Lifting Hooks Market
Lifting Hooks Market By Type (Eye Hooks, Clevis Hooks, Swivel Hooks, Grab Hooks), By Industry (Construction, Automotive, Industrial & Others), By Sales Channel, By Working Load & By Region - Global Market Insights 2023 to 2033
Analysis of Lifting Hooks Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Lifting Hooks Market Outlook (2023 to 2033)
The global lifting hooks market is valued at US$ 160 million in 2023 and is predicted to reach US$ 250 million by 2033-end. Fact.MR has forecasted worldwide sales of lifting hooks to increase at a CAGR of 4.6% from 2023 to 2033.
- Smaller working load limit hooks, which are typically in the range of 1 to 5 tons, currently account for 60% share of the global market.
A lifting hook is a tool used to grip and lift loads using a crane or hoist. Lifting hooks hold significant opportunities, being a crucial component in the lifting and rigging industry. Lifting hooks make lifting and rigging safe and efficient across various industries, such as construction, automotive, logistics, and transportation. This has increased the demand for lifting hooks.
High investments in construction, automotive, logistics, transportation, and several other industries are driving market growth. Stringent government regulations across industries are expected to encourage the use of lifting accessories for various lifting and rigging tasks.
Demand for cranes and hoists is rising due to the quick expansion of new and retrofitted infrastructure as well as the requirement to lift and move medium to large-sized objects from one location to another. As a result, the market for lifting hooks is expected to develop due to an increase in demand. Also, the market for lifting hooks is anticipated to witness tremendous growth over the coming years due to the introduction of autonomous lifting equipment and hooks.
Lifting hooks have higher working load limits, so they can lift heavier objects or do other demanding tasks. Global demand for lifting hooks is expected to be fueled by expanding industrial sectors and rising production capacities. The requirement for lifting hooks is anticipated to expand significantly as a result of the rising need for functional and durable hooks across a variety of sectors. This is anticipated to boost market potential during the projection period.
The need for lifting hooks is being driven by rapid urbanization and population growth. The market is also influenced by the rise in the use of industrial lifting equipment to enhance productivity and decrease accidents and injuries.
Governments are making large investments in the mining and construction industries to retain and expand their important economic positions. Hooks are used by a variety of off-highway, heavy-duty construction, and mining machinery for a variety of tasks, including lifting large items. The market for lifting hooks is driven by rising automotive production and sales, particularly in emerging countries.
Lifting Hooks Market Size (2023)
US$ 160 Million
Projected Market Value (2033)
US$ 250 Million
Global Market Growth Rate (2023 to 2033)
Market Share of North America (2023)
Key Companies Profiled
What’s Paving the Way Ahead for Lifting Hook Manufacturers?
“Increasing Need for High-quality Lifting Equipment in Mining Industry”
The mining industry demands high-quality lifting equipment to perform heavy lifting tasks in various operations. These operations need both, heavy-duty lifting hooks and general lifting hooks. Latin America and Africa are some of the regions where lifting equipment such as lifting air hoists and lift chain pneumatic air hoists are currently being used in mines, which signifies great demand from changing mining practices.
New developments in automated material handling equipment favor advanced technology paired with an emphasis on machine safety features. The purpose of innovations is to offer customized mobile crane choices that would improve productivity levels while also maintaining worker safety standards.
“Mandatory Reduction in Replacement Period of Lifting Hooks”
Lifting Operations and Lifting Equipment Regulations 1998 (LOLER) apply to various spaces such as companies that are manufacturing lifting equipment and businesses that are using lifting equipment; these regulations also include the load that is being lifted by the equipment.
Regulations are expected to increase the credibility of companies and products since companies that are operating in the market need to acquire various certifications. Under the Lifting Operations and Lifting Equipment Regulations 1998, businesses that are operating in this space need to check various lifting equipment every six months or a year.
Several regulations are also present, such as the Health and Safety at Work Act, Working at Height regulations, and several others. These are expected to reduce the replacement period of equipment, which will drive sales of lifting hooks across regions.
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What is Hampering Global Demand Growth for Lifting Hooks?
“Fluctuating Raw Material Prices and Lack of Suitable Calibration Facilities”
Lifting hooks are primarily manufactured with carbon steel and alloy steel. Pricing trends indicate that global price variations will have a widespread impact on the global lifting hooks market.
Volatile and unpredictable prices of scrap steel, globally, are prominent concerns of manufacturers since they negatively impact the price of finished products, especially stainless steel hooks. Manufacturers are keen on mitigating or negating these fluctuations in expenses. Since 2000, there has been a huge price escalation in the processing of steel globally.
Price volatility has impacted long-term contracts, where, under the agreed supply agreement, manufacturers are bound to provide hooks, albeit at a higher cost of production. While the price volatility of raw materials has a moderate impact in the short term, it may aggravate in the long term owing to increases in the prices of several other functions of production.
A shortage of trained operators is hampering market growth. A rise in failure rates and high maintenance costs are expected to hinder market expansion over the coming years.
Which Region Should Lifting Hook Providers Invest In?
“Increase in Mining Projects in North America”
- North America accounts for 50% share of the global market in 2023.
An increase in mining projects, increased rates of industrial production and manufacturing processes, and the presence of prominent lifting hook manufacturers are driving market growth in the region. The rapid expansion of the logistics industry is expected to boost demand for lifting hooks over the coming years.
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What is the Market Outlook for Lifting Hooks in the United States?
“Growing Usage of Lifting Hooks in Material Transportation Businesses”
The market in the United States is anticipated to experience significant expansion over the projection period due to a rise in the local supply of eye hooks. Growing usage of lifting hooks in material transportation businesses and rising government spending on product development are supporting market expansion.
Why are Sales of Lifting Hooks Surging in Germany?
“Encouraging Government Activities for Infrastructure Development”
A rise in investments in mining operations by key market players and an increasing focus on worker safety are the factors boosting market expansion in Germany. Market growth is driven by growing construction projects and encouraging government activities for infrastructure development.
Why is Japan Seeing High Demand for Lifting Hooks?
“Increasing Adoption of New-energy Vehicles”
Japan highly promotes new-energy vehicles. The country has introduced various measures, such as tax exemptions and subsidies for car purchases and a requirement for government departments to buy more new energy-efficient cars, as a way to save energy and reduce air pollution.
New-energy vehicle manufacturers in the country receive financial support from the government to reduce their production costs. High investments in electric vehicles are expected to generate significant demand for lifting hooks during the forecast period.
Which Industry is Dominating in Terms of Revenue Generation?
“Lifting Hooks Help Speed Up Construction Process by Reducing Labor Requirements”
The market is classified into construction, automotive, logistics & transportation, industrial, and others, based on industry. The adoption of lifting hooks is increasing in high-rise building construction for seamless material handling. Growing construction activities across regions, driving the demand for lifting hooks.
The worldwide construction sector is expanding quickly due to the rising need for homes and commercial structures such as office and retail complexes. Moreover, governments all around the world are investing in social infrastructure, including power, transportation, healthcare, and education.
Lifting hooks are used in the construction sector for operations, including constructing steel structures, putting together prefabricated pieces, and installing machines. Lifting hooks help speed up the construction process by reducing labor requirements.
Lifting equipment is used on a large scale in the construction industry, such as hoist cranes, gantry cranes, and deck cranes, many of which include mobile crane hooks. Timely and successful completion of a project needs heavy and efficient equipment.
Know thy Competitors
Competitive landscape highlights only certain players
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Top lifting hook producers are concentrating on new developments for the introduction of high-capacity lifting equipment while following safety regulations. Major businesses are working on reducing their carbon footprints to reduce their environmental impact. They are engaged in research and development efforts to offer cutting-edge products.
Leading companies are focusing on quality control, supply chain management, partnerships, product standards, and the strengthening of regional and global distribution networks. Key market players are aiming to increase their market share and geographical footprint through acquisitions in industries associated with lifting.
For instance :
- Van Beest acquired the brand EXCEL. Under this brand, lifting hooks are produced in the company’s French factory.
- Kito Corporation is one of the global leaders in the crane and hoist manufacturing business and also has a strong material handling solution business. It acquired North American chain hook manufacturer Peerless Industrial Group to expand its business in North America.
- The Crosby Group a leading manufacturer of premium accessories used in lifting, rigging, and securement applications, acquired Gunnebo Industries, which is primarily into material handling and other related applications.
Key Segments of Lifting Hooks Industry Research
By Type :
- Eye Hooks
- With Latches
- Without Latches
- Clevis Hooks
- With Latches
- Without Latches
- Swivel Hooks
- With Latches
- Without Latches
- Grab Hooks
- Eye Grabs
- Clevis Grabs
- Foundry Hooks
- Eye Hooks
By Working Load :
- 1 to 5 Tons
- 6 to 12 Tons
- 12 to 23 Tons
- 23 to 32 Tons
- Over 32 Tons
By Industry :
- Logistics & Transportation
By Sales Channel :
By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- FAQs -
The global lifting hooks market is valued at US$ 160 million in 2023.
By 2033, worldwide sales of lifting hooks are set to reach a market valuation of US$ 250 million.
Demand for lifting hooks is forecasted to rise at a CAGR of 4.6% through 2033.
Van Beest, The Crosby Group, and Columbus McKinnon are leading lifting hook suppliers.
North America accounts for 50% share of the global market for lifting hooks.