Rockville, April 20, 2023 (GLOBE NEWSWIRE) -- A lifting hook is a device used with a crane or hoist to grasp and lift loads. Since lifting hooks are an essential part of the lifting and rigging business, they present enormous prospects.
The global lifting hooks market is valued at US$ 160 million in 2023 and is predicted to reach US$ 250 million by 2033-end. Fact.MR has forecasted worldwide sales of lifting hooks to increase at a CAGR of 4.6% from 2023 to 2033.
Construction, automotive, logistics, and transportation are just a few of the industries that benefit from the safe and effective lifting and rigging that lifting hooks provide. As a result, there is now more need for lifting hooks.
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| Lactose-free Butter Market Scope | |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2033 |
| Growth momentum & CAGR | Accelerate at a CAGR of 4.6 % |
| Market growth 2023-2033 | US$ 250 Million |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Van Beest, The Crosby Group, Columbus McKinnon, Irizar Forge, Pewag Group, Peerless Industrial Group, Ketten Wälder GmbH |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
High investment levels in the transportation, logistics, automotive, construction, and other industries are propelling market expansion. The use of lifting accessories for various lifting and rigging activities is anticipated to be encouraged by stringent government requirements across industries.
Drivers
- The construction and manufacturing industries require lifting hooks to lift and transport heavy materials and equipment such as steel beams, pipes, and machinery. The increasing demand for construction projects and the growth of manufacturing activities are supporting the growth of the market.
- In recent years, there has been a growing emphasis on worker safety, especially in industries that involve heavy lifting. Lifting hooks are essential in preventing accidents and ensuring worker safety, which is driving demand for high-quality lifting hooks.
- The oil and gas, mining, and energy industries require heavy lifting equipment to lift and transport materials and equipment. The use of lifting hooks is critical in these industries to ensure safety and efficiency in operations, and their increasing adoption is driving the growth of the lifting hooks market.
- The development of smart hooks with sensors is helping to improve safety and efficiency in lifting operations. These hooks are designed to detect and monitor load capacities, as well as provide real-time data, which is driving demand for these advanced lifting hooks.
- Governments worldwide have implemented regulations mandating the use of lifting hooks in industries such as construction, mining, and manufacturing to prevent accidents and ensure worker safety. These regulations are driving demand for lifting hooks in these industries.
Market Trends
- Internet of Things (IoT) technology is being integrated into lifting hooks to enable real-time monitoring of load capacity and performance. This technology is enhancing the safety and efficiency of lifting operations, and it is expected to drive market growth.
- Lightweight lifting hooks made from composite materials are gaining popularity due to their ease of use and handling. These hooks are also durable and resistant to corrosion, making them ideal for use in harsh environments.
- Lifting hooks rental services are gaining traction, especially among small and medium-sized businesses that cannot afford to purchase lifting hooks. Rental services are cost-effective and enable businesses to access high-quality lifting hooks without having to make a significant investment.
- There is an increasing demand for environmentally friendly lifting hooks that are energy-efficient and have a low carbon footprint. Manufacturers are developing green lifting hooks to cater to this demand.
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Market Restraints:
- Advanced lifting hooks with sensors and other features can be expensive, making them inaccessible to small and medium-sized businesses with limited budgets.
- While government regulations mandating the use of lifting hooks in certain industries are driving market growth, they can also act as a restraint. Compliance with these regulations can be costly and time-consuming, leading to higher costs for end-users.
- Alternative lifting equipment such as cranes, hoists, and forklifts can replace the need for lifting hooks, leading to a decline in demand for lifting hooks.
Competitive Landscape:
With the growth of e-commerce, customers can now easily compare and purchase lifting hooks online. This has led to increased competition among manufacturers, as well as greater price transparency for customers. Moreover, key manufacturers are focusing on product innovation to develop lifting hooks with improved performance, efficiency, and safety features.
Moreover, Manufacturers are exploring the use of new materials, such as high-strength steel alloys and composites, to create stronger and more durable lifting hooks.
- Kito Corporation, leader in the crane and hoist manufacturing business, has a strong material handling solution business. Moreover, the company has acquired Peerless Industrial Group to expand its business in other geographies such as North America.
These materials offer better performance and longevity compared to traditional materials like carbon steel. With the help of computer-aided design (CAD) software, manufacturers are creating more advanced hook designs that provide better grip, stability, and load distribution. These designs help to reduce the risk of accidents and injuries during lifting operations.
Key Segments of Lifting Hooks Industry Research
- By Type:
- Eye Hooks
- With Latches
- Without Latches
- Clevis Hooks
- With Latches
- Without Latches
- Swivel Hooks
- With Latches
- Without Latches
- Grab Hooks
- Eye Grabs
- Clevis Grabs
- Foundry Hooks
- Eye
- Clevis
- Eye Hooks
- By Working Load:
- 1 to 5 Tons
- 6 to 12 Tons
- 12 to 23 Tons
- 23 to 32 Tons
- Over 32 Tons
- By Industry:
- Construction
- Automotive
- Logistics & Transportation
- Industrial
- Others
- By Sales Channel:
- OEMs
- Aftermarket
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Lifting Hooks Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Lifting Hooks sales grow until 2033?
- Which are the factors hampering the Lifting Hooks demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Lifting Hooks Market during the forecast period?
Check out more related studies published by Fact.MR Research:
Lifting Accessories Market Sales: Detailed industry analysis has revealed that revenue from the sales of lifting accessories is expected to climb to US$ 801.5 million by 2032, with the market expanding at a CAGR of around 5.8% over the 2022-2032 assessment period.
Under Drive Lifting Robot Market Share: The global under drive lifting robot market share is set to surpass a valuation of US$ 1.4 Billion in 2023 and further expand at a CAGR of 6.3% to reach US$ 2.7 Billion by the end of 2033.
Lifting Machinery Market Demand: Lifting machinery market is set to witness steady growth during 2021-2031. Demand for lifting machinery will witness steady recovery in short-term, with optimistic growth outlook in the long-run.
Hooklifts Market Size: The prominence of hooklifts in construction industry is uplifting the hooklifts market size. Hooklifts are subsequently gaining traction due to its rising utilization in waste transportation sector.
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