Chain Block Market Report

Report Insights

The Global Chain Block Market is expected to grow from USD XX billion in 2020 to USD XX billion by 2026 at a CAGR of over x% during the forecast period.

Figure: Global Chain Block Market Size, 2020-2026 (USD Billion)

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What is Chain block?

Chain block, also known as ‘hand chain hoist’ is a tool that is used to lift heavy loads using a chain. A chain block comprises of a lifting chain, a grabbing hook, and a hand chain. It can be manual or electric. Commonly used in garages to remove engines from cars easily, chain blocks are available in a variety of different capacities.

Market Insights

"The global chain block market is expected to register a CAGR of around 4.1%."

The growth of the major end-use industries particularly construction, mining, and marine is fuelling the product demand at a significant rate. Increased spending on R&D activities to develop new products by the market players is anticipated to propel the market growth considerably during the review period.

The Top Key players

Key players operating in the global Chain Block Market are

• Columbus McKinnon Corporation (The U.S.),
• ABUS Crane Systems GmbH (Germany),
• KITO Corporation (Japan),
• Hitachi Industrial Equipment Systems Co., Ltd (Japan),
• Konecranes Oyj (Finland),
• TIANJIN TOYO LIFTING MACHINE MANUFACTORY CO,.LTD (Japan),
• Shanghai Yiying Crane Machinery Co., Ltd (China),
• Trane Technologies plc (Ireland),
• NITCHI Co.,Ltd (Japan),
• Chongqing Kinglong Machinery Co.,Ltd. (China),
• CHENG DAY MACHINERY WORKS (China),
• PLANETA-Hebetechnik GmbH (Germany), and
• GIS AG (Switzerland).

Market Segmentation

Application Trends

The market has been segmented into factories and warehouse, construction sites, marine & ports, mining & excavating operation and others.

The global chain block market is driven by the construction sites market, which contributes about 30% of the total. Expanding construction industry with rise in both residential and commercial construction activities is driving the segment growth.

Regional Trends

The market in Asia-Pacific is expected to register highest growth

• Geographically, the market in North America accounted for the largest market share in 2020 owing to presence of established end-use industries particularly in the U.S.
• Growing construction industry with increased spending on renovation and remodelling of buildings is likely to propel the market growth in the region.
• The market in Asia-Pacific is expected to register highest growth during the forecast period.
• This market growth can be attributed to expanding industrialization and growing urbanization in the developing countries particularly India and Southeast Asian countries.

COVID-19 Impact on Global Chain Block Market

The spread of coronavirus led to the enforcement of lockdown to curb the spread of the virus. This resulted in travel restrictions and supply chain disruptions. The disruption in the supply chain affected the availability of the product in the market. Additionally, the closure of construction sites and factories amid the covid-19 outbreak affected the product demand. However, with the lift of lockdown, the growth of end-use industries has gained pace and thus, is likely to drive the market growth at a healthy CAGR during the review period.

Critical Questions Answered in the Report

• What are the key trends in the global chain block market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on global chain block market?
• What are the key strategies adopted by the major vendors to lead in the global chain block market?
• What is the market share of the top vendors?

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Target Demographics

Sharing similar demographic traits, the group of people identified as being likely customers of this business are - 

• Chain block manufacturers
• Chain block suppliers
• Chain block distributors
• Organizations
• Government bodies

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