Chain Block Market Forecast 2023 - 2030

By Operation :

Based on the operation, the market is categorized into manual, electric, and others.

The manual chain block holds the largest market share and is expected to grow at a significant growth rate. Benefits including affordability and durability are driving the demand for the manual block chain. Manual chain blocks work using manual labor and need no power supply which results in reduced cost and increased affordability. Further, manual chain blocks are ideal for light loads, however the chain blocks are also used for lifting heavy loads up to 20 tons or more.

The electric chain block is expected to grow at a highest CAGR during the forecast period of 2023-2030. Advantages including silent operation and increased productivity are driving the market growth of electric chain block. The electrically operated chain block allows the user to move heavy objects from one site to another with ease and ensures smooth & noiseless operation. Further, electric chain block offers speed in lifting and lowering the load that helps in improving overall productivity of the work. Thus, owing to the aforementioned advantages the demand for electric chain block is expected to grow during the forecast period.

By Capacity:

Based on the capacity, the market is separated into Up to 1 ton, 1 ton to 5 ton, and Over 5 ton.

Chian blocks with load capacity 1 ton to 5 ton holds the largest market share and is expected to grow at a significant growth rate. Chain blocks with capacity from 1 ton to 5 ton are commonly used in a wide range of applications in factories, warehouses, workshops, and others. Additionally, growing infrastructure and construction industry is further driving the market growth. The industry uses chain blocks for lifting materials and components while ensuring the safety & efficiency in lifting operations.

Moreover, hoist can handle a broad-spectrum of task making the hoist suitable for a wide range of industries including construction, manufacturing, and shipping, among others. For instance, PLANETA-Hebetechnik GmbH a key manufacturer of chain block offers a wide range of lifting equipment including lever hoist, manual chain hoist, chain block with cables among others. Lever hoist PREMIUM-PRO offered by the PLANETA-Hebetechnik GmbH has a capacity ranging from 800 kg to 9,600 kg. Further, the hoist has an integrated freewheel and has chain inhibit lock as additional protection against dropping a load.

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By End-User:

Based on the end user, the market is separated into construction, manufacturing, retail, agriculture, parts & shipping, and others.

The manufacturing segment holds the largest market share and is expected to grow at a significant growth rate. In the manufacturing industry chain blocks are utilized for lifting heavy machinery, raw materials, and finished products. Additionally, growing demand for chain blocks in a wide range of industries including automotive, aerospace, and heavy machinery among others is driving the market growth. Moreover, increasing demand for efficient handling of material in the manufacturing industry is further driving the market growth.

The construction segment is expected to grow at a highest CAGR during the forecast period of 2023-2030. Increasing trend of infrastructure development especially in emerging economies including China, India, and Brazil is driving the market growth of the chain block. For instance, according to Invest India, the construction industry in India is expected to reach USD 1.4 trillion by 2025. Moreover, in March 2021, Government of India passed a bill to develop National Bank for Financing Infrastructure and Development (NaBFID) in order to focus on funding infrastructure projects. Thus, considering the overall trends in the construction industry the demand for chain block is expected to grow.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share in the year 2022 valued at USD 609.73 Million and is projected to grow at a CAGR of 5.7% during the forecast period. The growth is attributed to the increased demand for chain blocks in the growing automotive and aerospace industry in the region. The industry uses chain blocks for material handling, equipment installations, and production line operation.

For instance, in June 2023 Columbus McKinnon Corporation introduced open loop vector control (OLV) in Yale YK and Shaw-Box SK electric wire rope hoists. OLV models provide more precise load control, increased duty cycles, and easy troubleshooting. Additionally, increasing demand for chain blocks for infrastructure development is further driving the market growth. Thus, owing to the above-mentioned trends, the demand for chain blocks is expected to grow.

Asia Pacific accounted for the largest revenue share in the year 2022 valued at USD 570.63 Million and is projected to grow at a CAGR of 6.6% during the forecast period. The growth in the region is attributed to several factors including infrastructure development and growing retail industry. Further, the expansion of logistics and e-commerce industry is resulting in the growing demand for efficient handling materials which in turn drives the market growth of chain blocks. For instance, according to e-Conomy SEA 2021 report jointly published by Google, Temasek, and Bain & Company, the gross market value of E-commerce will double from USD 120 billion in 2021 to USD 234 billion by 2025. The growth in e-commerce is expected to drive the demand for chain block for effective handling of goods.
Overall, considering the trends in the region, the Chain Block Market is expected to grow during the forecast period.