Chain Block Market Report
Global Chain Block Market, Dynamics, Trends, Market Analysis – 2022-2026 See less
Global Chain Block Market, Dynamics, Trends, Market Analysis – 2022-2026
The report on global chain block market is segmented by Type (Manual Chain Block, Electric Chain Block), Application (Factories and warehouse, Construction Sites, Marine & Ports, Mining & Excavating Operation, Others), and Region. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Chain block market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
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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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.
"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.
Key players operating in the global Chain Block Market are
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.
The market in Asia-Pacific is expected to register highest growth
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.
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The chain block market is expected to register a growth of 4.1% CAGR in the foreseeable future.
Asia-pacific is expected to register higher growth in the chain block market during the forecast period.
Expanding construction industry with rise in both residential and commercial construction activities is driving the construction site application segment growth.
North America accounted for the largest market share in 2020 owing to presence of established end-use industries particularly in the U.S.