Growth in Installed Base of Cranes across End-use Verticals to Accelerate Demand for Shank Hooks, States Fact.MR
Shank Hooks Market Analysis by Hook Type (Single-forged, Ramshorn-forged, Quad-forged Shank Hooks), by Product Type (Machined, Unmachined Shank Hooks), by Workload, by End-use Vertical, by Sales Channel, by Region – Global Forecast 2022-2032
ROCKVILLE, Md., March 09, 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.
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.
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| Report Attributes | Details |
| Shank Hooks Market Size (2021A) | US$ 36.3 Mn |
| Estimated Market Value (2022E) | US$ 37.5 Mn |
| Forecast Market Value (2032F) | US$ 58.9 Mn |
| Global Market Growth Rate (2022-2032) | 4.6% CAGR |
| East Asia Market Share (2022) | 24.60% |
| Market Share of Top 5 Companies | ~35% |
| Key Companies Profiled | Crosby Group |
| Henan Kino Cranes Co., Ltd. | |
| IRIZAR FORGE | |
| Henan Huabei Lifting Hook Co.Ltd | |
| William Hackett Lifting Products Ltd | |
| B.E.M. Co. Pvt. Ltd |
Key Takeaways from 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.
“Shank hooks are witness significant opportunity for above 32 ton load capacity owing to higher penetration in construction end use,” says a Fact.MR analyst.
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Winning Strategy
To attract new customers, market players have been involved in unique marketing strategies, one of which is custom-made lifting solutions. From the past decade, manufacturers have offered the customization of lifting solutions based on end use and required specifications.
Companies manufacturing shank hooks have various collaboration with crane manufacturers in different regions. The OEM distribution model could be one of the opportunity areas where companies can direct their interests for scaling their business. This model also offers a fast pace of growth and companies could capture a significant market share in a very short duration, advancing to consistency in demand.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global shank hooks market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of basis of hook type (single forged, ramshorn forged, quad forged), product type (machined, unmachined), workload (tons) (below 10 tons, 10-25 tons, 25-50 tons, 50-75 tons, 75-100 tons, 100-200 tons, 200-500 tons, over 500 tons), end-use industry (construction, logistics and transportation, automotive, industrial, power & energy, oil & gas, others), sales channel (OEM, aftermarket), and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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Fact.MR’s Domain Knowledge in Industrial Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the industrial domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help
Key Segments Covered in Shank Hooks Industry Survey
- Shank Hooks Market by Hook Type:
- Single-forged Shank Hooks
- Ramshorn-forged Shank Hooks
- Quad-forged Shank Hooks
- Shank Hooks Market by Product Type:
- Machined Shank Hooks
- Unmachined Shank Hooks
- Shank Hooks Market by Workload:
- Below 10 Ton Shank Hooks
- 10-25 Ton Shank Hooks
- 25-50 Ton Shank Hooks
- 50-75 Ton Shank Hooks
- 75-100 Ton Shank Hooks
- 100-200 Ton Shank Hooks
- 200-500 Ton Shank Hooks
- Over 500 Ton Shank Hooks
- Shank Hooks Market by End-use Vertical:
- Construction
- Logistics and Transportation
- Automotive
- Industrial
- Power & Energy
- Oil & Gas
- Others
- Shank Hooks Market by Sales Channel:
- OEM
- Aftermarket
- Shank Hooks Market by Region:
- North America Shank Hooks Market
- Latin America Shank Hooks Market
- Europe Shank Hooks Market
- East Asia Shank Hooks Market
- South Asia & Oceania Shank Hooks Market
- MEA Shank Hooks Market
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