Rockville, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The global Chain Pulley Block Market reached a size of US$ 564.1 million in 2022 and is forecasted to expand at a CAGR of 6.3% from 2023 to 2033, according to a recently published Fact.MR report. Above 30-ton capacity chain pulley blocks are forecasted to account for high sales and drive market growth.
The market for chain pulley blocks is exhibiting substantial growth, primarily driven by the easier transportation and portability associated with these versatile material handling devices. Chain pulley blocks are valued for their compact and lightweight design, making them an ideal choice for various industries and applications where mobility and ease of transportation are crucial. As businesses continue to seek efficient and portable material handling solutions, demand for chain pulley blocks is expected to continue to grow across a wide range of sectors.
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Key Segments of Chain Pulley Block Industry Research Report
| By Capacity | By Standard Lift | By End-use Industry |
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The market is also being driven by the increasing emphasis on energy efficiency and sustainability across various industries. As businesses aim to reduce their environmental footprint and optimize resource utilization, chain pulley blocks are being recognized as an eco-friendly and energy-efficient option for material handling and lifting tasks, which is creating significant opportunities for manufacturers and suppliers.
Chain pulley blocks require manual power or minimal electric power for operation, making them more energy-efficient compared to powered lifting equipment, such as cranes or forklifts, which consume significant amounts of electricity or fuel. This reduced energy consumption aligns with sustainability goals and helps businesses lower their operating costs while reducing their carbon footprint.
Demand for industry-specific customization in chain pulley blocks is growing, driven by businesses in diverse sectors acknowledging the benefits of tailored solutions that boost efficiency, safety, and productivity. Chain pulley blocks, known for their versatility, are now being adapted and fine-tuned to meet the unique demands of specific industries, presenting a promising avenue for growth and innovation. One of the key advantages of customized chain pulley blocks is their ability to address the precise requirements of different industries.
Spark-proof chain pulley blocks are being manufactured as specialized lifting and rigging equipment designed for use in potentially explosive or hazardous environments where the presence of sparks or ignition sources could lead to catastrophic accidents. These environments can include industries such as oil and gas, chemical processing, mining, and others where flammable gases, vapors, or dust are present.
| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 1.1 Billion |
| Growth Rate (2023-2033) | 6.3% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 64 Tables |
| No. of Figures | 201 Figures |
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Competitive Analysis
Leading manufacturers of chain pulley blocks are Ingersoll Rand, Columbus McKinnon Corporation, Tianjin Kunda Hoisting Equipment Co., Ltd, Konecranes, Kito Crosby Corporation, JPW Industries Inc., Verlinde, PLANETA-Hebetechnik GmbH, Tiger Lifting, Vital Chain Block and Elephant Lifting Equipment, Cheng Day Machinery Works Co., Ltd., Chongqing Kinglong, Foshan Tongyida Equipment Manufacturing Co., Ltd., and Vulcan Hoist Co. Ltd.
- In May 2023, Columbus McKinnon Corporation announced the acquisition of montratec® GmbH, a market-leading provider of automation solutions. The purchase cost Columbus McKinnon about US$ 110 million in cash. Based on the future EBITDA performance of Montrac, an earnout for not more than US$ 14 million is included in the acquisition.
- In January 2023, Verlinde launched a range of synthetic rope chain pulley blocks called the EUROBLOC VF with a capacity of up to 20,000 Kg. The company registered 15 new patents for this product, including for the use of ultra-resistance ropes instead of steel ropes.
- In May 2019, Konecranes unveiled the automated lift robot for its automated material handling system Agilon® to enhance warehouse efficiency and expand its storage area with new premises. The new model can move horizontally and vertically to provide greater versatility.
More Market Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the chain pulley block market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study has bifurcated the chain pulley block market by capacity (up to 3 tons, 3 to 5 tons, 5 to 15 tons, 15 to 30 tons, above 30 tons), standard lift (up to 3m, 3m to 6m, 6m to 9m, above 9m), end-use industry (manufacturing & industrial, construction, automotive, oil & gas, aerospace, mining, others), and region (North America, Latin America, Europe, East Asia, South Asia & ASEAN, the Middle East & Africa, Oceania), for 2023 to 2033.
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