Chain Binder Market Report

Market Insights

The Chain Binder market is projected to grow from USD 826.7 million in 2020 to USD 1,114.1 million by 2026 at a CAGR of around 5.2% during the forecast period.

Figure: Chain Binder Market Size, 2020-2026 (USD Million)

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What are Chain binders?

Chain binder refers to a device which is used to tighten chain at the time of securing a load for transport. These are also known as load binders. Commonly used types of chain binders are ratchet binder and lever binder. Rachet binder involves use of ratcheting action to create tension in the chain while lever binder involves use of leverage action to create tension in the chain.

Key Players

Key players operating in the Chain Binder market are-

• Peerless Industrial Group, Inc. (The U.S),
• Columbus McKinnon Corporation (The U.S),
• Zhejiang Topsun Logistics Control Co., Ltd. (China),
• PWB Anchor Limited (Australia),
• Qingdao Xintai Rigging Hardware Forging Co.,Ltd (The U.S),
• Win Chance Metal Co., Ltd. (Taiwan),
• All Lifting Systems (The U.S),
• Qingdao Powerful Machinery Co., Ltd. (China),
• Utkal Engineers (India), and
• Huamei Group (China).

Market Dynamics

The growth of the chain binder market is primarily driven by an increase in the transportation of goods and services across geographies.

• The rise in import and export of various goods has resulted in a significant increase in international trade which is expected to drive the growth of the chain binder at a significant rate during the review period.
• In addition to this, the growing demand for high-quality and advanced chain binders is likely to create lucrative opportunities for the players operating in the global market in the coming years.

Segments' Analysis

Application Trends

By application, the chain binder market has been bifurcated into of railway transportation, waterway transportation and highway transportation.

• Under these, the waterway transportation segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period.
• The market growth can be attributed to increase in maritime trade coupled with expanding industrialization across geographies.

Regional Trends

By region, the market in Asia-Pacific accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period.

• The regional growth can be attributed to expanding industrialization which has resulted in significant increase in trade and presence of key market players such as Zhejiang Topsun Logistics Control Co., Ltd. (China) and ST Qingdao Powerful Machinery Co., Ltd. (China).

COVID-19 Impact on Chain Binder Market

The covid-19 outbreak posed significant challenges for the transportation industry across geographies. It impacted the growth of the chain binder market negatively as the imposition of lockdown and trade restrictions affected the product supply and demand amid pandemic.

Critical Questions Answered in the Report

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

Target Audience

Here is the list of the group of customers that the Chain Binders market hopes to have the greatest opportunity to convert-

• Chain binder distributors
• Chain binder suppliers
• Chain binder manufacturers
• Logistics organizations
• Government bodies

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