Lifting Hooks Market Share, Size, Trends, Industry Analysis Report, By Type (Eye Hooks, Clevis Hooks, Swivel Hooks, Grab Hooks, and Foundry Hooks); By Working Load; By Industry; By Region; Segment Forecast, 2023 – 2032
- Published Date:Aug-2023
- Pages: 117
- Format: PDF
- Report ID: PM3711
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global lifting hooks market was valued at USD 158.14 million in 2022 and is expected to grow at a CAGR of 4.03% during the forecast period.
The rising demand and need for high-quality and efficient lifting equipment across various industries including mining, power generation, and oil & gas and growing number of regulations on the replacement period of lifting hooks like Lifting Operations and Lifting Equipment Regulations 1998 forcing companies to replace or upgrade equipment within a certain time, are among the key factors driving the market growth globally.
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In addition, the significant growth in both retrofit and new infrastructure and emergence of automated lifting machinery or hooks across the world, have been propelling the global market at rapid pace.
- For instance, in June 2023, Galbreath, introduced its new controller for roll-off and hook lift hoists named “Power Tower Pro”, that includes a side and backup camera systems with 7-inch cab display improving the operator visibility. The newly developed system allows the operators to easily control range of aspects of machine from being inside the can with Controller Area Network integration.
Moreover, with the surging incorporation and implementation of smart load monitoring systems in lifting hooks using sensors and data processing capabilities to provide real-time information about the load's weight, angle, and position during lifting operations, which helps operators make informed decisions, prevent overloading and ensures safe lifting practices, the demand and adoption of these hooks have grown exponentially in the last few years.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the lifting hooks market. The emergence of the deadly virus across the globe has forced countries and governments to take necessary and strict actions like lockdowns and restrictions on trade activities, that led to temporary closure of construction and development activities, shortage of raw materials, lack of workforce, and disruptions in the supply chain.
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Industry Dynamics
Growth Drivers
Technological advancements ae driving the growth of the market
The heavy reliance of major industrial sectors including manufacturing, automotive, aerospace, and oil and gas industries, on lifting hooks for material handling, assembly, and transportation of heavy components and equipment and growing introduction to lifting hooks with improved safety features such as anti-slip coatings, self-locking mechanisms, and load indicators, are among the primary factors boosting the global market growth.
Furthermore, growing advancements in materials science that have led to the development of lightweight yet high-strength materials for lifting hooks and surging popularity of these materials due to its ability to improve the lifting hook's overall performance and making it easier for operators to handle while maintaining the necessary strength to lift heavy loads, is also likely to have a positive impact on the market demand and growth over the coming years.
Report Segmentation
The market is primarily segmented based on type, working load, industry, and region.
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By Type |
By Working Load |
By Industry |
By Region |
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By Type Analysis
Eye hooks segment accounted for the largest market share in 2022
The eye hooks segment accounted for global market share, because of the widespread use of these hooks in construction and industrial applications like energy projects and infrastructure development along with the significant expansion of global trade and shipping that largely requires loading and unloading of cargo at ports and distribution centers. Moreover, with the increasing awareness about workplace safety and the importance of compliance with lifting regulations, the demand for high-quality and certified eye hooks is also rises at significant pace.
The clevis hooks segment is gaining huge popularity and expected to grow at decent growth rate over the coming years, due to its growing use in heavy lifting applications across various sectors including oil & gas, power generation, mining, and manufacturing and growing technological advancements in its design and material, that led to efficient handling of goods and inventory.
By Working load
12 to 23 tons segment held the significant market share in 2022
The 12 to 23 tons segment held the maximum market revenue share in 2022, which is mainly driven by exponential economic growth and industrial development in various sectors such as construction, manufacturing, and transportation, increasing the demand for lifting hooks in the 12 to 23 tons capacity range along with the easy compliance with safety regulations and standards regarding the use of specific lifting hooks suitable for the desired load capacity all over the world.
Additionally, the growing prevalence about the replacement and upgradation of lifting equipment and surging number of companies across the world looking to invest significantly on the incorporation of new and more efficient hooks to improve their productivity and boost up their revenue opportunities, are also among the factors propelling the segment market.
By Industry Analysis
Logistics & transportation segment is expected to witness highest growth during forecast period
The logistics & transportation segment is projected to grow at a healthy CAGR during the forecast period, mainly attributable to significant increase in global trade and globalization and emergence of lifting hooks as an essential component for handling cargo and goods during transportation. Moreover, the rapid growth of e-commerce in the recent years has drastically impacted the logistics and transportation sector, as online shopping continues to rise, the demand for lifting hooks in warehouses, distribution centers, and transportation hubs increases to facilitate the movement of goods.
- For instance, according to our findings, the number of people supposed to buy goods and services online in 2022 were around 2.3 billion people, which accounts for at least 28% of world’s total population. The number of digital buyers in US stood at 268 million in 2022 and is expected to reach 285 million by 2025.
The construction segment led the industry market with substantial revenue share in 2022, that is largely attributed to drastic surge in the number of construction projects such as development of building roads, bridges, airports, and other infrastructure coupled with the expansion of industries and commercial spaces, making these hooks essential for lifting heavy machinery, equipment, and materials.
Regional Insights
The North America region dominated the global market in 2022
orth America held the largest share. The regional market growth can be highly attributed to growing investments on infrastructure development, higher prevalence for the replacement or upgradation of outdated or worn-out lifting hooks, and continuous technological advancements in the lifting hook designs, materials, and manufacturing processes.
The Asia Pacific region is anticipated to be the fastest growing region with healthy CAGR over the course of study period, owing to significant boom in the region’s construction industry because of the rising rate of urbanization, population growth, and increasing investments on the development activities like construction of bridges, roads, highways, warehouses, and manufacturing facilities. Beside this, as the APAC region is home to some of the busiest ports and extensive shipbuilding activities worldwide, lifting hooks find extensive usage in loading and unloading cargo, shipbuilding processes, and port operations, which positively influences the market.
Key Market Players & Competitive Insights
The lifting hooks market is fragmented and is anticipated to witness competition due to several players' presence. Manufacturers are extending their product lines to stay ahead of the competition. These players emphasizing on mergers, acquisitions, and launching on novel products to capture a significant market share.
Some of the major players operating in the global market include:
- Columbus
- McKinnon
- Irizar Forge
- Pewag Group
- Peerless Industrial Group
- Crosby Group
- TOHO-Rongkee
- Van Beest
- Stamperia Carcano Guiseppe
- Yoke
- Ketten Walder
- Gunnebo Industries
- RUD Chains
- Terrier Lifting Clamps
- PWB Anchor Limited
- KITO Corporation
- McKissick Products
- Cambell Chain Company.
Recent Developments
- In April 2022, Harrington Hoists, announced the launch of its new SmartLok self-locking hooks, offering extra security needed for the applications. The newly designed SmartLok are available as on option on their LB level hoists and also on their CF and CB series of hand chain hoists. They also meet the industry standards and various regulations of ASME B30.10, ASME B30.16, ad ASME B30.21.
- In March 2021, Elebia, announced the latest expansion of its product range of NEO lifting hooks through the launch of NEO60, which has a maximum lifting capacity of 60 tonnes and have same advanced safety as well as productivity features like other lifting hooks of the range. The newly developed hook also features LED indicators showing the hook status all the time.
Lifting Hooks Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 162.45 million |
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Revenue forecast in 2032 |
USD 231.86 million |
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CAGR |
4.03% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Type, By Working Load, By Industry, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Columbus McKinnon, Irizar Forge, Pewag Group, Peerless Industrial Group, The Crosby Group, TOHO-Rongkee, Van Beest, Stamperia Carcano Guiseppe SPA, Yoke, Ketten Walder, Gunnebo Industries, RUD Chains Ltd., Terrier Lifting Clamps, PWB Anchor Limited, KITO Corporation, McKissick Products, and Cambell Chain Company. |
FAQ's
key companies in lifting hooks market are Columbus McKinnon, Irizar Forge, Pewag Group, Peerless Industrial Group, The Crosby Group.
The global lifting hooks market is expected to grow at a CAGR of 4.03% during the forecast period.
The lifting hooks market report covering key segments are type, working load, industry, and region.
key driving factors in lifting hooks market are technological advancements.
The global lifting hooks market size is expected to reach USD 231.86 million by 2032.
