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Lifting Hooks Market Size
Lifting Hooks Market size was valued at USD 174.9 million in 2022 and is anticipated to register a CAGR of over 4% between 2023 and 2032. The demand for lifting hooks is closely tied to industrial growth and construction activities. As economies grow and infrastructure projects are undertaken, the need for heavy lifting equipment, including lifting hooks, increases.
Similarly, the second phase of the High-Speed Rail in Europe, which connects Madrid and Barcelona, is currently underway. Lifting hooks are essential for various lifting and rigging applications in construction sites, manufacturing plants, warehouses, and more. The increasing government focus on developing, redeveloping, and refurbishing infrastructure will strengthen the lifting hooks industry outlook.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 174.9 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 265.1 Million |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 479 |
| Segments covered: | Type, Capacity, End-use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Workplace safety regulations play a significant role in driving the lifting hooks market. As governments and industries prioritize worker safety, there's a growing emphasis on using certified and compliant lifting equipment, including hooks, to prevent accidents and ensure worker well-being. However, while regulations can drive demand for safer lifting equipment, they can also restrain the market by increasing the cost and complexity of manufacturing lifting hooks. Compliance with various safety standards and regulations often requires manufacturers to invest in testing, certification, and quality control processes. This can lead to higher production costs, which might be passed on to customers, potentially impacting market demand.
COVID-19 Impact
The COVID-19 pandemic significantly impacted the lifting hooks market, causing disruptions in production, supply chains, and demand. Lockdowns and restrictions led to reduced construction and industrial activities, translating into lower demand for lifting hooks. Manufacturing and distribution were hindered by lockdowns and social distancing measures, affecting the availability of raw materials and components. For instance, major hook manufacturers like Crosby Group temporarily suspended operations due to pandemic-related challenges. The industry also faced delays in projects, impacting the need for new hooks.
Lifting Hooks Industry Trends
As environmental concerns continue to rise, there's a growing emphasis on sustainability across industries. key manufacturers might explore using eco-friendly materials and processes to reduce their carbon footprint. This could involve developing hooks made from recyclable or biodegradable materials, as well as designing hooks with energy-efficient features that minimize environmental impact.
In addition, with the increasing adoption of Internet of Things (IoT) technology and data-driven solutions, lifting hooks could become smarter and more connected. These hooks might incorporate sensors and monitoring systems to collect data on load conditions, usage patterns, and wear and tear. This data can be analyzed to optimize operations, enhance safety, and enable predictive maintenance. Smart hooks could provide real-time feedback to operators, enabling them to make informed decisions and prevent accidents.
Lifting Hooks Market Analysis
The swivel hooks segment captured around 20% share of the lifting hooks market in 2022. Sales of swivel hooks are gaining momentum due to their enhanced versatility and safety benefits. Swivel hooks allow loads to rotate, reducing the risk of torsion and strain during lifting. Industries such as construction, manufacturing, and logistics are increasingly adopting swivel hook to improve operational efficiency and prevent accidents. For example, in the construction sector, swivel hooks are crucial for tasks requiring precise positioning and rotation. Their ability to accommodate varying load angles makes them indispensable in scenarios where stability and controlled movement are paramount.
The construction segment acquired about 25% of the lifting hooks market revenue share in 2022. Lifting hooks are experiencing robust demand across the construction sector due to their pivotal role in enabling efficient and safe material handling. These hooks are essential for tasks like hoisting heavy construction materials, positioning components, and securing loads during various construction phases. Their reliability and ease of use streamline operations, enhancing productivity on construction sites. Additionally, the industry's focus on worker safety underscores the need for certified and compliant lifting equipment like hooks. As a result, lifting hooks are in high demand to ensure both operational effectiveness and occupational well-being.
Asia Pacific lifting hooks market accounted for over 40 million in 2022, due to escalating infrastructure projects and industrial development. Rapid urbanization and construction activities in countries like China and India have propelled the demand for lifting hooks in various sectors. For instance, China's ambitious Belt and Road Initiative has led to increased investments in transportation and energy infrastructure, driving the need for lifting equipment.
Lifting Hooks Market Share
Key players operating across lifting hooks market are :
- Columbus McKinnon
- Henan Weihua
- Irizar Forge
- Ketten Wälde
- Peerless Industrial Group
- RUD Group
- Sennebogen
- Stamperia Carcano Giuseppe
- The crosby group
They are also heavily investing in research to introduce innovative products and garner the maximum market revenue.
Lifting Hooks Industry News
- In March 2021, Elebia launched NEO60 lifting hooks. The NEO60 has a maximum lifting capacity of 60 tonnes and offer advanced safety and productivity features.
This market research report on lifting hooks includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment in (Units) from 2018 to 2032, for the following segments:
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By Type
- Eye Hooks
- Clevis Hooks
- Swivel Hooks
- Grab Hooks
- Foundry Hooks
By Capacity
- Below 5 ton
- 5-15 ton
- 15-25 ton
- Over 25 ton
By End-use
- Construction
- Automotive
- Logistics & transportation
- Industrial
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Southeast Asia
- ANZ
- Latin America
- Brazil
- Mexico
- MEA
- UAE
- Saudi Arabia
- South Africa
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