITO CORPORATION
- Konecranes
- Hitachi Industrial Equipment Systems Co., Ltd
- TBM
- Ingersoll Rand
- TOYOLIFT GROUP
- Shanghai Yiying Crane Machinery Co., Ltd.
- ABUS Kransysteme GmbH
- CHENG DAY MACHINERY WORKS CO., LTD.
- PLANETA-Hebetechnik GmbH
Global Chain Block Market Segmentation:
- By Operation
- Manual
- Electric
- Others
- By Capacity
- Up to 1 ton
- 1 ton to 5 ton
- Over 5 ton
- By End User
- Construction
- Manufacturing
- Retail
- Agriculture
- Ports & Shipping
- Others
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Key Questions Covered in the Chain Block Market Report
- What will be the potential market valuation for the Chain Block industry by 2030?
- The market valuation for the Chain Block industry is expected to be approximately USD 3,017.31 Million by 2030 driven by the advancements in material and technology for material handling equipment.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the Chain Block Market's growth in the coming years?
- North America is anticipated to have the largest impact on the Chain Block Market during the forecast period owing to the presence of large automotive, aerospace and logistics industries.
- What specific segmentation details are covered in the Chain Block Market report, and how is the dominating segment impacting the market growth?
- The report consists of segments including operation, capacity, and end-user. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, capacity segment has witnessed 1 to 5 tons as the dominating segment in the year 2022. The wide range of applications in factories, warehouses, workshops, and others are driving the demand for chain blocks with 1 to 5 tons capacity.
- What specific segmentation details are covered in the Chain Block Market report, and how is the fastest segment anticipated to impact the market growth?
- The report consists of segments including operation, capacity, and end-user. Each segment has a key fastest growing sub segment being driven by industry trends and market dynamics. For instance, in the operation segment, electric chain block is anticipated to witness the fastest CAGR growth during the forecast period. The growth is attributed to the advantages including silent operation, speed, and increased productivity.
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