The global lifting hooks market is witnessing a moderate degree of transformation with the inclusion of automatic lifting hooks. This transformation is expected to reinvigorate this maturing market landscape. Companies are also shifting towards stainless steel and alloy steel to manufacture lifting accessories, since they offer high resistance to corrosion. Industries such as mining and marine are some high potential markets for stainless steel lifting hooks.
Traditional hooks such as eye hooks will have a sizeable market share, due to their high usability and flexibility across various industries. With demand especially high from the construction industry, the aftermarket will hold an exceptionally high share as far as sale of lifting hooks is concerned. Outlook of the lifting hooks market continues to remain strong, and is expected to register a steady CAGR of 3.5% through 2030.
Key Takeaways from Lifting Hooks Market Report
- There has been a growing trend of horizontal integration as tier-1 companies are focussing on acquisitions in allied industry businesses.
- Global demand for lifting hooks is expected to surpass a market valuation of US$ 75 Mn by 2030.
- Rising e-Commerce activities across the globe are expected to lead to increasing demand from the logistics and transportation industry.
- North America, Europe, and Asia Pacific will together hold around 40% of the global market share.
- Talking about growth, demand for lifting hooks will increase the fastest in Brazil (6.4%), and India, Iran, and Australia (4.6% each), through 2030.
- Market volume share of 1-5 ton lifting hooks is notably high due to the extensive use across industries. However, market volume of over 32 tons is the highest due to the huge price difference between these and the smaller variants.
- Customized heavy duty lifting hooks are expected to gain sizable market share over the next ten years.
“Increase in use of mobile cranes in the automotive industry is expected to surge demand for lifting hooks,” says a Fact.MR analyst.
Product Launches to Enhance Market Resiliency
Key players in the 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 Industrial Group, Van Beest, and Pewag Group. Some of the key developments in the market include:
- Irizar Forge customized a forged hook for off-shore heavy duty cargo landings, which can replace 4 casted hooks with two forged hooks, offering higher reliability.
- In 2018, Pewag Group developed the pewag levo clamp LC, which is the world’s first remote controlled lifting clamp.