Shank Hooks Are Witness Significant Opportunity For Above 32 Ton Load Capacity Owing To Higher Penetration in Construction End Use
United States, Rockville MD, June 22, 2022 (GLOBE NEWSWIRE) -- As per detailed industry analysis by Fact.MR, a market research and competitive intelligence provider, the global shank hooks market is estimated to exceed a valuation of US$ 37.5 Mn in 2022, and further expand at a CAGR of 4.6% by value over the assessment period (2022-2032).
Lifting equipment and lifting solutions are rigorously competitive markets, in which, expanding geographic footprint requires a huge amount of capital. The aftermarket model offers various growth opportunities, such as it could be one way a company can increase its geographical footprint by saving investment capital through batch size production and customization.
For Critical Insights on Shank Hooks Market, Request a Sample Report
Shank hooks are a viable option in these operations. Therefore, demand for lifting equipment is increasing at an accelerated rate. Africa and Latin America are regions where shank hooks are currently being installed in mines, which signifies great demand from changing mining practices across the globe. These mines will create opportunities for manufacturers of high-performance shank hooks and assemblies over the forecast period.
What are the Potential Restraints Limiting Shank Hook Sales?
“Emergence of Automatic Lifting Hooks to Dent Market Surge”
Technological advancements such as automatic lifting hooks, which can be used as a substitute for shank hooks, are expected to have a negative impact on the sales of shank hooks during the forecast period.
Automatic lifting hooks are still at a nascent stage; however, advantages such as ease in usability due to remote hooking and unhooking, ease of using convenient slinging method for different applications, and use of magnetic systems that will increase the efficiency and safety in different lifting operations are driving their demand.
Automatic lifting systems also come with a sensor, which notifies the user about the ring position, and enhances safety, making them viable for heavy-duty loads. Automatic lifting hooks are currently used for a working load limit up to 40 tons. These features are expected to hamper shank hooks market growth.
To learn more about Shank Hooks Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7173
Key Segments Covered in the Shank Hooks Industry Survey
Shank Hooks Market by Hook Type:
Single-forged Shank Hooks
Ramshorn-forged Shank Hooks
Quad-forged Shank Hooks
Shank Hooks Market by Product Type:
Machined Shank Hooks
Unmachined Shank Hooks
Shank Hooks Market by Workload:
Below 10 Ton Shank Hooks
10-25 Ton Shank Hooks
25-50 Ton Shank Hooks
50-75 Ton Shank Hooks
75-100 Ton Shank Hooks
100-200 Ton Shank Hooks
200-500 Ton Shank Hooks
Over 500 Ton Shank Hooks
Shank Hooks Market by End-use Vertical:
Logistics and Transportation
Power & Energy
Oil & Gas
Shank Hooks Market by Sales Channel:
Fact.MR has profiled the following key shank hook manufacturers in its report: GN Rope Fittings, Henan All-Where Crane Co.Ltd, Henan Huabei Lifting Hook Co. Ltd., Henan Kino Cranes Co., Ltd., IRIZAR FORGE, Liftvel Industries, M Engineering, M.K. Forge, Powermech Engineering, William Hackett Lifting Products Ltd, Stahlhammer Bommern, European Lifting Devices, ELD Feat Group, Heuer Hebetechnik, and Akyuzlu Forge.
These key shank hooks manufacturers are constantly innovating in product designs to meet the modern-day challenges pertaining to components in the crane environment.
Besides, collaborations and partnerships have been the go-to strategy for shank hook suppliers, with market players focusing on establishing long-term relationships with customers.
Get Customization on Shank Hooks Market Report for Specific Research Solutions
Key players in the Shank Hooks Market
Henan Kino Cranes Co., Ltd.
Henan Huabei Lifting Hook Co.Ltd
William Hackett Lifting Products Ltd
B.E.M. Co. Pvt. Ltd.
Key Takeaways from Shank Hooks Market Study
Ramshorn forged hook type is expected to garner an absolute $ opportunity of nearly US$ 2.7 Mn during the forecast period (2022-2032).
Demand for 100-200 ton workload shank hooks is projected to grow 1.6X, while that of 200-500 ton workload shank hooks is projected to grow 1.5X by 2032.
On the basis of end-use vertical, the construction sector is projected to dominate the shank hooks market by accounting for over 28% market share by 2032.
Automotive, as an end-use vertical, is expected to garner an absolute $ opportunity of nearly US$ 2.8 Mn.
The aftermarket is estimated to account for 70% market share by 2032-end, but is expected to lose 98 BPS over the same period.
Fact.MR’s Domain Knowledge in Industrial Goods Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over a thousand reports and 1 billion-plus data points, the team has analyzed the industrial goods division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
Explore Fact.MR's Coverage on the Industrial Goods Domain-
Control Valve Market- The global control valve industry exceeded a market value of US$ 5 Bn in 2020. Automation in control valves is playing a major role in driving the sales of control valves. In addition, rising demand from end user industries such as the oil & gas industry, healthcare and wastewater management is accelerating the sales of control valves.
Light Tower Market- Recent data from Fact.MR states that the market for light towers gained a market revenue of around US$ 1.2 Bn in 2020. Increase in the use of renewable energy resources for the functioning of light towers and the efficiency of light towers at different sights is expected to boost market revenue. The light towers sale is expected to surpass a CAGR of 5% in the forecast period.
Li-Ion Battery Pack Market- The li-ion battery market revenue totalled US$ 57.4 Bn for 2020, according to Fact.MR, a market research and competitive intelligence provider. Li-ion’s quality of being lightweight and the drop in the price for li-ion is driving the sales of the same.
Machine Tools Market- The global market for machine tools is estimated to witness slow growth over the next couple of years attributed to COVID-19 pandemic. The COVID-19 pandemic has had a swift and severe impact on the global machine tools market with significant disruption in imports from China.
Resilient Flooring Market- The global resilient flooring market is poised to grow at nearly 5.6% CAGR, in terms of value until 2026, surpassing US$ 10 Bn by the end of the short-term forecast period. As of 2020, the market was valued at US$ 7.2 Bn, up from US$ 6.1 Bn in 2017.
Portable Air Compressor Market- The global market for portable air compressors is estimated to grow at a moderate CAGR of over 4% during the forecast period (2019-2027) to reach a valuation of over US$ 8 Bn.
Metal Forging Market- The global metal forging market is expected to register a CAGR of 7% through 2031, reaching US$ 180 Bn. The need for strong and durable forged components will rise as the number of electric cars increases, boosting the market's growth throughout the projected period. Revenues in the automotive segment are expected to comprise 51% of the global market.
Ammunition Market- The global ammunition market was valued at US$ 19.2 Billion in 2021, and is projected to register a Y-o-Y increase of 4.16% in 2022 to be valued at US$ 20 Billion. During the 2022-2032 period of assessment, demand is expected to rise at a 5.7% value CAGR, likely to reach US$ 35 Billion by the end of the said forecast period.
Waterjet Cutting Machine Market- A new forecast by Fact.MR estimates that waterjet cutting machine revenues will expand nearly 1.6x between 2021 and 2031, surpassing US$ 1.5 Bn in 2031 with a 10 year compound annual growth rate (CAGR) of approximately 5%.
Permanent Magnets Market- A new forecast by Fact.MR estimates that permanent magnets revenues will more than double between 2021 and 2031, reaching US$ 78 Bn at a CAGR of 8.5%. The market is poised to gain traction on the back of growing demand from the consumer electronics industry. Furthermore, traction is provided by the smart homes industry, prompting the market to surpass US$ 34 Bn by 2021.
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.