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.
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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.
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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.
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 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.
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Key Segments Covered of the Global Lifting Hooks Market
Type
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
Eye
Clevis
Working Load
[1-5] ton
(6-12) ton
(12-23) ton
(23.0-32) ton
Over 32 ton
Industry
Construction
Automotive
Logistics and Transportation
Industrial
Others
Sales Channel
OEM
Aftermarket
Region
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa
Key Companies Profiled
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
Pewag Group
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