Hoist Sling Chains Assemblies Market Analysis

Hoist Sling Chains Assemblies Market Analysis

Type T (or Grade 80) sling chains led the overall sling chains market in 2017 with a market share over 50%. Type T chain, with robust strength, is mainly used as overhead lifting sling component. Recommended for overhead lifting by ANSI, NACM, & OSHA, type T hoist sling chains and attachments are engineered for superior strength, durability and lightness. Standard sling configurations consist of chain branches which are affixed on one end to a master link or ring with some attachment, usually a hook, fastened to the opposite end. The industry will observe sustainable advancements by 2025 without compromising any of the characteristics required to be compliant with ASME, ASTM, ANSI, and NACM Standards.
 

The master link carries the chain legs and serves as the connecting point between the chain and the pulling device. In 2017, master links having load bearing capacity below 5.0 tons held a significant market share close to 30% in hoist lifting chains market. The product will be demanded especially for applications when extra strength is required, or environmental hazards such as chemicals or excessive heat are involved.
 

Global hoist lifting chains assemblies market will mark strong growth for hooks, with a projected CAGR surpassing 9% over the forecast period. Foundry hooks are designed with a wide, deep throat, they fit trunnions and handle on moulds or castings; these are generally used in foundry work. Grab hooks have been designed with a special narrow throat and used to shorten or hold a length of chain. Self-locking hooks are likely to witness high demand by 2025, for their higher efficiency.
 

North America sling chain assemblies market size is probable to grow with a CAGR of 10.6% by 2025. Hoist sling chains assemblies are preferable for lifting heavy-duty loads and in high-temperature applications. The durability and strength of these chains support their usage in steel mills, foundries, heavy machine shops, etc. Lifting chains assemblies will have strong demand in other areas involving repetitive lifts and harsh surroundings, that would damage slings made of synthetic nylon, wire ropes or polyester. Hoist lifting chains are fully repairable if are damaged and could be re-certified and load tested after repairing. With such unique traits, global hoist lifting chains industry will observe a steady demand by 2025.
 

Hoist sling chains assemblies assist operators in manufacturing, warehousing and construction to lift loads in support of production or storage activities, loading and unloading, or one process to the next. Oil & gas segment contributed about 15% share in the overall hoist lifting chains assemblies market in 2017. Increasing offshore drilling subject to growing crude oil demand from end use industries like refineries will augment the oil & gas sector growth in the forecast period, which in turn will have a positive influence on hoist sling chains assemblies demand.
 

Sling chains market was led by Asia Pacific, followed by North America in 2017, and the similar trend is expected throughout the forecast timespan. Asia Pacific sling chains market size is expected to grow with a CAGR of 9.4% by 2025. The U.S. Energy Information Administration (EIA) has estimated that the total natural gas consumption in the U.S., will upsurge to about 31.6 TcF by 2040, with 56% of this rise in natural gas production resulting from the upward development of shale gas. For the next decade North America will remain the leader in terms of growth in production of liquid hydrocarbons. The regional hoist sling chains assemblies market will witness significant demand from the oil & gas sector.