A new Report by Delvens, titled "Industrial Counterweights Market” offers a comprehensive analysis of the industry, which comprises insights on the Global analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market, the global Industrial Counterweights Market size is projected to reach a CAGR of 5.9% durign forecast year to 2028.
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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.
Key Players of Industrial Counterweights Market
· FMGC, Farinia Group
· Sic lazaro US Inc.
· Crescent Foundry
· Gallizo
· Mars Metal
· Ultraray Metals
· International Steel & Counterweights
· Vietnam Cast Iron
· Agescan International and More
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.
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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.
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.
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.
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