The increase in vehicle production, particularly in the Asia Pacific area, is what's fueling the demand for chains and sprockets. This market is expanding as a result of the rising demand for machine tools in the semiconductor and electronics industries as well as in the construction sector. Additionally, technical developments in chains and sprockets are anticipated to drive market expansion.
Various industries depend heavily on chains and sprockets to operate. They are crucial elements for the effective operation of machinery and are utilized to transfer power from one rotating shaft to another. Additionally, they offer a variety of motion control options with less friction loss, which makes them perfect for use in heavy industry applications like conveyor systems and material handling.
Numerous benefits, including high productivity, low maintenance requirements, long-term durability, and affordability, are provided by chains and sprockets. Over the projected period, this is anticipated to fuel demand for these products. Furthermore, improvements in performance with lower power losses have been made possible by technological developments in chains and sprockets.
Mechanical parts called chains and sprockets are used to transmit power from one rotating shaft to another. They are made up of sprockets, which are wheels with teeth that contact the chain, and a chain, which is a looping metal link or belt made up of several connected links. These two elements work together to create a drive system that
From 2021 to 2031, the market for chains and sprockets is anticipated to develop at a CAGR of 6.0%, reaching a value of USD 14.5 billion. This market's expansion can be due to the rising needs for machine tools and chains and sprockets in the construction and automotive industries, respectively. During the projection period, Asia Pacific is anticipated to experience the quickest growth.
One of the key issues hindering the expansion of this industry is the high price of chains and sprockets. Furthermore, the number of small-scale producers in some areas is restricting the potential for larger businesses to flourish. Additionally, consumers are favouring more efficient products such drive belts, timing pulleys, and gearboxes, which are anticipated to pose a barrier to the expansion of this market. However, it is anticipated that technological developments in chains and sprockets would open up new prospects for market expansion.
Ametric, Dana Incorporation, Renold plc, Timken Company, Kaman Corporation, Tsubakimoto Chain Co., and U.S. Tsubaki Automotive LLC are a few of the main companies in the chains and sprockets sector. These businesses are well-known on the international market and offer a variety of products to meet the demands of customers. In order to provide novel products that address the shifting market dynamics, they are also constantly concentrating on research and development efforts.
The Sprockets segment to form major portion of the market
During the projected period, the sprockets section is anticipated to develop at the fastest rate. This can be attributable to rising demand in the machine tool and automobile industries. Additionally, the development of sprocket technology is anticipated to drive market expansion.
Industry segment segment to be on top of the market
The industry segment for machine tools is anticipated to develop at the fastest rate during the forecast period as a result of the rising need for accurate and effective machine tools. Furthermore, market expansion is anticipated to be fueled by technological advances.
Asia Pacific to dominate the market
Because of its expanding economy and growing demand for chains and sprockets in nations like India, China, and Japan, Asia Pacific is anticipated to develop at the greatest rate during the forecast period. In addition, expanding knowledge about energy-efficient solutions is anticipated to open up new prospects for market expansion in this area.
Covid-19 Impact & Market Status
The global market for chains and sprockets has been significantly impacted by the COVID-19 outbreak. Due to the economic downturn, there is a decrease in demand for these components, which has led to a decrease in the production of heavy equipment and cars. In addition, supply chain problems have caused a shortage of raw materials, which has raised the cost of manufacturing. However, as economies begin to open again, it is anticipated that the market will soon rebound.
However, as the pandemic has continued, there has been a recovery in demand for many industrial products, including chains and sprockets, as businesses have begun to adapt to the new reality of the pandemic and resume or increase production. This has led to a rebound in the market for chains and sprockets, although the overall market remains affected by the ongoing economic uncertainty caused by the pandemic.
Overall, the market for chains and sprockets has been impacted by the Covid-19 pandemic, but there are signs of recovery as the pandemic continues to evolve. It is likely that the market will continue to be affected by the pandemic in the short-term, but the long-term outlook is more uncertain and will depend on a range of factors, including the evolution of the pandemic, economic conditions, and the actions of governments and businesses.
Latest Innovations in the Global Chains and Sprockets Market: A Snapshot
A brand-new range of high-speed stainless steel chains for food and beverage applications was introduced in 2019 by Tsubakimoto Chain Co. In order to market energy-efficient products, corporations are also funding research and development projects.
Chains and Sprockets Market Scope
|Revenue forecast in 2032
|USD 14.5 billion
|CAGR of 6.0% during 2021-2031
|by Type, By Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Ametric, Dana Incorporation, Renold plc, Timken Company, Kaman Corporation, Tsubakimoto Chain Co., and U.S. Tsubaki Automotive LLC
Key Segment of Chains and Sprockets Market
By Type Overview 2021-2031, (USD Billion)
By Application Overview 2021-2031, (USD Billion)
• Heavy industry
• Automotive industry
• Electronics and semiconductor industry
• Machine tools industry
• Construction industry
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa