Industrial Counterweights Market Research on Growth, Trends, Opportunity and Forecast to 2026

New Revenue Pockets: 

The industrial counterweights market is expected to grow from an estimated USD 6.7 million in 2021 to USD 8.5 million by 2026, at a CAGR of 4.5% during the forecast period. Cast iron, followed by carbon steel, is widely used in the manufacturing of industrial counterweights. Increasing demand from logistics in industrial environment are expected to offer lucrative opportunities for the industrial counterweights market during the forecast period.  

Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, into China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. Rest of Asia Pacific includes Singapore and Malaysia. The region is the most populated region in the world and is expected to become the largest industrial counterweights deploying region globally. It comprises many developing countries and requires automated substations in all industries to increase efficiency of the industry by increasing productivity. APAC is a growing market for industrial counterweights in various applications, such as construction, logistics, metal and mining, due to its fast-growing economies. The market in China is expected to grow mainly because the number of manufacturing units in China is increasing, which is expected to create a massive demand for industrial counterweights. Another reason for the growth of the industrial counterweights market in APAC is the increase in the number of manufacturing plants in various sectors, such as automotive, food processing, and pharmaceutical industries. Automation is increasing in APAC because of the rising necessity for high-quality products and high-rise buildings, along with the increased production rates. It also helps reduce labor costs and human interference. The demand for counterweights is very high in Asia Pacific owing to the increasing demand of efficiency and stability of equipments.

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The industrial counterweights market, by material, into iron & steel, concrete and others. The material segment, by iron & steel, is projected to hold the highest market share during the forecast period. Various alloys of iron and steel-like are used in manufacturing Industrial Counterweights. The iron material counterweights are made of cast iron, gray cast iron, gray iron, ductile iron, and ductile cast iron; whereas the steel material counterweights are made up of Fabricated steel, cast steel, carbon steel stainless steel. Increasing rate of construction, mostly in Asia Pacific, Europe and the Americas will boost the demand for counterweights.

 

The report segments the industrial counterweights market, by type, into swinging counterweights and fixed counterweights. The fixed counterweights are further classified into fixed frames and floating frames. The market for fixed counterweights is expected to hold the highest market share during the forecast period. As the name suggests, the position of the counterweight is stable in the fixed frame, whereas it is rotating in the floating frame. Fixed counterweights are increasingly adopted across the construction sector due to the high reliability and ease of use offered by them.

The industrial counterweights market, by application, is segmented into elevators, cranes, forklifts, excavators, lifts, and grinding wheels. The cranes segment, by application, is projected to hold the highest market share during the forecast period. , the investments regarding construction in most emerging markets have continued to grow at a moderate rate despite this crisis. Industrial counterweights for cranes are widely used in the construction industry. Earth-moving equipment are mainly used for construction works such as digging the earth, lifting, loading and unloading weights, and leveling. The applications of cranes in earth-moving equipment include heavy loading, high cycle rating, and accurate movement. This has led to increase in demand of industrial counterweights used in cranes. 

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The industrial counterweights market, by end-user, is segmented into industrial manufacturing, marines, mining, agriculture, logistics, renewables, and construction. The construction industry, by end-user, is projected to hold the highest market share during the forecast period. The growth of this segment is driven by overall increase in population has propelled the need for housing, which is fuelling the growth of the construction industry. Construction equipment are being enhanced to manage complex tasks and sustain in critical environments. With rising construction activities across the world and increasing budgets pertaining to construction, the demand for different types of cranes, especially tower cranes for the construction of tall buildings, will increase in emerging countries such as China, India, Brazil, and Middle Eastern countries.

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Industrial Counterweights Market to Reach $8.5 billion by 2026

According to the new market research report "Industrial Counterweights Market by Type (Swing Counterweight, Fixed Counterweight), Material (Steel & Iron, Concrete), Application (Elevators, Cranes, Forklift, Excavators, Lifts, Grinding Wheels), End User, and Region-Global forecast to 2026", size will grow to USD 8.5 billion by 2026 (forecast year) from USD 6.7 billion in 2021 (estimated year), at a CAGR of 4.5% during the forecast period. The purpose of a counterweight is to make lifting the load faster and more efficient, which saves energy and is less taxing on the lifting machine. Counterweights are used to counterbalance the weight and maintain stability and are required to complete various operations in industries such as industrial manufacturing, marine, renewables, construction, mining, and agriculture. Increasing demand from the construction industry in the industrial environment to offer lucrative opportunities for the industrial counterweights market during the forecast period.

Browse 191 market data Tables and 45 Figures spread through 222 Pages and in-depth TOC on "Industrial Counterweights Market -Global forecast to 2026"

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The fixed counterweights segment is expected to dominate the industrial market, by type, during the forecast period.

The fixed counterweights segment accounted for the largest share of the industrial counterweights market, by type, in 2020. The fixed counterweights segment of industrial fixed counterweights is further classified into two types—fixed frames and floating frames. As the name suggests, the position of the counterweight is stable in the fixed frame, whereas it is rotating in the floating frame.

The iron & steel segment is expected to dominate the industrial market, by material, during the forecast period.

The iron & steel counterweights segment accounted for the largest share of the industrial counterweights market, by type, in 2020. Iron and steel materials are widely used to make counterweights, owing to various desirable properties aligned with them such as high strength, ductility, and tensile strength.  Iron and steel are used widely in the construction of roads, railways, buildings, etc. Equipment such as bridge weights, cylindrical weights placed on poles near railway tracks, cranes, and forklifts; modern structures, such as stadiums, skyscrapers, bridges, and airports, are supported by a steel skeleton. Iron and steel counterweights are required for the construction of all the aforementioned equipment and structures.

The cranes segment is expected to dominate the industrial counterweights market, by application, during the forecast period.

The cranes counterweights segment accounted for the largest share of the industrial counterweights market, by application, in 2020. A crane is a lifting or lowering machine equipped with a hoist rope, wire ropes or chains, and sheaves. It is mainly used for lifting heavy objects and transporting them to other places. Industrial counterweights for cranes are widely used in the construction industry. Cranes are of various types, such as tower cranes, mobile cranes, overhead cranes, and loader cranes. Depending on the location of counterweights in cranes, they can be categorized as swinging type or fixed type.

The construction in industry is expected to dominate the industrial counterweights market, by end -user, during the forecast period.

The construction industry accounted for the largest share of the industrial counterweights market, by end-user industry, in 2020. Construction equipment are being enhanced to manage complex tasks and sustain in critical environments. With rising construction activities across the world and increasing budgets pertaining to construction, the demand for different types of cranes, especially tower cranes for the construction of tall buildings, will increase in emerging countries such as China, India, Brazil, and Middle Eastern countries.

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Asia Pacific is expected to lead the industrial counterweights market

In this report, the industrial counterweights market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to lead the industrial counterweights market, by region, during the forecast period. Asia Pacific consists of developing countries such as China and Japan. The growing industrial sectors in these countries is expected to be the main driver. Also, the growth of the construction and automotive sectors in China, India, Australia and South Korea has played a significant role in the growth of the industrial counterweights market in Asia Pacific. Nearly all the countries in the region are augmenting their construction capacity. China and Japan are investing heavily on their country’s infrastructural development. This has led to a rise in demand of industrial counterweights systems from construction sector, which is expected to drive the growth of the Asia Pacific industrial counterweights market.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the industrial counterweights market.

The key players include FMGC, Farinia Group (France), Sic LAZARO (US), Crescent Foundry (India), Gallizo (Spain), Mars Metal (Canada). The leading players are adopting various strategies to increase their share in the industrial counterweights market.

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Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com