Hoist Sling Chains Assemblies Market Analysis, Trends, Product Demand, Key Players, Major Applications, Research Report, 2025
Category: #headlines  By Rahul Varpe  Date: 2020-05-18
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Hoist Sling Chains Assemblies Market Analysis, Trends, Product Demand, Key Players, Major Applications, Research Report, 2025

Hoist sling chains assemblies market share was valued at USD 4.2 million in the year 2017 and is projected to surpass a revenue of USD 8.9 million by the year 2025. The escalating demand for material handling equipment across myriad industrial sectors has been fueling hoist sling chains assemblies market over the last few years.

The surging use of waterways for international as well as inter-country trading for improving the affordability of transportation also has been enhancing the product demand. In essence, in some of the industrial areas, it has been observed that workers may face hazards with the use of conventional material handling facilities, on the grounds of which companies are deploying hoist sling chains for handling heavy materials. Subject to the robust end-user requirement, hoist sling chains assemblies industry participants have also been investing in research and development activities targeting exceptional durability.

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Speaking of setting safety standards, it is prudent to mention that recently, the American National Standard (ANS) set a new standard in order to maintain industrial safety. Apparently, the standards applies to the deployment of sling chains used for fabrication, attachment, inspection, maintenance, and testing of load-handling activities. The updated safety standard has set a benchmark for hoist sling chains assemblies market companies. In order to comply with this new design standard, hoist, hook, sling, and crane assembly manufacturers have found to have been adopting new design techniques and giving preference for advanced materials that will help them to improve their existing in-house product portfolios.

Recently, in March 2018, a premier brand of chain and fittings, Campbell® revealed new swivel hoist hooks featured for heavy-duty latch and spring assemblies. Prior to this new launch, for achieving excellent durability, ultimate strength, and better corrosion resistance capability, Campbell® had completely redesigned the hooks with the additional benefit of ease of replacement once they get damaged. As of now, oil refineries are prominently giving preference for easy to use and long-lasting hoist sling chains. The growing requirement for swivel hoist hooks across several jobsites for rigging and lifting is thus slated to augment hoist sling chains assemblies market

Industry Growth Drivers - 

  1. Increasing demand for material handling equipment in aerospace & defense industry
  2. Increasing demand for lifting equipment in the automotive industry
  3. Strong growth in the construction industry in Asia Pacific
  4. Increasing product demand for oil & gas drilling and material handling activities in North America

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In addition to constant drilling activities across the globe for exploration and excavation of oil and gas, the heavy investment in construction activities for improving the country’s infrastructure has also been fueling the product demand. Countries like, India, China, and South Korea, in accordance with the surging industrialization and urbanization, have been investing considerably in infrastructure development, the expanse of which leads to a surge in the demand for hoist sling chains. Indeed, having considered the potential growth prospects that the construction industry in APAC will offer to the global hoist sling chains assemblies market, prominent contenders have been gradually shifting their production base to the region.

Driven by the onslaught of companies and the expanding construction industry, APAC led the overall hoist sling chains assemblies market in 2017 and is expected to grow at an annual growth rate of 9.4% over 2018-2025.

The shifting trends toward automation for ease of working and comfort further will have a considerable impact on the industry growth. In many companies, in order to maintain safety decorum at the workplace while handling heavy loads, sling chains are being preferred for operations.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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