Chain Pulley Block Market
Chain Pulley Block Market Analysis By Capacity (Up to 3 Tons, 3 to 5 Tons, 5 to 15 Tons, 15 to 30 Tons, Above 30 Tons), Standard Lift (Up to 3m, 3m to 6m, 6m to 9m, Above 9m), End-use Industry (Manufacturing & Industrial, Construction, Automotive, Oil & Gas, Aerospace, Mining) and Region (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Middle East & Africa, Oceania) – Global Market Insights (2023 to 2033)
Analysis of Chain Pulley Block Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Chain Pulley Block Market Outlook (2023 to 2033)
Fact.MR reveals that the global chain pulley block market reached a value of US$ 564.1 million in 2022. The market is projected to end up at US$ 1.1 billion by 2033, expanding at a CAGR of 6.3% over the next ten years (2023 to 2033). Revenue from chain pulley blocks with a capacity of above 30 tons is expected to rise even faster at a CAGR of 6.6% through 2033.
In terms of regions, East Asia is forecasted to lead in terms of revenue generation through 2033. Revenue from chain pulley blocks stood at US$ 168.4 million in 2022 and reached US$ 177.6 million in 2023. The East Asia market is projected to climb to US$ 298.5 million by 2033-end.
Global material handling equipment sales volume reached 2.3 million in 2023 with Asian countries estimated to contribute 51% to the market. East Asian countries have made significant investments in the construction of transportation systems, skyscrapers, and energy projects.
China's spending on infrastructure development increased by 4.9% in 2021 as opposed to a 2.9% rise the year before. With a share of 12.3% of the GDP accounted for by the construction sector in 2023, Japan is also heavily investing in this sector. These projects require substantial use of material handling equipment to transport heavy construction materials and equipment.
|Chain Pulley Block Market Size (2022A)||US$ 564.1 Million|
|Estimated Market Value (2023E)||US$ 597.2 Million|
|Forecasted Market Value (2033F)||US$ 1.1 Billion|
|Global Market Growth Rate (2023 to 2033)||6.3% CAGR|
|United States Market Growth Rate (2023 to 2033)||5.2% CAGR|
|Above 30 Ton Capacity Chain Pulley Block Segment Growth Rate (2023 to 2033)||6.6% CAGR|
|China Market Growth Rate (2023 to 2033)||4.9% CAGR|
|Up to 3m Standard Lift Segment Growth Rate (2023 to 2033)||5.8% CAGR|
|Leading Regional Market||East Asia|
|Key Companies Covered||
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Which Key Drivers are Influencing the Demand for Chain Pulley Blocks?
“High Demand for Chain Pulley Blocks Due to Their Cost Effectiveness”
The chain pulley block market is influenced by a variety of factors that collectively drive its growth and evolution. One of the primary drivers is the continuous expansion of industries such as manufacturing, construction, and logistics, which rely heavily on material handling and load lifting equipment. Chain pulley blocks play a pivotal role in these sectors, enabling the efficient movement of heavy loads, thus contributing to increased productivity and reduced manual labor.
The cost-effectiveness of chain pulley blocks is a significant market driver that has been instrumental in their widespread adoption across various industries. Compared to other overhead lifting equipment such as cranes or forklifts, chain pulley blocks are relatively inexpensive to purchase and maintain. This cost advantage makes them an attractive option for businesses, especially small- and medium-sized enterprises (SMEs) with budget constraints. Whether it is a construction site, a manufacturing facility, or a warehouse, businesses can acquire chain pulley blocks without breaking the bank, allowing them to allocate resources to other essential aspects of their operations.
Rising expenditure on construction equipment is playing a pivotal role in fueling the adoption of chain pulley blocks as hoisting systems in the construction industry. Construction projects, whether large-scale infrastructure developments or smaller building ventures rely heavily on various types of equipment for material handling and lifting tasks. Chain pulley blocks have emerged as indispensable tools in this context, offering a cost-effective and versatile solution to address the evolving demands of the construction sector.
The global construction equipment market is worth over US$ 157 billion in 2023, a significant growth from previous years' market value of US$ 148 billion. This rising expenditure on construction equipment significantly denotes the shift of the construction industry toward material handling equipment creating a favorable environment for the adoption of chain pulley blocks as a cost-effective solution to handle heavy loads on construction sites.
Rental services have become a popular choice for businesses across various industries due to the flexibility, cost-effectiveness, and convenience they provide. The construction equipment rental market is estimated to be worth US$ 147 billion in 2023, which has grown from US$ 118.1 billion in 2021.
To leverage the opportunities of the growing rental market, chain pulley block manufacturing companies such as Vulcan Hoist are providing their products for long-term as well as short-term projects. This strategy helps companies target a wide range of end-users who would not want to invest in chain pulley blocks or require them for temporary use.
|Country||CAGR (2023 to 2033)|
Why are Chain Pulley Block Manufacturers Interested in the United States?
“Stringent Workplace Safety Regulations and Rapid Expansion of Warehouse Spaces”
By the end of 2033, the market in the United States is forecasted to reach US$ 207.1 million, generating an absolute dollar opportunity of US$ 88.1 million. Demand for chain pulley blocks in the United States dropped at a CAGR of −1.3% from 2018 to 2022 but is projected to rise at a CAGR of 5.2% from 2023 to 2033.
- The Occupational Safety and Health Administration (OSHA) is a federal agency within the United States Department of Labor. OSHA's regulations and enforcement efforts create a strong incentive for businesses in the United States to prioritize safety in the workplace. The agency's emphasis on safety compliance, accident prevention, training, and inspections encourages the use of equipment such as chain pulley blocks that contribute to a safer and more compliant work environment, making them a vital component of workplace safety programs.
Warehouses are hubs for the storage and distribution of goods. As the warehousing space expands to accommodate a growing volume of products, there is a greater need for material handling equipment like chain pulley blocks to move heavy items efficiently and safely within these facilities.
- For instance, total warehousing space in the United States reached approximately 15.5 billion square feet in 2020, a substantial increase from previous years.
As warehousing spaces expand to accommodate the surge in online sales, demand for material handling equipment like chain pulley blocks continues to grow.
Why is India a Lucrative Market for Chain Pulley Block Manufacturers?
“Constant Expansion of Construction Industry and Increasing Investments in Infrastructure Development”
The chain pulley block market in India is expected to expand to be worth US$ 56.2 million by 2033-end, with an absolute dollar growth of US$ 27.8 million over the next decade. Sales of chain pulley blocks in India rose at a CAGR of 2.8% from 2018 to 2022 and are expected to advance at 6.5% from 2023 to 2033.
With more than 91.7 thousand units sold in 2021, sales of construction equipment have grown substantially in the country. This is due to the country’s thriving building industry and quick investments in infrastructure development.
- According to Invest India, the country has boosted its spending in infrastructure development under the budget for 2023–24 by 33%, bringing it to US$ 122 billion, or 3.3% of the country's GDP.
The market for lifting hooks and equipment is anticipated to progress significantly as these industries continue to experience strong growth in the country. Apart from having attractive end-use industries for chain pulley blocks, India also has several market players such as SAFEX Industries, RMS Industries, and Jayco Hoist & Cranes Mfg. Co., which contributes significantly to the widespread adoption of chain pullet blocks.
How are Sales of Chain Pulley Blocks Progressing in China?
“High Sales of Chain Pulley Blocks Driven by Cost-competitive Manufacturing Sector”
Sales of chain pulley blocks in China are expected to increase to US$ 240 million by 2033, with an absolute dollar opportunity of US$ 98.9 million through 2033. The market in China advanced at a CAGR of 1.3% from 2018 to 2022 and is projected to expand at a CAGR of 4.9% through 2033.
China's manufacturing sector is known for its cost competitiveness. The abundance of manufacturers in the country such as Tianjin Kunda Hoisting Equipment, VITALI International Lifting Equipment, and Foshan Tongyida Equipment Manufacturing results in competitive pricing for chain pulley blocks. This cost advantage attracts buyers from around the world who seek affordable but quality lifting equipment.
China has also positioned itself as the global industrial hub, dominating several sectors. The manufacturing sector includes a wide range of industries, including textiles, heavy machinery, electronics, and automotive. For instance, manufacturing output in China grew 1.36% in 2022 from 2021, reaching a valuation of US$ 4.9 trillion, or 27.7% of the country’s GDP. In particular, output in the high-tech manufacturing sector increased by 7.4% at the end of 2022.
For the lifting, transportation, and positioning of large components and materials during the manufacturing process, the abovementioned sectors need effective material handling systems.
What are the Demand Projections for Chain Pulley Blocks in Germany?
“Increased Adoption of Construction Equipment Rental”
Revenue from sales of chain pulley blocks is projected to reach US$ 47.6 million by 2033-end, with an absolute dollar growth of US$ 21.1 million from 2023 to 2033. Demand for chain pulley blocks dropped at a CAGR of −0.5% from 2018 to 2022, but this demand is forecasted to increase at a CAGR of 5.6% from 2023 to 2033.
In Germany, adoption of construction equipment rental is on the rise as reflected in the market value jump from US$ 5.8 billion in 2021 to US$ 6.6 billion in 2023. This represents significant opportunities for the growth of rental chain pulley blocks for temporary construction projects, which is expected to influence market growth.
In contemporary logistics and storage operations, productivity and efficiency are crucial. In this way, chain pulley blocks provide a considerable advantage. Processes for material handling are made more efficient by their accurate load control, simplicity of use, and cost-effectiveness. This translates into lower costs and quicker turnaround times, which are goals shared by logistics firms.
In Germany, the estimated storage and logistics space in 2022 stood at 8.58 million square meters, marking a 19% increase compared to the five-year average. During the projection period, substantial demand from the construction, warehousing, and logistics industries presents manufacturers with various prospects.
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|Segment||CAGR (2023 to 2033)|
|Up to 3m Standard Height||5.8%|
|Manufacturing and Industrial End-use Industry||5.7%|
Which Industry Accounts for High Adoption of Chain Pulley Blocks?
“Extensive Use of Chain Pulley Blocks in Manufacturing for Lifting and Moving Heavy Loads”
The manufacturing and industrial segment advanced at a CAGR of 0.5% from 2018 to 2022 but is expected to expand rapidly at a CAGR of 5.7% from 2023 to 2033.
Manufacturing and industrial facilities often require extensive material handling operations. Chain pulley blocks are essential tools for lifting, positioning, and moving heavy loads within these environments. This includes tasks such as hoisting machinery components, transporting raw materials, or positioning workpieces for processing. The manufacturing industry worldwide registered a 3.8% year-on-year growth in 2022.
Why are Chain Pulley Blocks with a Standard Lift of Up to 3 m in Higher Demand?
“Preference for 3m Chain Pulley Blocks for Their Safety, Efficiency, and Cost-effectiveness”
Demand for chain pulley blocks with a 3 m lift rose at an extremely sluggish CAGR of 0.6% from 2018 to 2022 but is projected to advance at a CAGR of 5.8% from 2023 to 2033.
Many lifting tasks in industries such as construction, manufacturing, and warehousing involve relatively short lifting distances. In such cases, a 3-meter standard lift chain pulley block provides sufficient lifting height without the need for excessive slack in the chain, which can be a safety concern. For higher lifting heights, end-use industries mostly opt lifting accessories such as electric hoists or pneumatic hoists as they require less human effort and are safer options than chain pulley blocks.
For small businesses, cost can be an essential factor in purchasing decisions for hoisting equipment, and the cost-effectiveness of 3m standard lift chain pulley blocks for material handling has contributed to their widespread adoption.
Leading players in the chain pulley block market are Ingersoll Rand, Columbus McKinnon Corporation, Tianjin Kunda Hoisting Equipment Co., Ltd, Konecranes, Kito Crosby Corporation, JPW Industries Inc., Verlinde, PLANETA-Hebetechnik GmbH, Tiger Lifting, Vital Chain Block and Elephant Lifting Equipment, Cheng Day Machinery Works Co., Ltd., Chongqing Kinglong, Foshan Tongyida Equipment Manufacturing Co., Ltd., Vulcan Hoist Co. Ltd.
- In June 2023, Konecranes acquired Munck Crane’s Norwegian industrial crane service business to expand its offerings to Nordic countries. This acquisition creates significant opportunities for Konecranes to expand their business and customer base.
- In April 2023, Verlinde launched the smartphone application ExpertCare 4.0 to enable the remote display of the information from the floor level of the MT4 electronic motoring module of its overhead-mounted wire rope hoists EUROBLOC VT.
- In June 2020, Vulcan Hoist launched a new series of mini hoists called XT chain block. These compact chain blocks have a capacity of ½ ton and ¼ ton and come with 2 years of warranty.
- In May 2019, JPW Industries announced the acquisition of Baileigh Industrial, a metalworking and woodworking products manufacturer with a presence across the United States and Europe. This acquisition broadens the product offerings of JPW Industries with the addition of woodworking tools and equipment.
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Segmentation of Chain Pulley Block Market Research
By Capacity :
- Up to 3 Tons
- 3 to 5 Tons
- 5 to 15 Tons
- 15 to 30 Tons
- Above 30 Tons
By Standard Lift :
- Up to 3m
- 3m to 6m
- 6m to 9m
- Above 9m
By End-use Industry :
- Manufacturing & Industrial
- Oil & Gas
By Region :
- North America
- Latin America
- East Asia
- South Asia & ASEAN
- Middle East & Africa
- FAQs -
The global chain pulley block market registered a CAGR of 0.8% from 2018 to 2022.
Sales of chain pulley blocks are estimated at US$ 597.2 million in 2023.
The market for chain pulley blocks is forecasted to reach US$ 1.1 billion by 2033.
Revenue from chain pulley block sales is projected to rise at a CAGR of 6.3% from 2023 to 2033.
Sales of chain pulley blocks with a capacity of above 30 tons are projected to advance at a CAGR of 6.6% through 2033.
Sales of 3m standard lift chain pulley blocks are projected to rise at a CAGR of 5.8% over the next ten years.
The United States market is projected to reach US$ 207.1 million by the end of 2033.
Leading players in the market are Ingersoll Rand, Columbus McKinnon Corporation, JPW Industries, and Verlinde.