Analysis of Shank Hooks market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Newly-released data from the shank hooks market analysis reveals that global demand for shank hooks enjoyed year-on-year (YoY) volume growth of 2.5% in 2022. Over all, the global shank hooks market is predicted to expand at 4.6% CAGR to increase from a valuation of US$ 37.5 Mn in 2022 to US$ 58.9 Mn by 2032.
Shank Hooks Market Size (2021A)
US$ 36.3 Mn
Estimated Market Value (2022E)
US$ 37.5 Mn
Forecast Market Value (2032F)
US$ 58.9 Mn
Global Market Growth Rate (2022-2032)
East Asia Market Share (2022)
Market Share of Top 5 Companies
Key Companies Profiled
Demand for single-forged shank hooks is set to grow 3.3% to US$ 30 Mn in 2022, while revenue from ramshorn-forged shank hooks will top US$ 8.1 Mn by 2032.
Fact.MR, a market research and competitive intelligence provider, foresees thriving growth in shank hook demand. Equipment cost of shank hooks is based on the type of forging, type of hook, complexity, and other features. Equipment cost of lifting hooks is generally around 16% of the total cost.
Higher pricing range for shank hooks provides a competitive advantage to operating players as pricing variation is proportional to workload (tons). The shank clips & hooks market accounted for nearly 15% of the overall lifting hooks market in 2022.
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Being a moderately consolidated market, newer entrants are challenged by the fierce competition existing between frontrunners, which offsets the little opportunity that exists to get established as one of the prominent players in the short term.
Besides, the manufacturing of shank hooks, including straight shank hooks, long shank hooks, shank clips, long shank circle hooks, long shank treble hooks, long shank jig hooks, open shank treble hooks, eagle claw long shank hooks, and even plain shank hooks requires setting up of sophisticated industrial equipment, which again poses a financial hurdle for new shank clip & hook suppliers with limited cash in hand. However, the overall market stands lucrative creating an absolute dollar opportunity of US$ 21.4 Mn over the assessment period (2022-2032).
“Logistics & Transportation Sector Boost to Drive Product Advancement”
Logistics and transportation are two key industries where shank hooks are being widely used, since these industries comprise huge rigging and lifting operations. Use of various control systems, which are backed by technological advancements, make rigging and lifting operations easier.
This automation is expected to impact demand for shank hooks and their accessories such as hoist chains, shackles, and others. Use of shank hooks is also done to increase efficiency, reduce time in the supply chain, and decrease overall cost. Warehouse management and logistics is expected to notice a huge rise in the coming years, which will further drives sales of shank hooks.
“High Accuracy & Durability Accelerating Sales of Shank Hooks”
Lifting systems are known for their high speed and ability to do the job continuously at a very high rate. Hence, they are increasingly being used in all applications where speed and efficiency are important factors and the need to perform the same operations repetitively is very high.
Shank hooks are finding more and more application because of their streamlined and productive outcome in construction, energy, manufacturing, automotive, logistics, recovery vehicles, and several other sectors.
Moreover, the operational life of shank hooks is considered to be excellent and the return on investment is also considered to be good. Lifting equipment such as shank hooks turn tedious maneuvering operations into easily accomplishable operations, providing higher output with exceptional accuracy.
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“Emergence of Automatic Lifting Hooks to Dent Market Surge”
Technological advancements such as automatic lifting hooks, which can be used as a substitute for shank hooks, are expected to have a negative impact on the sales of shank hooks during the forecast period.
Automatic lifting hooks are still at a nascent stage; however, advantages such as ease in usability due to remote hooking and unhooking, ease of using convenient slinging method for different applications, and use of magnetic systems that will increase the efficiency and safety in different lifting operations are driving their demand.
Automatic lifting systems also come with a sensor, which notifies the user about the ring position, and enhances safety, making them viable for heavy-duty loads. Automatic lifting hooks are currently used for a working load limit up to 40 tons. These features are expected to hamper shank hooks market growth.
“Expanding Construction Sector Drive Shank Hook Demand in China”
China’s construction sector dominates the economic development in the country. Construction output value accounted for close to 26% of China's GDP in 2020, seeing a year-on-year growth rate of 6.2% from 2019.
Units installed of lifting cranes are increasing year-on-year, providing a boost to the sales of long shank hooks in China. The China shank hooks market is predicted to expand at a CAGR of 5.3% as a result of these factors.
Apart from this, growing number of manufacturers and sales of mobile construction cranes are acquiring control over the market and would aid regional market growth. The China shank hooks market is expected to reach a valuation of US$ 9 Mn by the end of 2032.
“Transport & Construction Companies to Remain Huge End Users of Shank Hooks”
The construction sector in India is expected to expand at a CAGR of a little over 6.5% during period of 2022-2025, on the back of investments of US$ 1.5 trillion with National Infrastructure Pipeline during 2020-2025. High-scale construction activities and at a fast pace have increased the sales of cranes in the country.
Construction and transportation end-use verticals are prominent sectors in the country, providing significant boost to the adoption of lifting hooks. The India shank hooks market is estimated to reach a valuation of US$ 2 Mn in 2022, and thereby capture around 30% market share in South Asia & Oceania regional market
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“Shank Hooks for Construction as End Use to Remain Highly Profitable”
During the forecast period of 2022-2033, the global cranes market is expected to increase at a CAGR of 4.5%, from US$ 37 Bn in 2022 to US$ 52 Bn by 2032.
Crane demand has been steadily increasing due to their variable capacity to lift and transport heavy materials that are beyond the capabilities of manual labor. Cranes have been constructed with technology that allows them to efficiently meet a variety of industrial needs, including difficult lifting and lowering duties in hazardous locations.
Higher use case for hooks in construction cranes has provided significant boost to the sales of long shank hooks and straight shank hooks with a potential growth rate of around 4.1% during the assessment period.
“Aftermarket to Drive High Volume Sales of Shank Hooks”
To attract new customers, market players have been involved in unique market strategies, one of which is custom-made lifting solutions.
From the past decade, manufacturers have offered customization of lifting solutions based on end use and required specifications, which gives a free reign to customers to avail their desired hook type, as they can choose whatever they want from the broad list provided by the manufacturer. This also allows customers to select the mechanical design.
Thereby, the aftermarket segment is expected to grow 1.5X over the next ten years.
Fact.MR has profiled the following key shank hook manufacturers in its report: GN Rope Fittings, Henan All-Where Crane Co.Ltd, Henan Huabei Lifting Hook Co. Ltd., Henan Kino Cranes Co., Ltd., IRIZAR FORGE, Liftvel Industries, M Engineering, M.K. Forge, Powermech Engineering, William Hackett Lifting Products Ltd, Stahlhammer Bommern, European Lifting Devices, ELD Feat Group, Heuer Hebetechnik, and Akyuzlu Forge.
These key shank hooks manufacturers are constantly innovating in product designs to meet the modern-day challenges pertaining to components in the crane environment.
Besides, collaborations and partnerships have been the go-to strategy for shank hook suppliers, with market players focusing on establishing long-term relationships with customers.
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The global shank hooks market is likely to reach a valuation of US$ 58.9 Mn by the end of 2032.
Single-forged shank hooks are likely to reach a valuation of around US$ 48 Mn by 2032.
East Asia holds a leading position and is presumed to remain in the same growth curve through the end of 2032.
The construction sector holds the highest market share of 27% in 2022.
The North America shank hooks market is likely to offer great growth prospects with a market valuation of US$ 9 Mn in 2022.
OEM sales channel is expected to hold a market share of around 32% by 2032.
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