Market Research Blog

As per a recent market survey by Future Market Insights (FMI), the global heat shrink tubing and sleeves market is projected to reach US$ 1,879 Mn in 2021, expanding at a healthy 5.9% CAGR over the forecast period of 2021-2031.

Rapid advancements in industrial sectors across the globe, along with increasing investments in  mechanical equipment are key factors driving sales of heat shrink tubing and sleeves. Besides this, customized solutions and expansion of distribution channels by OEMs will continue propelling sales of heat shrink tubing and sleeves in the forthcoming years.

Due to the outbreak of the novel coronavirus, the demand for heat shrink tubing and sleeves plummeted in the first quarter of FY’2020. However, with improvements in supply chain and resumption in production activities in end-use industries, steady recovery of the heat shrink tubing and sleeves market is on cards. FMI projects the market to grow year-over-year by 4.7% between 2020 and 2021.

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Heat shrink tubing and sleeves effectively protect wires and cables from abrasion, wear and tear, external stress. These benefits are propelling their applications in various end-use sectors such as telecommunications, automotive, aerospace and defense and transportation.

Growing concerns regarding environment protection in various countries are ushering product developments in the global heat shrink tubing and sleeves market. Consumers and manufacturers are increasingly preferring cost-effective eco-friendly alternatives and recycled plastic products, which is creating avenues for product portfolio expansion for key market players.

FMI’s in-depth regional analysis projects the U.S. to dominate the North American heat shrink tubing and sleeves market. The presence of key market players and ongoing expansions of automotive, aerospace and defense sectors in the U.S. are anticipated to place the country as an attractive market in the upcoming years.

“Increasing electricity usage across various industries is translating into high demand for heat shrink tubing and sleeves. Apart from this, demand for safer alternatives for wires and cables in oil & gas and telecommunications sectors will continue driving sales of heat shrink tubing and sleeves in the forthcoming years,” says the FMI analyst.

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Key Takeaways:

• Based on material type, polyolefin segment is anticipated to hold 13.2% of the total heat shrink tubing and sleeves market share.
  • On the basis of product type, sales of tubing will continue rising. The segment is projected to create around US$ 659.5 Mn incremental opportunity in 2021.
• In terms of length, sales of standard length (1.2 meters) heat shrink tubing and sleeves are anticipated to remain high.
• Applications of heat shrink tubing and sleeves in the energy sector will continue gaining traction in the energy sector. The energy sector is anticipated to hold 14.9% of the total market share in 2021.
• Based on sales channel, OEMs are estimated to account for 59% of the total heat shrink tubing and sleeves sales.
• The U.S. is projected to hold approximately 67% of the North American heat shrink tubing and sleeves market share, emerging as an attractive market.
• The Chinese heat shrink tubing and sleeves market is estimated to grow at a 6.1% CAGR over the forecast period.

Competitive Landscape

Leading players operating in the global heat shrink tubing and sleeves market include HellermannTyton, Molex Electronic Software, Panduit, Shrink Sleeves Ltd., TE Connectivity, ABB Ltd., The 3M Company, Wurth Elektronik GmbH, Techflex, Artilabo International, Gremtek SAS, PEXCO, DSK-CANUSA, WKK Nederland B.V., Essentra PLC, Plastpolymer Prom LLC., Don-Polymer Ltd., and others.

Top 5 players operating in the market comprise ABB, 3M, TE Connectivity, Essentra plc and Wurth Elektronik GmbH, holding 52% of the total heat shrink tubing and sleeves market share.

As a part of their growth strategies, players are focusing on strategic collaborations, acquisitions, and mergers to expand their global footprint. In addition, investments in research and development for launching innovative and eco-friendly solutions will remain key growth strategies among market players. For instance:

• In August 2021, TE Connectivity, a global leader in connectivity and sensors, expanded its product portfolio by launching Dynamic 8000 series and Mini Series. The new product range comprises high-quality crimp contact system and a robust housing structure for protection from harsh environmental factors.

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More Insights into Heat Shrink Tubing and Sleeves Market Report

In its latest report, FMI offers an unbiased analysis of the global heat shrink tubing and sleeves market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product material type (polyolefin, ethylene vinyl acetate (EVA), polytetafluoroehtylene (PTFE), fluorinated ethylene propylene (FEP), perfluotoalkoxy alkane (PFA), ethylene tetrafluoroehtylene (ETFE), polyethlene terephthalate (PET), polyether ether ketone (PEEK) and silicone), length (spool, standard (1.2 Meter), non-standard cut pieces and custom), product (tubes, sleeves and other accessories), sales channel (OEM and aftermarket), and applications (automotive, aerospace, railways, telecommunication, energy, electrical engineering goods and components, home appliances, defense/armaments, and others (medical, industrial equipment) across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).

 

According to Future Market Insights (FMI), the wear plate market is projected to reach a valuation of US$ 6.95 Bn in 2021. Rise in mining and construction activities across the globe is expected to push the sales of wear plates.

On account of this, the sales are expected to increase at 6.3% CAGR, surpassing US$ 12.82 Bn over the forecast period of 2021 and 2031.

Wear plates are used in many industrial tools as they are used to prevent damage or abrasion to expensive equipment. Rise in industrialization and heavy use of wear plates in diverse end use sectors is one of the factor driving the sales of the wear plates.

Consequently, wear plates manufacturers are focusing on providing high quality products with long term warranty for these parts. This is accelerating the growth in wear plates market.

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Regionally, North America is estimated to dominate the global wear plate market due to expansion of mining, power generation and off- road heavy equipment industries.

Growing safety concerns in mining, chemicals, and steel & aluminum mills sectors has also increased the use of wear plates across India, China, the U.S. and Germany.

“With advent of automation in the mining, chemicals, and other industrial equipment, several key players are aligning the production of advanced and sustainable wear plates to sustain their positions in the market. Besides this, increasing application of these wear plates in mining sector will boost the market” says an FMI analyst.

Key Takeaways:

• Based on region, North America is expected to account for 22.8% share for wear plates market in 2021.
• In terms of material, austenitic stainless steel segment is expected to hold the highest market share, exhibiting growth at a CAGR of 6.4% in the global wear plates market.
• By thickness, 20- 25 mm sized wear plates are highly sought-after, expanding at a CAGR of 7.0% in the global market.
• By end use, mining industry is expected to dominate the market, registering year-on-year (Y-o-Y) growth of 5.0% by 2021

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Competitive Landscape

Leading players operating in the wear plates market include ArcelorMittal, SSAB, Outokumpu, Nippon Steel Corporation, Thyssenkrupp, EMSCO, Ergotem USA, NeoNickel, Brown Mc Farlane, Hoverdale, Castolin GmbH, ASGCO, and PGI Steel among others.

To gain a competitive edge in the market, key players are focusing on research and development for enhancing their product portfolio. They are also focusing on expanding their production facilities for higher revenue.

Meanwhile, some of the other players are investing in strategic collaborations, mergers and acquisitions to expand their global footprint. For instance:

• In Jan. 2021, Nippon Steel Corporation (Nippon Steel) has launched ZAM-EX, highly corrosion- resistant coated steel sheets for overseas markets. The company sells highly corrosion resistant coated steel sheets for overseas markets under the new brand name, ZAM®-EX
•  In 2021, SSAB and Peab will collaborate on a high-quality, fossil-free steel. Peab is the first construction company to acquire fossil-free steel from SSAB for its projects as a result of this relationship. Together, the two firms will look into future possibilities for the fossil-free steel might help the building industry lower its carbon impact.

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More Insights into the Global Wear Plates Market Report

In its latest report, FMI offers an unbiased analysis of the global wear plates market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of material (Mild steel, Austenitic stainless steel, Alloys, Carbon graphite), by thickness (3 to 6 mm,6 to 10 mm,10 to 15 mm,15 to 20 mm,20 to 25 mm,25 to 50 mm,60 to 120 mm,120 to 150 mm) and End use (Mining, Power Generation, Cement & Refractories, Sugar, Off Road Construction & Earthmoving Equipment, Waste Management, Pulp & Paper, Chemicals, Steel & Aluminum Mills, Others).

The U.S. automotive and aircraft leather aftermarket is projected to reach a valuation of US$ 7.8 Bn in 2021. Rising demand for high-quality, lightweight, and durable leather for automotive and aircraft interiors is expected to push sales at 3.6% CAGR, with the market valuation reaching US$ 11.1 Bn in 2031.

According to Future Market Insights (FMI), over the forecast period from 2021 to 2031, the global cargo bike tire market is projected to grow at a CAGR of 12.2%.

As per a recent market analysis by Future Market Insights (FMI), the global caps and closures market is anticipated to reach US$ 81.6 Bn in 2021. With a favorable demand outlook from the food & beverage and pharmaceutical industries, the market is projected to grow at a 5.6% CAGR through 2031.

Caps and closures made from plastic and metal are widely adopted in the packaging industry for closing and sealing a wide range of packaging formats such as bottles, jars, containers, and cartons. Attractive shelf-appeal, user friendly design and easy accessibility are key factors boosting sales of caps and closures.

FMI forecasts sales of caps and closures to gain traction on the back of their predominant use in both industrial and non-industrial sectors. Owing to surging demand, manufacturers operating in the global caps and closures market are offering innovative designs such as child resistant caps to gain a competitive edge in the market.

Growing preference towards lightweight and convenient packaging solutions is further anticipated to provide tailwinds to caps and closures sales. Improvements in formats such as screw closures and tethered caps will continue fostering sales of the same over the forecast period.

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Besides this, consistent development of pharmaceutical products and personal care products is propelling demand for caps and closures. Catering to high demand, manufacturers are investing in strategic collaborations, mergers, and acquisitions to expand their production facilities and product portfolios.

As per FMI’s in-depth regional analysis, the U.S. is anticipated to dominate the North American caps and closures market. Growth can be attributed to the presence of key market players, coupled with increasing per capita expenditure on food & beverages and pharmaceuticals in the country.

“Customized solutions aligned with end-use requirements offered by market players, along with intensive research and development to launch sustainable packaging solutions will continue augmenting the global caps and closures market growth through 2031,” says the FMI analyst.

Key Takeaways:

• By product type, the screw closures segment is projected to hold 51% of the total caps and closures sales.
• In terms of material type, plastic will emerge as the most-preferred material, growing at a 5.7% CAGR.
• By end-use, the food & beverage segment is estimated to remain the major revenue contributor in the global caps and closures market. The segment is projected to offer an incremental opportunity of US$ 35.2 Bn during the assessment period.
• The U.S. will continue witnessing high demand for caps and closures, with sales increasing at a 3.5% CAGR through 2031.
• Germany will lead the European caps and closures market, holding 16% of the total sales in Europe.
• India will emerge as an attractive market, accounting for nearly 23% of the APAC caps and closures market.
• The Japanese caps and closures market is projected to grow at a 6.8% CAGR.

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Competitive Landscape

Crown Holdings Inc, BERICAP Holding GmbH, Guala Closures S.p.A, Closure Systems International, Inc are the top players operating in the caps and closures market. Furthermore, Amcor Plc, Silgan Plastic Closure Solutions, Aptar Group, UNITED CAPS, Nippon Closures Co., Ltd. are also the noticeable players in the caps and closures market. The Tier 3 players in the market hold 85-95% in the global caps and closures market. In conclusion, key players contribute almost 05-15% of the global market. For instance in 2021, Berry Global Inc. one of the leading packaging and caps and closure manufacturer has introduced lightweight plastic caps through the reduction in overall plastic usage.

More Insights into the Global Caps and Closures Market Report

Future Market Insights, in its new report, offers an unbiased analysis of the global caps and closures market, analyzing historical demand from 2015-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the caps and closures market on the basis of product (screw closures, snap closures, push-pull closures, tethered caps and others), production process (injection molding, compression molding and others (blow molding, and more), material (plastic, metal, aluminium and others) and end use (food & beverage, consumer goods, personal and homecare, pharmaceuticals and others) across five regions.

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Newly released data by Future Market Insights (FMI) projects the global pharmaceutical cold chain packaging market to register a CAGR of ~15%, to reach US$ 46.9 Bn by 2031.

As per the report, polymer will emerge as the top-choice for packaging material and it is expected to account for over 62.1% of the global market share in 2021. It also is expected to attract an incremental opportunity of US$ 22.3 Bn through 2031.

The demand in the U.S. is expected to increase at a robust CAGR of 12.3%, sealing the country’s dominance in the North America pharmaceutical cold chain packaging market.

Future Market Insights has pegged the global pharmaceutical cold chain packaging market to expand at an impressive CAGR of 14.9% during 2021-2031, compared to 12.5% in 2015-2020. Growth registered in the market can be attributed to the increasing investment towards improved packaging solution to reduce the risk of loss or damage during shipment and transportation.

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Pan American Health Organization lists the appropriate cold chain storage temperature for packaging of vaccines. Increasing adoption of cold chain packaging in healthcare, clinical research, vaccine packaging, and biopharma industry is shaping the market growth.

With sudden outbreak of COVID-19, the demand for pharmaceutical cold chain packaging increased and it will continue to rise through the forecast period. Technological advancements and focus towards improving the performance of packaging formats are expected to further shape the market dynamics over the forecast period.

The global pharmaceutical cold chain packaging market is rendered fragmented by the presence of numerous companies. However, most of the key manufacturers primarily concentrate in India, China, and the U.S.

Impressive growth is on card for the market as new entrants are expected to establish their manufacturing units in developing nations such as India, Brazil, and Malaysia. Penetration is so low in the market that it would increase by ten folds in the forthcoming years.

Low production costs, easy access to labor, and easy availability of raw materials have attracted several market players to Asian countries. This trend also is visible in the pharmaceutical cold chain packaging market.

Demand for safe packaging materials is increasing in the pharmaceutical industry. Expansion of pharmaceutical delivery chains has fuelled the demand for solutions to allow storage of products in the prescribed cold temperature so that they don’t undergo any chemical reaction or change their formulation, which could be dangerous for the consumers. These factors are expected to bode well for the market.

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“Sales of sustainable pharmaceutical cold chain packaging solutions are driven by the need for more ecological packaging with improved tracking. Steered by increasing demand, market players are expected to focus on strategic collaborations. This also will help them expand their footprint globally” says FMI analyst.

Key Takeaways from Pharmaceutical Cold Chain Packaging Market

• By packaging format, active packaging is expected to grow by 4.5x times by 2031.
• By product, the demand for large sized pallet containers is expected to increase at a CAGR of 16.6% during the period of 2021-2031.
• By material, paper is expected to create an incremental opportunity of US$ 10.5 Bn during the forecast period.
• By application, vaccine and diagnostics segment is expected to hold a value market share of 44.1% in 2021.
• By end use, vaccine packaging industry is expected register Y-o-Y growth of 17.1% in 2021.
• The U.S. pharmaceutical cold chain market is expected to reach a market value of US$ 7.0 Bn by 2031.
• India is expected to be the most lucrative market across South Asia
• China and Germany are expected to spearhead the growth of East Asia and Europe market during the forecast period.

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Market Landscape

Sonoco ThermoSafe, Cold Chain Technologies, Sealed Air Corporation, Nordic Cold Chain Solutions, Cryopak, CSafe Global LLC, TemperPack Technologies, Inc., Insulated Product Corp., Global Cooling, Inc., Envirotainer AB, va-Q-tec AG, EMBALL’ISO, Softbox Systems, Sofrigam SAS, DGP Intelsius LLC, Tempack Packaging Solutions SL, TOWER Cold Chain Solutions, Pelican BioThermal LLC, Blue Star Limited, BIOBASE Group, Andores New Energy Co., Ltd., Haier Biomedical Co. Ltd., Tamai Kasei Co., Ltd., Dhruvraj Syndicate, Valor Industries, KODIAKOOLER, WoolCool Ltd., and Allwin Roto Plast are few of the market players in the pharmaceutical cold chain packaging market.

Tier one market players hold 10% to 15% of the total global pharmaceutical cold chain packaging market. As per FMI, tier-1 players include Sonoco ThermoSafe, Sealed Air Corporation, and Nordic Cold Chain Solutions. Sonoco ThermoSafe is expected to contribute approximately 3 to 4% to the total pharmaceutical cold chain packaging market share.

As per Future Market Insights, the two wheeler components & consumables demand is expected to rise at a year-on-year (YoY) growth of 6.7%, reaching US$ 26.1 Bn in 2021. Increasing demand from motorcycle segment will drive the two wheeler components & consumables market at 7.8% CAGR over the forecast period from 2021 to 2031.

A recent market study published by Future Market Insights on the two wheeler components & consumables aftermarket includes global industry analysis for 2016-2020 and opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical and current growth parameters of the two wheeler components & consumables aftermarket, the growth prospects of the market are obtained with maximum precision.

As per Future Market Insights, the two wheeler components & consumables demand is expected to rise at a year-on-year (YoY) growth of 6.7%, reaching US$ 26.1 Bn in 2021. Increasing demand from motorcycle segment will drive the two wheeler components & consumables market at 7.8% CAGR over the forecast period from 2021 to 2031.

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What is the Impact of COVID-19 on Two Wheeler Components & Consumables Aftermarket?

Lockdown imposed across various countries has negatively impacted the market. Limited production and supply-chains disruption due to travel restrictions negatively affected sales opportunities. Despite the difficult situation, economies are steadily recovering from the effect of COVID-19 induced slowdown. Some of the leading companies already have recommenced their production activities. Against this backdrop, the pandemic is unlikely to have a long-term effect on the two wheeler components & consumables aftermarket.

Key Points Covered in Two Wheeler Components & Consumables Aftermarket:

A recent study by Future Market Insight opines the sales of edible oil packaging solutions to grow by 1.7x to reach 3.7 billion units in 2031. Global edible oil packaging market is expected to register year-on-year growth of 4.1% in 2021.

FMI predicts, sales of drums to reach nearly US$ 5 billion by 2025.  In 2021, the U.S. edible oil packaging market is projected grow by 1.7%, in terms of value. Overall sales in North America is expected to increase by 4.7% CAGR through 2031.

“Growing sustainability have compelled the manufacturers to introduce eco-friendly and recyclable packaging solution, improving the demand for bag-in-box and drums. This is expected to bode well for the market,” says FMI analyst.

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Some of the key players dominating the global industrial packaging market are Tetra Pak International S.A., Berry Global Group Inc, Scholle IPN Corporation, Glenroy, Inc., Crown Holdings, Inc, Sealed Air Corporation, DS Smith Plc, Smurfit Kappa Group, Technocan S.A., Amcor Plc, ASA Group, Colep Packaging, Vetropack Holding Ltd, Baralan International S.p.A., Vidrala, S.A., Uflex Ltd, TPAC Packaging India Private Limited (Sunpet) and Neo Sun Industries Limited.

Growing Popularity of Organic & Low Cholesterol Oils will Offer Growth Opportunity

Key manufacturers of edible oils are launching advanced variants of products, such as oils having omega-3, variety of minerals and natural antioxidants to cater for the requirement of healthy oil among consumers, especially millennials.

Rising prevalence of heart diseases, diabetes and many other chronic diseases caused by consumption of unhealthy oils is improving the demand for low-cholesterol oils. Growing awareness about the same among consumer has resulted in the sharp rise in demand and consumption for olive oil, sunflower oil and other oils, which have good cholesterols.

Following the outbreak of COVID-19, as restrictions were imposed by governing authorities, demand for edible oil packaging solutions decreased to an extent due to disruptions in the supply chain.

However, sales are expected to pick up due to increasing international trade of edible oils and high demand for retail-ready edible oil packaging solutions.

Marketers and end-users of edible oil packaging solutions are trying to differentiate their products based on ease in dispensing the consumable oil-packed inside it. Most of the consumer base today prefer hassle-free packaging without any risk of wastage or damage to the product, which allows them easy retrieval of edible oil.

Hence, manufacturers are offering pouring caps for easy dispensing of edible oil. A variety of self-closing dispensing taps are also offered along with bag-in-box packaging for edible oils, which keep the surface clean from spillage.

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Edible Oil Packaging Market by Category

By Packaging Type:

• Bottles
• Pouches
• Jerry Cans
• Cans
• Drums
• Bag in Box
• Others (Liquid Carton, etc.)

By Material:

• Plastic
• Glass
• Metal (Aluminum)
• Paper

By Capacity:

• 50 to 500 ml
• 501 to 1000 ml
• 1001 to 5000 ml
• Above 5000 ml

By Oil Type:

• Soybean Oil
• Coconut Oil

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Key Takeaways from Edible Oil Packaging Market

• Drums are the most versatile packaging type used for packaging edible oils across the globe. In terms of type, drums are anticipated to register growth at 5.9% CAGR between 2021 and 2031.
• The U.S. edible oil packaging market is anticipated to reach US$ 483 Mn over the forthcoming decade.
• Based on material, plastic is expected to be the most preferred type, registering growth at 5.4% CAGR during the forecast period..
• Due to disruption in supply chains in 2020, Germany is anticipated to register growth year on year growth of 1.5%. Demand for edible oil packaging solutions in Germany is driven by the rising consumption of edible for producing biodiesels.
• Rising consumption of palm oil across packaged food industries, hotels, restaurants and cafes will spur sales. The segment is expected to offer a total incremental opportunity of US$ 715 Mn over the forecasted period.

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

As per newly released data by Future Market Insights (FMI), the demand in the tower crane rental market grew by year-on-year (YoY) rate of 4.8% in 2021, reaching a market valuation of US$ 6.49 Bn.

Expanding at a 5.7% CAGR, sales of tower crane rentals are projected to top 54,685 units over the forecast period, with China, Germany and Japan emerging as key producers in the market.

Demand for tower crane rental plummeted in 2020 due to the onset of the COVID-19 pandemic. However, considering the recovery of the construction sector, sales prospects of tower crane rentals are projected to be bright over the forecast period, as the market experienced year-over-year growth by 4.8% between 2020 and 2021.

The global construction industry has witnessed substantial growth in the past few years and the trend is expected to persist over the forecast period. Growth in the construction can be attributed to increasing government investments and rising per capita expenditure in home ownership and renovation. As infrastructure projects are rising globally, it is translating into high demand for tower crane rentals in the market.

Owing to high demand for tower crane rentals, key players operating in the market are focusing on enhancing their strategic partnerships with regional and local end-use industries to gain a competitive edge in the market. Besides this, players are offering customized fleet solutions, technologically advanced equipment, and robust aftersales services, which is further propelling demand for tower crane rentals in the market.

As per FMI’s in-depth regional analysis, China is projected to dominate the East Asia tower crane rentals market. Rapid adoption of technologically advanced equipment and machinery, along with increasing development of residential and commercial projects in the country will continue fostering sales of tower crane rentals over the forecast period.

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“Public Private Partnerships (PPP) for infrastructural development in various countries are positively shaping the demand outlook for tower crane rentals. In addition to this, collaborative efforts to offer personalized crane rental solutions by key market players will continue augmenting market growth in forthcoming years,” says the FMI analyst.

Key Takeaways:

• In terms of design type, the top slewing segment is projected to hold 60.4% of the total tower crane rental market share.
• Based on end-use, applications of tower crane rentals are anticipated to continue rising in the construction sector, accounting for 59.3% of the total market share.
• OEMs are expected to remain the most-preferred vendors for tower crane rental services, capturing 40.2% of the total market share.
• China is anticipated to emerge as an attractive market, commanding 76.1% of the East Asian tower crane rental market share.
• Germany is projected to lead the European tower crane rental market, growing at a 4.5% CAGR.
• India will continue experiencing high demand for tower crane rentals, capturing 43.1% of the South Asia Pacific market share.
• Japan and South Korea will collectively account for 8% of the global tower crane and rental market share.

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Competitive Landscape

Key players operating in the global tower crane rental market are 

• Konecranes,
• Liebherr,
• Mammoet,
• Maxim Crane Works, L.P.,
• Morrow Equipment Company,
• Morwest Crane & Services,
• Bigge Crane and Rigging Co.,
• Stafford Crane Group,
• Leavitt Cranes,
• United Crane & Rigging,
• Locabens Equipamentos,
• Grumont Equipamentos Ltda,
• JASO Group, and

As per FMI’s market survey, top 5 players comprising

• Al Faris, Kanamoto Co., Ltd.,
• Konecranes,
• Mammoet and Uperio Group

are estimated to account for 41% of the total market share over the forecast period.

As a part of their growth strategies, leading players are investing in intensive research and development to offer innovative and safe tower crane rental options suitable for various end-use applications. Besides this, strategic collaboration, partnerships, mergers and acquisitions will remain prominent growth strategies among key players. For instance:

• In September 2021, Konecranes won a 14-crane order from Thyssenkrupp Marine Systems for Kiel Shipyard built in Germany.

More Insights on the Global Tower Crane Rental Market

In its latest report, FMI offers an unbiased analysis of the global tower crane rental market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of

By Lifting Capacity:

• Up to 5 Tons
• 5 – 10 Tons
• 10 – 20 Tons
• 20 – 50 Tons
• Above 50 Tons

By Product Type:

• Self-Erecting
• Hammerhead Crane
• Luffing Jib Tower Crane
• Mobile Tower Crane

By Design Type:

• Top Slewing Tower Crane
• Bottom Slewing Tower Crane

By Vendor Type:

• Original Equipment Manufacturer (OEM)
• Independent Service Provider

By Applications:

• Building and Construction
  • Residential and Commercial
  • Industrial
  • Civic Infrastructure
• Marine and Sea Ports
• Mining
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East and Africa

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Key Questions Answered in the Report

• What is the current tower crane rental market value?
• At what rate did the global tower crane rental market grow between 2016 and 2020?
• What are the key trends driving tower crane rental sales?
• Who are the leading players in the global tower crane rental market?
• What will be the demand outlook for North America tower crane rental market?
• What is the market share of the leading players operating in the tower crane rental market?
• What is the tower crane rental demand outlook for Europe?
• What is the current market share of Japan and South Korea in the global tower crane rental market?