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Hoist Sling Chains Assemblies Market By Regional Growth Forecast 2019-2025

Author : Rahul Varpe | Published Date : 2019-04-22 

An analysis of Hoist Sling Chains Assemblies Market has been provided in the latest report introduced by Global Market Insights that primarily focuses on the market trends, demand spectrum, and future prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

The updated safety standard has set a benchmark for hoist sling chains assemblies market companies. In order to comply with this new design standard, hoist, hook, sling, and crane assembly manufacturers have found to have been adopting new design techniques and giving preference for advanced materials that will help them to improve their existing in-house product portfolios.

Speaking of setting safety standards, it is prudent to mention that recently, the American National Standard (ANS) set a new standard in order to maintain industrial safety. Apparently, the standards applies to the deployment of sling chains used for fabrication, attachment, inspection, maintenance, and testing of load-handling activities.

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The escalating demand for material handling equipment across myriad industrial sectors has been fueling hoist sling chains assemblies market over the last few years. The surging use of waterways for international as well as inter-country trading for improving the affordability of transportation also has been enhancing the product demand. In essence, in some of the industrial areas, it has been observed that workers may face hazards with the use of conventional material handling facilities, on the grounds of which companies are deploying hoist sling chains for handling heavy materials. Subject to the robust end-user requirement, hoist sling chains assemblies industry participants have also been investing in research and development activities targeting exceptional durability.

The latest furor of urbanization and industrialization has led to a surge in the demand for sling chains for transporting and handling heavy loads efficiently. However, minor faults in the design of sling chain can result in major accidents, considering which most of the countries have set strict standards to maintain its working stability in any environmental condition. That said, the contribution of leading industry players toward this business space is also commendable, a few instances of which have been enlisted below:

Recently, in March 2018, a premier brand of chain and fittings, Campbell® revealed new swivel hoist hooks featured for heavy-duty latch and spring assemblies. Prior to this new launch, for achieving excellent durability, ultimate strength, and better corrosion resistance capability, Campbell® had completely redesigned the hooks with the additional benefit of ease of replacement once they get damaged. As of now, oil refineries are prominently giving preference for easy to use and long-lasting hoist sling chains. The growing requirement for swivel hoist hooks across several jobsites for rigging and lifting is thus slated to augment hoist sling chains assemblies market

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Taking into account the favorable business opportunities across oil & gas industries, many companies involved in rigging and lifting product supply and manufacturing have been looking forward to broadening their regional reach by signing deals with the already established industry contributors. For instance, one of the U.S. based major providers of rigging and lifting products, Delta Rigging & Tools had acquired Holloway Wire Rope in 2013. After this acquisition, Delta Rigging & Tools expanded its footprints across Kansas and Oklahoma oil & gas fields and strengthened its customer base by implementing similar business tactics in the later years.

Driven by the onslaught of companies and the expanding construction industry, APAC led the overall hoist sling chains assemblies market in 2017 and is expected to grow at an annual growth rate of 9.4% over 2018-2025.

The shifting trends toward automation for ease of working and comfort further will have a considerable impact on the industry growth. In many companies, in order to maintain safety decorum at the workplace while handling heavy loads, sling chains are being preferred for operations. Powered by the continuous infrastructural development activities across the globe, hoist sling chains assemblies market is anticipated to generate a revenue of more than $8.9 million by the end of 2025.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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