Sprockets Market Size & Industry Share - Growth Trends & Forecasts (2023 - 2030)

Based on the Pitch :

The pitch segment is bifurcated into standard and customized. The standard pitch segment accounted for the largest market share in 2022 as the standard pitch is a cost-effective option in comparison to the customized pitch. Additionally, standard pitch sprockets adhere to widely accepted industry standards including American National Standards Institute (ANSI) and International Organization for Standardization (ISO). The above-mentioned standards ensure compatibility between sprockets and chains, safeguarding customers from purchasing standard pitch sprockets and integrating into the existing systems. For instance, the International Organization for Standardization (ISO) 1275.2006 is a standard that is applicable to sprockets with 5 to 75 teeth and the preferred numbers of teeth are 7, 9, 10, 11, 13, 19, 27, 38 and 57. Consequently, the acceptance of standard pitch sprockets by ANSI creating a large customer base, contributes significantly in driving the growth of the segment.

Customizable pitch sprockets are expected to register the fastest CAGR in the market as customizable sprockets offer the advantage of being tailored to meet specific customer requirements. Customized sprockets are designed with unique pitch sizes and tooth profiles to address specific application needs. Additionally, industries that require specialized power transmission solutions, non-standard equipment configurations, or compatibility with legacy systems often opt for customizable pitch sprockets. Moreover, customizable pitch sprockets allow for the precise optimization of power transmission systems by tailoring the pitch size and tooth profile to enhance system efficiency, reduce energy losses, improve performance, and extend equipment lifespan. In conclusion, the aforementioned factors are collectively responsible in accelerating the growth of the sprockets market.

Based on the Bore :

The bore segment is bifurcated into taper lock and plain. Taper lock bores accounted for the largest market share in 2022 and are also expected to register the fastest CAGR during the forecast period. The growth is attributed to the ability of taper lock bore sprockets to provide a secure and reliable connection between the sprocket and the shaft. The taper lock design ensures a tight fit, minimizing the chances of slippage or misalignment during operation. The secure connection enhances the overall efficiency and performance of the power transmission system, reducing the risk of equipment damage and downtime. Consequently, the ability of taper lock bores to provide a safe and reliable connection is the key factor responsible for driving the growth of the segment in the upcoming years.

Based on the Material :

The material segment is categorized into steel, cast iron, and thermoplastics. Steel accounted for the largest market share in 2022 as steel sprockets are deployed across diverse industries, including manufacturing, automotive, mining, construction, and agriculture. Steel is suitable for a broad range of power transmission systems, from light-duty to heavy-duty machinery owing to its exceptional strength and durability. Additionally, steel withstands high loads, shocks, and continuous operation, becoming an ideal material for power transmission components. Moreover, the advancements in technology including the diamond cut manufacturing method ensuring the smooth operation of the industrial process is also driving the market growth. For instance, in October 2021, ProX introduced ProX steel rear sprockets to offer improved durability for various industrial applications. The lightweight design provides ProX ultralight steel rear sprockets with up to 35% weight savings in comparison to standard steel sprockets and enhanced longevity even in extreme riding conditions.

Thermoplastics are anticipated to register the fastest CAGR in the sprockets market as thermoplastics namely nylon and polyethylene are lightweight materials that are easily molded into complex shapes, allowing for customizations. The lightweight nature of thermoplastics contributes to reduced inertia and energy consumption in power transmission systems. In addition, thermoplastics are inherently resistant to corrosion and suitable for environmental applications where moisture, chemicals, or exposure to harsh substances are concerns. Furthermore, industries including food processing, pharmaceuticals, and chemical manufacturing that require resistance to corrosive elements raise the demand for thermoplastic sprockets, which in turn, is expected to promote market growth.

Based on the Strand :

The strand segment is classified into simplex, duplex, and triplex. Simplex sprockets accounted for the largest market share in 2022 as simplex sprockets offer a simple and cost-effective solution for power transmission. Additionally, simplex sprockets have fewer teeth and require only one chain for operation, thus reducing the complexity of the system. Moreover, industry standards including ANSI (American National Standards Institute) and ISO (International Organization for Standardization), provide standardized dimensions and specifications for simplex sprockets. The standardization ensures compatibility between sprockets and chains safeguarding customers to purchase standard pitch sprockets and integrate into the existing systems. Consequently, the acceptance of simplex sprockets by ANSI and ISO to reduce the complexity of the system creating a large customer base, contributes significantly in driving the growth of the segment.

Duplex sprockets are predicted to witness the fastest CAGR in the market during the forecast period. Duplex sprockets with two parallel strands of teeth, provide higher power transmission capacity compared to simplex sprockets. The additional strand allows for engagement with two chains simultaneously, distributing the load across both strands. The increased capacity is suitable for applications that require higher torque or power transmission including heavy-duty machinery or equipment. Additionally, duplex sprockets distribute the load across two chains, reducing the strain on individual chains and sprocket teeth. The load distribution minimizes wear and tear and enhances the longevity of both the sprockets and the chains. In conclusion, the ability of duplex sprockets to distribute the load more evenly along with offering durability and longevity is predicted to accelerate the market growth in the upcoming years.

Based on the Application :

The application segment is divided into conveyors, rotor rollers, and others. Conveyors accounted for the largest market share of 37.56% in 2022 as conveyors are widely employed in various industries including manufacturing, logistics, warehousing, and distribution. Additionally, conveyor sprockets are versatile to handle a wide range of products from small packages to heavy loads to provide smooth and efficient movement of materials. Moreover, the ability of sprockets to reduce downtime, provide greater reliability, and increase savings for conveyor systems in forestry and metal recycling facilities is also propelling the market growth. For instance, in May 2023, U.S. Tsubaki power transmission launched dura drum sprockets for heavy-duty operations and to reduce downtime for conveyor systems in forestry and metal recycling facilities. The product is designed to improve connectivity, reliability, and longevity, thus contributing notably in bolstering the market growth.

Rotor rollers are projected to witness the fastest CAGR during the forecast period in the sprockets market. Rotor rollers sprockets are designed to withstand heavy loads and are constructed with durable materials including steel and thermoplastics to ensure that the sprockets support the weight of heavy items. Additionally, rotor rollers are known for their excellent reliability and durability and the sprockets ensure smooth and consistent movement of products, minimizing the risk of jams or disruptions in the material flow. Consequently, the capability of sprockets to withstand continuous environmental exposure owing to the improved durability is expected to drive the market growth in the upcoming years.

Based on the End-User :

The end-user segment is classified into electronics, automotive, aerospace and defense, industrial machinery, metal fabrication industry, and others. The automotive industry accounted for the largest market share in 2022 as sprockets are deployed in the timing belt drive system of internal combustion engines. The timing belt that connects the crankshaft and the camshaft relies on sprockets to ensure precise synchronization of the engine's valves and pistons. In addition, sprockets are also employed in the transmission systems of both manual and automatic vehicles. In manual transmissions, sprockets are a part of the gear mechanism, engaging with the chain or gear teeth to transmit power from the engine to the wheels. In automatic transmissions, sprockets are deployed in the torque converter to facilitate smooth power transfer between the engine and the transmission. Consequently, the surge in the number of vehicles owing to the expanding automotive industry is increasing the demand of sprockets, which in turn, promotes market growth. For instance, in April 2023, according to India Brand Equity Foundation (IBEF), the passenger car market of India was sized at USD 32.70 billion in 2021 and is projected to reach USD 54.84 billion by 2027, witnessing a CAGR of 9% between 2022-2027. The growing automotive sector thus contributes significantly in driving the market growth.

The industrial machinery segment is predicted to witness the fastest CAGR in the sprockets market during the forecast period. The growth of the market is endorsed by the increasing adoption of sprockets in conveyor systems to facilitate the movement of materials and products along the conveyor line is driving the market growth. Additionally, sprockets are also employed in machinery drives to transmit power from a motor to various components including chain drives to transfer rotational motion and torque to different parts of the machinery. Furthermore, the increasing applications of sprockets in material handling equipment including forklifts, cranes, and hoists to transmit power and control the movement of lifting mechanisms is also boosting the market growth. The aforementioned factors including the conveyor systems, machinery drives, and material handling contribute collectively in accelerating the market growth during the forecast period.

Based on the Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Asia Pacific accounted for the largest market share of USD 1834.60 million in 2022 and is anticipated to witness the fastest CAGR of 7.0% accounting to USD 3071.13 million in the sprockets market during the forecast period. In addition, in the region, China accounted for the maximum revenue share of 27.6% in the year 2022. The growth of the market is attributed to the expanding automotive industry in countries including China, Japan, and South Korea. Sprockets play a vital role in automotive applications namely timing belt drives, transmission systems, and power steering systems, driving the growth of the market in the region. Additionally, Asia Pacific encompasses a large manufacturing sector that requires sprockets for various applications, including conveyor systems, machinery drives, and material handling equipment. Consequently, the growing manufacturing sector serves as the major driver for the growth of the sprockets market in the region. For instance, in February 2023, according to National Statistical Office, the second revised estimate of the Indian manufacturing sector in 2020-21 was INR 23,25,438 crore and the revised estimate for 2021-22 was INR 25,82,473 crore witnessing a rise of 11.1%. The growth in the manufacturing sector thus contributes remarkably in bolstering the market growth in Asia Pacific countries.