Shank Hooks Are Witness Significant Opportunity For Above 32 Ton Load Capacity Owing To Higher Penetration in Construction End Use
United States, Rockville MD, June 22, 2022 (GLOBE NEWSWIRE) — As per detailed industry analysis by Fact.MR, a market research and competitive intelligence provider, the global shank hooks market is estimated to exceed a valuation of US$ 37.5 Mn in 2022, and further expand at a CAGR of 4.6% by value over the assessment period (2022-2032).
Lifting equipment and lifting solutions are rigorously competitive markets, in which, expanding geographic footprint requires a huge amount of capital. The aftermarket model offers various growth opportunities, such as it could be one way a company can increase its geographical footprint by saving investment capital through batch size production and customization.
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Shank hooks are a viable option in these operations. Therefore, demand for lifting equipment is increasing at an accelerated rate. Africa and Latin America are regions where shank hooks are currently being installed in mines, which signifies great demand from changing mining practices across the globe. These mines will create opportunities for manufacturers of high-performance shank hooks and assemblies over the forecast period.
What are the Potential Restraints Limiting Shank Hook Sales?
“Emergence of Automatic Lifting Hooks to Dent Market Surge”
Technological advancements such as automatic lifting hooks, which can be used as a substitute for shank hooks, are expected to have a negative impact on the sales of shank hooks during the forecast period.
Automatic lifting hooks are still at a nascent stage; however, advantages such as ease in usability due to remote hooking and unhooking, ease of using convenient slinging method for different applications, and use of magnetic systems that will increase the efficiency and safety in different lifting operations are driving their demand.
Automatic lifting systems also come with a sensor, which notifies the user about the ring position, and enhances safety, making them viable for heavy-duty loads. Automatic lifting hooks are currently used for a working load limit up to 40 tons. These features are expected to hamper shank hooks market growth.
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Key Segments Covered in the Shank Hooks Industry Survey
Fact.MR has profiled the following key shank hook manufacturers in its report: GN Rope Fittings, Henan All-Where Crane Co.Ltd, Henan Huabei Lifting Hook Co. Ltd., Henan Kino Cranes Co., Ltd., IRIZAR FORGE, Liftvel Industries, M Engineering, M.K. Forge, Powermech Engineering, William Hackett Lifting Products Ltd, Stahlhammer Bommern, European Lifting Devices, ELD Feat Group, Heuer Hebetechnik, and Akyuzlu Forge.
These key shank hooks manufacturers are constantly innovating in product designs to meet the modern-day challenges pertaining to components in the crane environment.
Besides, collaborations and partnerships have been the go-to strategy for shank hook suppliers, with market players focusing on establishing long-term relationships with customers.
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Key players in the Shank Hooks Market
Henan Kino Cranes Co., Ltd.
Henan Huabei Lifting Hook Co.Ltd
William Hackett Lifting Products Ltd
B.E.M. Co. Pvt. Ltd.
Key Takeaways from Shank Hooks Market Study
Ramshorn forged hook type is expected to garner an absolute $ opportunity of nearly US$ 2.7 Mn during the forecast period (2022-2032).
Demand for 100-200 ton workload shank hooks is projected to grow 1.6X, while that of 200-500 ton workload shank hooks is projected to grow 1.5X by 2032.
On the basis of end-use vertical, the construction sector is projected to dominate the shank hooks market by accounting for over 28% market share by 2032.
Automotive, as an end-use vertical, is expected to garner an absolute $ opportunity of nearly US$ 2.8 Mn.
The aftermarket is estimated to account for 70% market share by 2032-end, but is expected to lose 98 BPS over the same period.
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