Global Wire Rope Sling Market demand is anticipated to be valued at US$ 2.5 Billion in 2022, forecast to grow at a CAGR of 4.55% to be valued at US$ 3.9 Billion from 2022 to 2032. The growth of the Wire Rope Sling Market is attributed to its global utilization across the Automotive industry.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | US$ 2.1 Billion |
| Expected Market Value (2022) | US$ 2.5 Billion |
| Anticipated Forecast Value (2032) | US$ 3.9 Billion |
| Projected Growth Rate (2022 to 2032) | 4.55% CAGR |
Wire rope sling is a type of significant piece of rigging hardware which is used in lifting and hoisting activities. It is extensively used in numerous sectors and also helps in attaching the load to the lifting device and are also accessible in a wide range of settings supporting a wide variety of apps. It is a solid equipment which is ideal for heavy duty jobs such as carrying, load anchoring, towing, and loading. They are utility-oriented wire rope assemblies used for climbing and crane operation and are generally made from steel wire ropes with terminations at the end.
Asia Pacific is considered to be a dominant region for the Wire Rope Sling Market, owing to the major factor that is expected to propel the growth of the Wire Rope Sling Market during the forecast period includes rising research and development activities in the market and rising modernization in the market.
The factor that is expected to hinder the growth of the Wire Rope Sling Market during the forecast period includes the wire rope slings having a longer service life and not being not adversely affected by sticky or dirty conditions.
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The major factors that are expected to drive the growth of Wire Rope Sling Market during the forecast period include rising marine industry, which also has an imperative rigging feature in the manufacturing industry as it involves substantial heavy duty charging and heavy object moving, which increases the demand for wire rope sling.
Moreover, the wire rope slings are also resistant to adverse conditions such as humidity, fire, UV and most chemicals and have an excellent resistance to abrasion and heat and can therefore be used in extreme conditions and temperatures, which acts as the major factors that are expected to propel the wire rope sling market during the forecast period.
In addition, rising research and development activities in the market and rising modernization in the market are other major factors that will further create new opportunities for wire rope sling market in the forthcoming years.
When compared to other slings, wire rope slings have a longer service life and are not adversely affected by sticky or dirty conditions. This is a major factor that is expected to hamper the growth of the Wire Rope Sling market during the forecast period.
Principal Consultant
The Asia Pacific region is expected to dominate the Wire Rope Sling market, attributed to the rising the development in emerging economies such as China and India.
Moreover, rising research and development activities in the region as well as and rising modernization in the market is expected to fuel the market growth in the region. Additionally, Asia Pacific Wire Rope Sling Market is expected to expand at a 3% CAGR during the forecast period.
According to Future Market Insights, North America is anticipated to witness growth at a lucrative rate over the forecast period, owing to the rising favorable technical advances by government in these regions
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Some of the key participants present in the global Wire Rope Sling Market include Lift-All, Super Slings, Midco Sling, UNIROPE LTD, Page Wire Rope, Mid-America Rigging L.L.C., WireCo, Certex USA, Gunnebo Industries AB, Holloway Houston, Inc, Bishop Lifting Products, Inc, Ashley Sling, Inc., and Slingmax Rigging Solutions, among others.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as NTF India Pvt. Ltd., and Sino Mould Co., Ltd., account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.55% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Customization | Available Upon Request |
FMI projects the global Wire Rope Sling Market to expand at a 4.55% value CAGR by 2032
Asia Pacific is expected to be the most opportunistic Wire Rope Sling Market, expanding at a 3% CAGR
Lift-All, Super Slings, Midco Sling, UNIROPE LTD, Page Wire Rope, Mid-America Rigging L.L.C., WireCo, Certex USA, Gunnebo Industries AB, and Holloway Houston, Inc, among others are some prominent Wire Rope Sling Market players
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Wire Rope Sling Market
