The global chain drives market is expected to reach approx. $9 billion in 2022, growing at a CAGR of 5% during 2016–2022.
The demand for chain drives is driven by a rapid infrastructural growth in India, China, Indonesia, Malaysia, and the Middle East wherein the same resulted in commensurate demand for industrial machinery and tools required for project accomplishment. A rise in the number of shopping malls, commercial spaces, and theme parks in key regions of Japan, India, China, the US, the UAE, Malaysia, and Thailand are resulting in the need for high performance escalator chains.
The report provides a holistic view of the global market, the companies involved in the market, and the factors driving its growth. The report also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years. This report also provides the Porter’s Five Forces analysis along with a description of each force and its impact on the market. Further, the report also provides complete value chain analysis of the global market.
The report profiles the leading vendors and provides a complete value chain analysis of the chain drives market. Major strengths, strategies, and opportunities of the major companies are discussed in the report. Hangzhou Donghua Chain Group, Heng Jiu Renold, Rexnord, Tsubakimoto Chain are Key vendors in the global market.
Other vendors include Timken, Tyma, Brammer, Diamond Chain, Ramsey Chain, John King Chains, Wippermann, Suzhou Universal Group, Chiaravalli Group, and Ewart Chain.
Introduction of innovative designed and engineered product to drive the market
The growth of the construction and manufacturing segment, rise in demand for timing chains in automotive industry, and availability of better chain lubrication products are the significant factors that are going to drive the market growth during the forecast period. Further, the report includes the leading trends of the market. Strategic shift in the global automotive manufacturing landscape, portfolio diversification and strategic distribution partnerships of vendors, and implementation of innovative designs and engineering for high performance are the latest trends that are going to shape the market during the forecast period.
Automotive segment is going to be the major end-user of chain drives followed by industrial machinery
The chain drives market for conveyor chains is expected to grow at a CAGR of 5.5% during the forecast period. The segment is expected to remain a dominant market during 2016–2022. The transmission chain, sprockets, and other parts segments are expected to witness a steady growth during the forecast period.
The automotive industry is likely to have the largest market share, followed by the industrial machinery segment. The automotive and Industrial machinery segments constitute key end-user segments of chain drives with more than 50% revenue in key manufacturing regions such as the US, Japan, China, and Germany.
US to be the largest market followed by China
China, Japan, and the US are the leading countries constituting more than 50% of the sale. However, the APAC region is likely to have the largest market share followed by North America. Also, the US is going to be the largest market followed by China. The chain drives market in Europe is large enough in the region driven by demand from key end-user industries in Germany, the UK, and France. The rise in construction activities in the MEA region is going to drive the chain drives market in the region. Further, the demand for chain drives in the Latin America region is driven by the construction segment, especially on account of the rapid expansion in the public and private infrastructure.
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