Lifting Hooks Market
Lifting Hooks Market By Working Load ((1-5) ton, (6-12) ton, (12-23) ton), By Type (Eye Hook, Clevis Hook, Swivel Hook), By Industry (Construction, Automotive, Industrial), By Sales Channel (OEM, Aftermarket)- Global Market Insights 2020 to 2030
About the Report
Being a crucial component in the lifting and rigging industry, lifting hooks hold significant opportunities as far as the future is concerned.
Lifting hooks make the task of lifting and rigging safe and efficient across various industries such as construction, automotive, logistics, and transportation, out of which, the construction sector account for most of the demand.
Fact.MR, in its latest research report, offers insights on key factors that are expected to fuel demand over the decade.
The regions of North America, Europe, and Asia Pacific are huge markets for lifting hooks. The report also details how the ongoing COVID-19 pandemic is having an impact on the lifting hooks market, and what the future looks like.
Will Future Lifting Hook Demand be Higher than Historical Trends?
From 2015 to 2019, the global lifting hooks market exhibited a CAGR of 3.5%. High investments in construction, automotive, logistics, transportation, and several other industries, from where steady demand has been experienced, is a key stimulants driving this growth.
Stringent government regulations across industries are expected to induce the use of lifting hooks for various lifting and rigging tasks. All in all, lifting hook demand is likely to increase, expanding at a CAGR exceeding 3.5% throughout the 2020-2030 assessment period.
What Roles Will Construction & Mining Industry Play in Surging Demand?
The mining industry demands high quality lifting equipment to perform heavy lifting tasks in various manoeuvring 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.
Lifting equipment is being used in the construction industry on a large scale, such as hoist cranes, gantry cranes, and carry deck cranes, many of which include mobile crane hooks.
Timely and successful completion of a project needs heavy and efficient equipment. In a mammoth construction project, which includes high rise building construction and seamless flow of material handling, lifting equipment such as cranes are vital links.
With construction activities increasing across regions, demand for lifting hooks will only increase as the years go by.
How is Reduction in Replacement Period of Lifting Hooks Aiding Market Growth?
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.
Other 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 are the Key Challenges Faced by Lifting Hook Manufacturers?
Lifting hooks are primarily manufactured with carbon steel and alloy steel. Global price variations will have 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 these expenses 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, wherein, under the agreed supply-agreement, manufacturers are bound to provide hooks albeit at higher cost of production.
While price volatility of raw materials has a moderate impact in the short term, in the long term, it may aggravate owing to increase in prices of several other functions of production.
Another issue that is expected to be one of the key challenges is the emergence of automatic lifting hooks, which is one of the technological advancements in this sector. Automatic lifting hooks are still in the nascent stage.
However, the attributes associated with these systems are anticipated to pose as threat to players operating in the global lifting hooks market space.
Why are Sales of Lifting Hooks Soaring across the U.S.?
The engineering and construction industry in the U.S. is expected to surge, considering the current investments in the country. In 2020, the construction industry added another US$ 900 Bn to the U.S. economy is the first quarter itself.
This is expected to increase demand for lifting machinery and hooks over the coming years.
The U.S. is also one of the largest automotive markets. The country surpassed the production of 17 million units for the fourth straight year in 2020, and such large-scale activities point towards high demand for operational equipment, including lifting hooks.
During the forecast period, the lifting hooks market in the country is expected to experience a Y-O-Y growth of over 3%, and is expected to reach a valuation of US$ 16.8 Mn by 2030.
How is China’s Construction & Automotive Industry Catalyzing Demand for Lifting Hooks?
China, by far, is the largest construction market in the world. China’s annual spending on its construction industry, during 2018-2019, amounted to nearly US$ 1.8 trillion.
These rising investments in the construction industry on the back of huge construction projects, such as the Belt and Road Initiative, are expected to make China one of the most lucrative markets for lifting hooks.
The Automotive industry in China is also the world’s largest. The country highly promotes new energy vehicles.
China 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.
NEV manufacturers in the country also receive financial support from the government to reduce their R&D and production costs.
China’s high investments in electric vehicles is expected to generate significant demand for lifting hooks during the forecast period, with the market in the country expected to witness a Y-O-Y growth of over 3% during the forecast period, and reach a valuation of US$ 7.4 Mn by 2030.
Germany Lifting Hooks Market
According to the European Construction Sector Observatory, the construction industry in Germany is experiencing steady growth of over 8%. Total investments in construction increased by over 9% during the period of 2008-2015. In 2016, total value added in the construction sector was EUR 233.6 Bn.
The automobile industry in Germany generated roughly EUR 426 Bn in sales in 2018, and has been one of the most successful industries in the country.
With high demand for lifting hooks from these two sectors in the country, the market is expected to witness a Y-O-Y growth of over 3% during the forecast period, and reach a valuation of US$ 3.81 Mn by the end of the forecast period.
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Why are 1-5 Ton Lifting Hooks the Most Sough-after?
Smaller working load limit hooks, which are typically in the range of 1 to 5 tons, represent over 60% of the market volume due to their high usability in various sectors.
However, the market value share of heavy duty lifting hooks, which are primarily for the working load range of over 23 tons, accounted for over 45% of the global market value.
This shift in the market share is due to the huge price difference that is present among these hooks. Overall, as smaller working load hooks find more application across industries, their sales will remain the highest through 2031.
How Big is the Opportunity in the Construction Industry?
Looking at the current scenario, the construction industry has a significant share of over 40% as far as demand for lifting hooks is concerned.
The need for lifting hooks in the construction industry is pretty high due to their large number of uses at construction sites.
The construction also uses heavy duty lifting hooks extensively, which further contributes to its increasing share in the global lifting hooks market, which is anticipated to be more than 45% by 2030.
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Lifting Hooks Market- Competition Landscape
These aforementioned players rely on multiple expansion strategies to deepen their penetration across lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.
Companies operating in the lifting hooks market are aiming to increase their market share and geographical footprint through acquisitions in industries associated to lifting. Recent mergers & acquisitions that have taken place in the lifting hooks market are:
- In 2007 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 America 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, and acquired Gunnebo Industries, which is primarily into material handling and other related applications.
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Historical Data Available for
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Customization & Pricing
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Key Segments Covered of the Global Lifting Hooks Market
- Eye Hooks
- With Latch
- Without Latch
- Clevis Hooks
- With Latch
- Without Latch
- Swivel Hooks
- With Latch
- Without Latch
- Grab Hooks
- Eye Grab
- Clevis Grab
- Foundry Hooks
- [1-5] ton
- (6-12) ton
- (12-23) ton
- (23.0-32) ton
- Over 32 ton
- Logistics and Transportation
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
- FAQs -
Currently, North America leads the global lifting hooks market. According to Fact.MR, it will account for nearly one-fourth of the global lifting hooks market in terms of market value.
Eye hooks are highly sought-after in the market for lifting hooks. Demand for eye hooks is expected to remain high in the near future, especially due to their high usability and less price as compared to other type of hooks.
Currently, the construction industry accounts for the highest sales in the global lifting hooks market, according to Fact.MR analysis.
Global lifting hooks market to register a CAGR worth 3.5% across the 2020-2030 assessment period. High investments in end-use industries are expected to drive demand over the coming years.
Some of the leading companies that are operating in the global lifting hooks market are Stamperia Carcano Giuseppe SPA, TOHO-Rongkee, Ketten Walder, The Crosby Group, Columbus McKinnon, Qingdao Sail Rigging Co., Ltd., Irizar Forge, Yoke, Peerless Indus
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