- Summary
- Table Of Content
- Methodology
Chain Block Market Introduction :
Global Chain Block Market size is estimated to reach over 3,017.31 Million by 2030 from a value of USD 1,974.51 Million in 2022, growing at a CAGR of 5.7% from 2023 to 2030.
Chain Block Market Definition & Overview :
Chain blocks are also referred to as chain hoist is a mechanical device that is used for lifting heavy loads. They consist of a high strength steel chain which is looped around a set of gears and pulleys. They are commonly used across a wide range of industries including construction, manufacturing, logistics, and retail, among others. In industries, they are often used with overhead cranes to facilitate the lifting operation.
Chain Block Market Insights :
Chain Block Market Dynamics - (DRO) :
Key Drivers :
Growing investment in infrastructure development
The increasing investment in infrastructure development plays a significant role in spurring the usage of chain blocks. The infrastructure projects including bridges, highways, roads, and ports involve lifting and moving heavy machinery and equipment. For instance, according to India Brand Equity Foundation, the Foreign direct investment (FDI) in construction development that includes housing, townships, and built-up infrastructure accounted for USD 26.23 billion between April 2020 to September 2022. Further, FDI in infrastructure construction accounted for USD 28.95 billion during the same period. The increasing investment in infrastructure development in the country is driving the market proliferation. Further, the chain blocks when used in construction sector provide reliable and efficient solutions for lifting which in turn makes the chain an essential part of the construction sector.
Additionally, economic development in the Asia Pacific region especially in countries including India, China, and Vietnam is driving the market proliferation. For instance, according to the report "Meeting Asia's Infrastructure Needs" by the Asian Development Bank, the developing countries in Asia need to invest USD 26 trillion from 2016-2030. The growing need for investment in the Asia Pacific region is expected to create huge chain block market demand.
Key Restraints :
Presence of alternatives including hydraulic lifting system and robotics
The hydraulic system offers an alternative lifting solution to the industries for handling heavy loads with precision and control. The lifting system is often used where smooth and steady lifting movement is required. Analysis of market trends concludes that the increase of automation in industries is further impacting the market expansion. The robots used in the manufacturing industries automate the material handling process and are able to handle heavier loads with ease. Also, robotic arms are able to handle complex tasks and repetitive lifting operations by eliminating the need for manual interventions.
Additionally, hydraulic lifting systems and robotics offer higher efficiency and precision in material handling. Further, the systems can be integrated into production lines leading to increased productivity and reduced downtime. Thus, alternatives to chain block including robotics and hydraulic lifting system are expected to hamper the market proliferation.
Future Opportunities :
Growing manufacturing industry offers lucrative opportunities for market proliferation
The growing manufacturing industry results in increase of chain block usage for material handling equipment. They are commonly used for lifting and moving heavy components or raw materials. Further, there has been increase in industrialization and urbanization of society in countries of Asia including China, India, and Vietnam, among others. The increased manufacturing output in Asia is also helping in driving the market proliferation. For instance, according to China State Council Information Office, in 2021 China accounted for 30% of the global manufacturing output increasing from 22.5 % in 2012.
Furthermore, according to India Brand Equity Foundation, the manufacturing exports for FY22 reached USD 418 billion with an overall rise of more than 40% compared to the USD 290 billion in FY21. The growing manufacturing output in the country is resulting in the increased production and market expansion.
Additionally, diverse industrial applications are further driving the market proliferation. The chain blocks have applications across various industries including automotive, aerospace, and logistics among others. Thus, analysis of the overall trends concludes that the expansion of the construction sector is emerging as one of many chain block market opportunities that will drive market expansion.
Chain Block Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 | USD 3,017.31 Million |
| CAGR (2023-2030) | 5.7% |
| 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 |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
| 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 |
Chain Block Market Segmental Analysis :
Based on the Operation :
Based on the operation, the market is categorized into manual, electric, and others. In 2022, the manual segment accounted for the highest chain block market share and is expected to grow at a significant rate. Benefits including affordability and durability are driving the market proliferation. Manual blocks work using manual labor and need no power supply which results in reduced cost and increased affordability. Further, they are ideal for light loads and are also used for lifting heavy loads up to 20 tons or more.
The electric segment is expected to grow at a highest CAGR during the forecast period of 2023-2030. Advantages including silent operation and increased productivity are driving the chain block market growth. The electrically operated block allows the user to move heavy objects from one site to another with ease and ensures smooth & noiseless operation. Further, it offers speed in lifting and lowering the load that helps in improving overall productivity of the work. Thus, owing to the aforementioned advantages the rate of its usage is expected to grow during the forecast period.
Based on the Capacity :
Based on the capacity, the market is separated into Up to 1 ton, 1 ton to 5 ton, and Over 5 ton. In 2022, the 1 ton to 5 ton segment accounted for the highest chain block market share and is expected to grow at a significant rate. Products with capacity from 1 ton to 5 ton are commonly used in a wide range of applications in factories, warehouses, workshops, and others. Analysis of chain block market trends concludes that the growing infrastructure and construction sector is further driving the market proliferation. It uses the blocks for lifting materials and components while ensuring the safety & efficiency in lifting operations.
Moreover, hoist can handle a broad-spectrum of task making the hoist suitable for a wide range of industries including construction, manufacturing, and shipping, among others. For instance, PLANETA-Hebetechnik GmbH a key manufacturer offers a wide range of lifting equipment including lever hoist, manual chain hoist among others. Lever hoist PREMIUM-PRO offered by the PLANETA-Hebetechnik GmbH has a capacity ranging from 800 kg to 9,600 kg. Further, the hoist has an integrated freewheel and has chain inhibit lock as additional protection against dropping a load.
Based on the End-User :
Based on the end user, the market is separated into construction, manufacturing, retail, agriculture, parts & shipping, and others.
The manufacturing segment holds the largest market share and is expected to grow at a significant rate. In manufacturing, the blocks are utilized for lifting heavy machinery, raw materials, and finished products. Additionally, its increasing requirement in a wide range of industries including automotive, aerospace, and heavy machinery among others is driving the market expansion. Analysis of chain block market trends concludes that the increasing demand for efficient handling of material in the manufacturing segment is further driving the market growth.
The construction segment is expected to grow at a highest CAGR during the forecast period of 2023-2030. Increasing trend of infrastructure development especially in emerging economies including China, India, and Brazil is driving the market growth. For instance, according to Invest India, the construction industry in India is expected to reach USD 1.4 trillion by 2025. Moreover, in March 2021, Government of India passed a bill to develop National Bank for Financing Infrastructure and Development (NaBFID) in order to focus on funding infrastructure projects. Thus, the overall trends in the construction will cause segment's proliferation in the market.
Based on the Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America accounted for the largest revenue share in the year 2022 valued at USD 609.73 Million and is projected to grow at a CAGR of 5.7% during the forecast period. The chain block market analysis concluded that the growth is attributed to the increased demand for the blocks in the growing automotive and aerospace sector in the region. The sectors use them for material handling, equipment installations, and production line operation.
For instance, in June 2023 Columbus McKinnon Corporation introduced open loop vector control (OLV) in Yale YK and Shaw-Box SK electric wire rope hoists. OLV models provide more precise load control, increased duty cycles, and easy troubleshooting. The chain block market analysis concluded that the increasing requirement of the blocks for infrastructure development is further driving the market growth. Thus, owing to the above-mentioned trends, the demand for them is expected to grow.
Asia Pacific accounted for the largest revenue share in the year 2022 valued at USD 570.63 Million and is projected to grow at a CAGR of 6.6% during the forecast period. The growth in the region is attributed to several factors including infrastructure development and growing retail sector. Further, the expansion of logistics and e-commerce sector is resulting in the growing demand for efficient handling materials which in turn drives the market expansion. For instance, according to e-Conomy SEA 2021 report jointly published by Google, Temasek, and Bain & Company, the gross market value of E-commerce will double from USD 120 billion in 2021 to USD 234 billion by 2025. The growth in e-commerce is expected to drive market proliferation when used for effective handling of goods.
Overall, analysis of the overall trends concludes that in the aforementioned region, the Chain Block Market is expected to grow during the forecast period.
Top Key Players & Market Share Insights :
The competitive landscape of the Chain Block market has been analyzed in the report, along with the detailed profiles of the major companies operating in the chain block industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the expansion of the market. Following are the major market players that comprise the latest market concentration: -
- Columbus McKinnon Corporation
- KITO CORPORATION
- ABUS Kransysteme GmbH
- CHENG DAY MACHINERY WORKS CO., LTD.
- PLANETA-Hebetechnik GmbH
- Konecranes
- Hitachi Industrial Equipment Systems Co., Ltd
- TBM
- Ingersoll Rand
- TOYOLIFT GROUP
- Shanghai Yiying Crane Machinery Co., Ltd.
Recent Industry Developments :
- In February 2022, Kito Europe GmbH launched CX010 hand chain block that possess 1 ton load capacity while being lightweight in nature. The product is catered for load handling and load positioning applications. The product was launched by the company to fulfill consumer requirements for a product that could have compact form factor and possess the minimum possible dead weight while being able to handle maximum amount of load. The product is manufactured while complying to stringent safety regulations and offers numerous advantages when used in multiple applications.
- 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 Questions Answered in the Report
What is a Chain Block? +
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.
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 hoist 1 to 5 tons.
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 is projected to have the fastest-growing sub-segment fueled by industry trends and drivers. 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.
What specific segmentation details are covered in the Chain Block Market report, and how does each dominating segment is influencing the demand globally? +
As aforementioned, each dominating segment is influencing the demand globally due to growing industrial needs. Moreover, the fluctuation in demand being witnessed from different sectors is responsible for driving the Chain Block Market.
