About the Report
The global sprocket market is projected to expand at a healthy CAGR of 7% over the 2021 to 2031 time period, and reach a valuation of over US$ 8.6 Bn by 2031-end. Steel sprockets with remain highly sought-after across industries, enjoying a market share over 80% over the next ten years.
Sprockets are essential part of a machine and are a prerequisite for power transmission and motion in end-use industries such as automotive, building and construction, food & beverages, glass & plastic, textiles, and many more. Their vast range of application includes combination with chains to generate linear motion in motorcycles, bicycles, and powersports.
Sales of sprockets continue to gain ground across the world, particularly due to mounting number of manufacturing industries. Furthermore, advancing demand from the automotive sector will also result in providing a boost to market growth over the forecast period of 2021-2031.
In a recently published report by Fact.MR, insights regarding key factors fueling market growth have been offered for the period of 2021 to 2031. The market has been tracked in 20+ high-growth countries, where East Asia tops the charts. The report also details what impact the COVID-19 pandemic is having on the sales of sprockets across the world.
Historical Trends Vs. Future Market Projections
During the historic period of 2016 to 2020, the market has registered a moderate growth rate of 3%. Growth in demand can be assessed by ascending sales of automotive and industrial manufacturing sectors across the globe. Over the span of five years, global investments have increased substantially, indicating growth of machines generating power through chain drives, as such, accelerating relative demand for sprockets.
However, demand for sprockets declined by nearly 8.5% over the 2nd quarter and 5.6% over the 3rd quarter of FY2020. This decline was the effect of lockdown impositions and disrupted supply chains due to the COVID-19 pandemic. Furthermore, demand from OEMs and aftersales services were halted, backed by lack of demand from automotive, construction, and textile industries.
Over the coming years, shifting focus towards electric vehicles in the automotive industry will result in facilitating numerous growth opportunities for sprocket manufacturers during forecast period.
How will Growth of Automotive Industry Impact Demand for Sprockets?
During the forecast period, the automotive industry is expected to go through drastic change as an aftereffect of mounting demand for electric vehicles. Furthermore, regional governments are also providing incentives for the purchase of electric vehicles. Advancing demand for electric vehicles with low emission is seen as a disruptive technology, which is expected to drive transformation in the mobility industry.
Increased use of bicycles and motorcycles has led to higher potential demand for sprockets globally. Elevation in the graph of bicycles was recorded due to the boom of health-conscious population. Bicycles suitable for family use, neighborhood rides, short-distance rides, and fun strolls have experienced massive growth.
Aforementioned factors will facilitate numerous growth opportunities for sprocket manufacturers over the coming years. With mounting sales of passenger cars and two wheelers, demand from the automotive industry is expected to experience a growth rate of more than 4.5%.
Why is Meeting Safety Rules Important for End-use Verticals?
Safety rules set by governments for construction machinery, automotive, manufacturing, and food and beverage industries play a huge role in driving the sales of sprockets. Prolonged use of chains and sprockets altogether not only cause wear of the machine but also decreases its efficiency.
Government safety standards insist on changing of worn machine parts on a timely basis. This not only ensures safety of the user but also increases the longevity of the machine. Constant wearing of chains and sprockets also generates noise in the whole appliance, causing discomfort to the user and also adds to the level of noise pollution.
Furthermore, OSHA and vehicle safety norms take care of related problems and impose stringent actions against defaulters. All this is leading to heightened demand for sprockets across regions.
Will China Continue Influencing Market Structure and Product Pricing?
The world’s prominent automotive markets will continue to influence global prospects. Developing nations such as China, India, Indonesia, and others have caught the attention of manufacturers because of increasing industrialization and urbanization. Companies such as Rexnord Corporation, Renold Chain, Regal Beloit, and many others have launched their manufacturing facilities in these regions.
China is expected to continue its position as a global leader for sprockets. The impact of advancing demand from China means that companies with regional presence and knowhow will grow in prominence. However, increasing tension between China and other countries would result in imposition of anti-dumping duties for goods imported from China. These step will help regional manufacturers in other countries produce and sell more products locally.
Which Type of Material has the Highest Demand for Sprocket Manufacturing?
Materials that are used to manufacture sprockets are steel, cast iron, thermoplastic, and many others. Of these, steel holds the maximum market share in terms of volume. There is continuous advancing demand from automotive and heavy industry manufacturing machine producers.
Followed by steel, cast iron captures a significant share of demand. However, thermoplastic is expected to experience impressive growth over the forecast period, which is more than the global average.
How Huge is the Market Opportunity from the Construction Industry?
Advancing number of infrastructural projects and increasing investments from regional governments will result in mounting demand for construction equipment. This rising demand will facilitate numerous market opportunities for sprockets from OEMs of construction equipment manufacturers.
Sprockets are a far-reaching tool for linear motion generation in two wheelers, conveyors, and farm equipment such as harvesting machinery and others. The parts of machines integrated with chain drives acquire motion on gaining the drive’s momentum. Combine attachments, planting, seeding, and fertilizing machinery take the help of sprockets for attaining motion. This has resulted in providing numerous market opportunities for sprocket manufacturers with respect to agriculture as an end-use vertical.
Which Region Offers Great Potential for Sprocket Manufacturers?
East Asia is expected to dominate global sprocket market in terms of demand throughout forecast period, with the market expanding at a CAGR of 8.5% during 2021-2031. Fact.MR forecasts the Europe market to grow from US$ 483 Mn in 2021 to US$ 835 Mn in 2031. This represents a growth rate of 6% over the next ten years.
The market in North America is poised to experience a moderate growth rate. The number of infrastructural projects in North America grew at a value of US$ 167 Bn with a market share of 22.7% globally
Key Strategies Adopted by Market Players
Modern sprockets have marked their presence in the power transmission industry for over a century. The 21st century led to the entry of innovation into reforming the sprockets in order to help and satisfy end users. Tsubakimoto has incorporated wear-indicator technology in its sprockets that give the operator a way to detect excessive wear before any huge failure occurs.
Manufacturers are evolving their laser-cutting machines to reduce tooling costs of plates. The most important trend to have gained customers’ attention is the availability of customized sprockets. This has also led to a decrease in downtime and rejection levels by a significant number.
Companies are also renovating their products for specific industries such as the use of anti-corrosive technology in the food and beverage industry. These trends help manufacturers to gain an edge over competitors and those who don’t evolve with time.
How is COVID-19 Impacting the Sprocket Landscape?
COVID-19 has had a negative impact on the demand and manufacturing of sprockets across regions, as the market stepped on the demand brakes over the period of Q2 and Q3 of FY2020. Tier-2 manufacturers are struggling to manufacture and channel the product in the market, owing to higher marginal loss and partial demand. However, the market is set to resuscitate completely by Q3 of FY2021.
Fact.MR has profiled the following prominent sprocket manufacturers in its report:
- Tsubakimoto Chain Group
- Martin Sprocket and Gear Inc.
- Rexnord Corporation
- Regal Beloit
- SKF Group
- Renold PLC
- PT international (Solve industrial Motion Group)
- Boston Gear (Altra Industrial Motion)
- Lovejoy (The Timken Company)
The market is fragmented in terms of the supply pie. Key players such as Rexnord Corporation, SKF Group, and PT International hold a majority of the market share and are key price controllers.
Historical Data Available for
US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Customization & Pricing
Key Questions Answered in Report
How will the sprocket market expand until 2030?
Fact.MR projects the global sprocket market to portray an impressive growth of around 7% CAGR across the 2021-2031 assessment period. High demand from the automotive sector is anticipated to drive market growth in a positive direction.
What is the most prominent growth driver for sprockets?
Regulatory pressures, consumer awareness, and growing prominence of next-gen tech automobile companies will influence the industry. These would result in facilitating numerous growth opportunities for sprocket manufacturers, as sales will rise.
Which players have a strong presence in this market space?
Prominent players operating in the market include Rexnord Corporation, Regal Beloit, SKF Group, Renold PLC, and PT international.
Enquiry before Buying
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Key Market Segments
- Below 1/2 Inch
- 1/2 - 1 Inch
- 1 - 1.5 Inch
- 1.5 - 2 Inch
- Above 2 Inch
- Stainless Steel
- Carbon Steel
- Cast Iron
- Taper Lock
- Rotor Roller
- Other Drives
End Use Vertical
- Building & Construction
- Food & Beverages
- Glass & Plastic
- Agricultural Equipment
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa (MEA)
Sprocket Market - Scope of Report
A recent study by Fact.MR on the sprocket market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of sprockets. The study also provides the dynamics that are responsible for influencing the future status of the sprocket market over the forecast period.
A detailed assessment of the value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the sprocket market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers a comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales in the sprocket market across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of sprockets during the forecast period. Price point comparison by region with global average price is also considered in the study.
Fact.MR has studied the market with detailed segmentation on the basis of pitch, material, bore, strand, application, end-use vertical, and key regions.
This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized d and prohibited.”
Analysis on Market Size Evaluation
The sprocket market has been analyzed for each market segment in terms of volume (‘000 Units) and value (US$ Mn).
Market estimates at global and regional levels are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve along with identifying potential resources, considering the sales and distribution perspective in the global sprocket market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.
Country-specific valuation on demand for sprockets has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of sprockets, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of sprockets has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the sprocket market. Prominent companies operating in the market include Tsubakimoto Chain Group, Martin Sprocket and Gear Inc., Rexnord Corporation, Regal Beloit, SKF Group, and Renold PLC.
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