Industrial Chain Market Size was valued at USD 3.8 Billion in 2022. The industrial chain market industry is projected to grow from USD 3.98 Billion in 2023 to USD 5.794 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2024 - 2032). Â Key market drivers influencing the market's growth is the increasing number of industrial projects being undertaken internationally. The expansion of the market is also anticipated to be fueled by rising industrial outputs and worldwide industrialisation.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Increased automation and the industry 4.0 revolution trends have led to enormous demand for automation equipment, which has fueled the growth of the worldwide industrial roller chain drives market. Industrial roller chain drives are also widely used instead of belts due to their operating effectiveness and longevity even in harsh conditions, which has led to a strong preference for them. Global market trends will be boosted by consumers' increased preference for consumer goods and industrial items, such as consumer durable goods and metals. The mining industry's increased use of industrial roller chain drives and the agricultural equipment industry's increased adoption of these drives will support the global market's revenue.
The need for industrial chain drives has expanded in APAC as a result of the expanding investments in end-user sectors, and one of the main factors driving market expansion is growing end-user investments. The significant growth potential of the industrial roller chain drives market in Asia is supported by the simple accessibility of low-cost raw materials, the ease with which labor resources are available, favorable demographic conditions, high demand for industrial goods, and low production costs. Additionally, the benefit of cheap manufacturing prices in Asia has spurred end-user businesses from developed areas to engage in new projects, which will offer plenty of prospects for the adoption of industrial chain drives. To maintain or gain a competitive edge in the worldwide industrial chain drives market, manufacturers in APAC are benefiting from the increasing number of projects in end-user industries.
The increase in M&A will fuel the world's industrial chain and propel market expansion. Industrial chain drives will experience significant market expansion throughout the projection period thanks to mergers and acquisitions (M&A) and vendor alliances. To maintain a competitive advantage over other major industrial chain manufacturers, producers of industrial chains and sprockets are attempting to grow their operations in developing nations by investing more in new enterprises. In the worldwide industrial chain drives market, the objective is to increase revenue growth and offer cutting-edge chain drives. To explore domestic markets, some foreign sellers are forming strategic alliances and partnerships with local suppliers. During the forecast period, the number of these productive alliances between leading companies in the worldwide industrial chain drive market is projected to rise and support market expansion. M&As will offer a strong foundation for the vendor's commercial positioning and increase its sales. Throughout the projected period, these factors will have a positive effect on the expansion of the global market for industrial chain drives.
Thus, driving the industrial chain market revenue.
The Industrial Chain Market segmentation, based on application includes Automotive, Food and Beverage, Construction and Others. The automotive segment dominated the market. This market is being driven by factors like rising auto manufacturing, rising EV demand, and others. By using lightweight materials like CFRP in the design and construction of their cars, automakers hope to increase fuel economy and lower emissions.
The Industrial Chain Market segmentation, based on type, includes Roller Chains, Leaf Chains and Other. The roller chains category generated the most income. A form of industrial chain known as a roller chain transports loads using cylindrical rollers. They are the most prevalent kind of chain and are used in a wide range of industries, including construction, food & beverage, and transportation. Roller chains may function at high speeds and have great strength-to-weight ratios. Additionally, they are comparatively simple to maintain and fix.
Figure 1: Industrial Chain Market by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American industrial chain market area will dominate this market because modern industries are present. Automation is becoming more and more in demand as a way to improve efficiency and cut expenses. Additionally, the region's increasing auto production, particularly of EV, is anticipated to fuel market expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Industrial Chain Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe industrial chain market accounts for the second-largest market share. The existence of numerous producers of industrial roller chain drives in the nations in this region can be due to the expansion of the regional market. Additionally, the product's widespread use in the construction, industrial manufacturing, transportation & logistics, and material handling industries will create new opportunities for the industrial chain drives sector. Further, the German industrial chain market held the largest market share, and the UK industrial chain market was the fastest growing market in the European region
The Asia-Pacific Industrial Chain Market is expected to grow at the fastest CAGR from 2023 to 2032. The largest end-users of industrial chain drives are businesses in APAC. The economy of APAC is currently expanding quickly. The rise of the APAC market for global industrial chains is mostly driven by developing nations like China and India. The expansion of the industrial chain drives market in APAC will be assisted by initiatives like "Make in India" and "Make in China," which are aimed at bolstering the local manufacturing sectors of the respective nations. Moreover, China’s industrial chain market held the largest market share, and the Indian industrial chain market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the industrial chain market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, industrial chain industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global industrial chain industry to benefit clients and increase the market sector. In recent years, the industrial chain industry has offered some of the most significant advantages to medicine. Major players in the industrial chain market are attempting to increase market demand by investing in research and development operations includes Tslibaki, DAIDO KOGYO, SKF, Renold, Zhuji Chain General Factory, Ewart Chain Ltd., Hangzhou Unibear, Rexnord, Donghua&KOBO, Dongyang, BANDO CHAIN, and Ketten Wulf.
A British company called Renold plc makes industrial chains and other related power transmission items. The business was established in 1864 and has a lengthy and varied history, evolving and adapting to the shifting needs of its clients and the larger market. In its industry, Renold has been at the forefront of technological innovation and has built a solid reputation for quality, dependability, and customer service. Renold plc is a multinational company with a significant presence in North America, Europe, and Asia. It serves a variety of industries, including power generation, oil and gas, food and beverage, and many more.
Since 1880, the British company Ewart Chain Ltd. has been producing chain. It is a renowned provider of high-quality goods and services and one of the world's oldest chain manufacturers. Ewart specializes in hundreds of various specifications for a wide range of sectors and exports to more than 100 countries globally. The company produces metal stamping items as part of its business. Ewart is dedicated to giving its clients the best goods and services possible.
March 2023: High-performance gripper chains will be shipped to the UK, according to an announcement from Donghua Limited. The chains are made specifically to transport plastic sheets and film to vacuum chamber equipment.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.8 Billion |
| Market Size 2023 | USD 3.98 Billion |
| Market Size 2032 | USD 5.794 Billion |
| Compound Annual Growth Rate (CAGR) | 4.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2023 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Tslibaki, DAIDO KOGYO, SKF, Renold, Zhuji Chain General Factory, Ewart Chain Ltd., Hangzhou Unibear, Rexnord, Donghua&KOBO, Dongyang, BANDO CHAIN, and Ketten Wulf. |
| Key Market Opportunities | Primary factors fueling market expansion are rising end-user sector spending |
| Key Market Dynamics | Market is expanding due to rising automation and trends in the industry 4.0 revolution |
Frequently Asked Questions (FAQ) :
The Industrial Chain Market size was valued at USD 3.8 Billion in 2022.
The global market is projected to grow at a CAGR of 4.80% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are Tslibaki, DAIDO KOGYO, SKF, Renold, Zhuji Chain General Factory, Ewart Chain Ltd., Hangzhou Unibear, Rexnord, Donghua&KOBO, Dongyang, BANDO CHAIN, and Ketten Wulf..
The roller chains category dominated the market in 2022.
The automotive category had the largest share in the global market.
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