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 (North America, Europe, Asia-Pacific, Middle East and Africa and South America)
Industrial Counterweights Market Overview
The global Industrial Counterweights Market size is projected to reach a CAGR of 5.9% durign forecast year 2022 to 2028.
A counterweight is prominently used for counterbalancing a load, eventually helping in controlling the ascending and descending acceleration force. This aspect reduces the energy and time needed for process operations extensively. The advantages etched with industrial counterweights invite profitable growth. Heavy-duty off-highway equipment such as excavators, cranes, wheel loaders, and telehandlers require counterbalancing components to operate. Counterweights are essential in chassis configuration, ensuring optimal performance and greater economy. The material used to make the counterweights influences its dependability and strength. Cast iron has the greatest machine-driven qualities and provides the most trustworthy performance. It has a higher density, strength, and hardness than other materials. Cast iron requires simply paint and coating, and its density is three times that of most other materials, such as concrete. As a result, these characteristics and benefits drive market expansion.
Because lead counterweights are corrosion resistant, have great malleability and ductility, and are a poor conductor of electricity, they are widely used in elevators, cranes, bridges, and funfair attractions. However, the toxic effects of lead have detrimental environmental and health consequences due to its persistence in polluted places. Lead discharged into the air can be absorbed or swallowed and is harmful to the human body. As a result, governments are establishing lead exposure limits, limiting manufacturers' use of lead and forcing them to transition to alternative materials.
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On the analysis of industrial counterweights market research report, we find that this market includes significant end-user sectors such as manufacturing, agriculture, construction, renewables, logistics, mining, and maritime. Rising disposable income, along with rising levels of urbanization, has resulted in a rise in building activity. Increasing demand from the construction sector in the industrial environment, as well as the increasing requirement for system efficiency and stability in the industrial environment, are projected to provide profitable prospects for the industrial counterweights market throughout the forecast period.
Material handling equipment is required in a variety of industries, including logistics, transportation, manufacturing, and e-commerce. The growing emphasis on workplace safety and the growing popularity of automation are boosting the need for material handling. Extra weight is required to counterbalance hefty weights when lifting them. As the retail sector saw extraordinary expansion, there has been a surge in the industry's demand for automated storage and retrieval systems (ASRS). The emergence of start-up businesses offering robotic solutions for warehouse automation, the growing popularity of automated material handling (AMH) equipment in various sectors, rising labor costs, and safety concerns are among the reasons driving the material handling equipment market's development. Hence, these aspects serve as growth generators for the industrial counterweights market.
Metal prices in many nations have risen as global iron ore prices rose to near 10-year highs. Steel, aluminum, copper, and other metal prices have risen, raising the cost of making counterweights. Even while demand for industrial commodities is increasing due to the relaxation of lockdown restrictions throughout the world, supply networks are still not fully operational, and transportation challenges persist, driving up commodity prices.
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COVID-19 has hindered the expansion of the industrial counterweights industry by forcing governments to apply lockdowns in the first half of 2020. Governments and municipal governments established strict restrictions, and all non-essential activity were suspended. The stoppage of end-user operations has a negative impact on the industrial counterweights market. The pandemic caused a manufacturing and supply chain delay in the second quarter of 2020. As a result, end-user industries were unable to function at full capacity.
Mergers and acquisitions are critical to the expansion of the industrial counterweights sector. The participants are participating in these activities in order to expand their impact across diverse places. Furthermore, these actions are advantageous for increasing manufacturing capacity. Increased manufacturing capacity increases revenues and ensures seamless and timely product distribution.
Industrial Counterweights Market Regional Analysis
China and Japan, which are among the leading consumers in the APAC region and internationally, account for the majority of the industrial counterweights market. The factors driving the growth of the APAC industrial counterweights market include ongoing industrialization, emerging applications of industrial counterweights such as in water and wastewater treatment, and an increase in the number of infrastructure development projects, particularly in China and India. APAC's need for industrial counterweights is driven by the region's growing demand for high-quality goods and the concomitant increase in production rates. India just surpassed the United States as a favored manufacturing destination. Such developments bode well for the Asia Pacific industrial counterweights market. Growing industrialization in regions like India and China will assure steady growth for the industrial counterweights market during the forecast period.
Industrial Counterweights Market Competitive Landscape
Key Players
• FMGC, Farinia Group
• Sic lazaro US Inc.
• Crescent Foundry
• Gallizo
• Mars Metal
• Ultraray Metals
• International Steel & Counterweights
• Vietnam Cast Iron
• Agescan International
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Industrial Counterweights Market Recent Developments
• In January 2019, Sic Lazaro acquired Diamond Industries, a metal fabrication firm, to expand its fabrication capabilities, and, thus, the manufacturing of counterweights.
• In February 2019, Crescent Foundry expanded its cast iron castings manufacturing capacity from 1,900 tpm to 8,333 tpm at Kulgachia in the Howrah district of West Bengal, India. The company invested USD 11.6 million in this expansion.
Reasons to Acquire in the Industrial Counterweights Market
• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Industrial Counterweights Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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