Global Chains and Sprockets Market Overview:
As per MRFR analysis, the Chains and Sprockets Market Size was estimated at 20.59 (USD Billion) in 2022. The Chains and Sprockets Market Industry is expected to grow from 21.45(USD Billion) in 2023 to 30.87 (USD Billion) by 2032. The Chains and Sprockets Market CAGR (growth rate) is expected to be around 4.13% during the forecast period (2024 - 2032).
Key Chains and Sprockets Market Trends Highlighted
Some of the most prominent factors supporting the growth of the Chains and Sprockets Market include rising industrial automation, escalating requirements from the automotive and construction industry, and soaring activities of infrastructure development. Besides, it is also expected that there will be notable additional growth inches in the renewable energy sector.
Emerging technologies in the market include the use of new materials such as carbon fiber and composites, the application of sensors and IoT technology and the provision of personalized services. The consumption of products for sustainable development, as well as products being developed for such purposes, is also emerging in the market.
Key market players are concentrating on increasing their hold in the global marketplace, allocating capital towards research and development projects and establishing strategic alliances so as to outperform competition. The competition within the market is expected to intensify within the forecast period as new players enter the market distribution strategies and technology, such as innovation management and diversification strategies.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Chains and Sprockets Market Drivers
Technological Advancements in Manufacturing Processes
The Chains and Sprockets Market Industry has benefitted from the growing demand because of the advantages derived from advanced manufacturing technologies. These technologies refer to the use of CAD and CAM. These technologies are beneficial because they allow manufacturers to produce Chains and Sprockets that are more complex and precisely designed. This is also beneficial because a preference for the use of automation and robotics has shortened production time and improved production quality.
As a result, manufacturing chains and Sprouts will become more efficient, and the associated industries will grow. In addition, research and development will contribute to the development of better materials and coatings, which will improve the performance of chains and sprockets.
Growing Demand from Key End-Use Industries
The Chains and Sprockets Market Industry is driven by a rise in demand across major end-use sectors such as automotive, industrial machinery, and construction. Chains and Sprockets in the automotive sector are used in power transmission systems, timing systems and conveyor systems. The increasing production of vehicles across the world, especially in emerging economies, is propelling the demand for Chains and Sprockets in the automotive sector.
In the industrial machinery sector, the increasing automation of various industrial processes is driving the demand for chains and sprockets. In addition, an increase in construction activities, primarily owing to a rise in the adoption of heavy machinery, is driving the growth of the Chains and Sprockets market Industry.
Expansion of the Renewable Energy Sector
The rapid growth of the renewable energy sector is the leading driver of the Chains and Sprockets Market Industry. Wind turbines, solar tracking systems, and hydroelectric power plants rely on Chains and Sprockets to operate properly. Growing concern over the environmental impact of power generation has prompted governments around the world to promote green energy. The increasing demand for renewable energy sources drives the growth of the market and enables the development of new configurations and technical solutions.
Chains and Sprockets Market Segment Insights:
Chains and Sprockets Market Product Type Insights
The Chains and Sprockets Market is segmented by product type into roller chains, silent chains, conveyor chains, leaf chains, and inverted tooth chains, with the roller chains segment expected to occupy the largest share of the market in 2023 and also expected to grow at a steady pace throughout the forecast period. Roller chains are widely used in industrial machinery, automotive applications, and agricultural equipment, owing to their high strength and efficiency, as well as their long period of usability. The silent chains segment is expected to experience the fastest rate of growth over the forecast period due to the low levels of noise and vibration provided by a silent chain, making them beneficial for use in food processing, packaging, and printing industries.
Conveyor chains are used across multiple industries for material holding and transport purposes, with demand projected to increase along with the demand for automated MHASs in the manufacturing, logistics, and warehousing industries. Leaf chains are almost exclusively used in agricultural machinery and construction equipment, so the growth of the leaf chains segment is also expected to be high, as the increasing demand for agricultural machinery in developing countries will translate into increased demand for the use of leaf chains. Finally, inverted tooth chains are expected to experience an increasing rate of growth throughout the forecast period, as such chains are used in applications requiring high speed and high torque, especially in automotive and industrial contexts.
In conclusion, demand for the use of chains within sprockets is expected to increase, as the Chains and Sprockets Market is expected to experience steady growth throughout the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Chains and Sprockets Market Material Insights
The material segment of the Chains and Sprockets Market is divided into Metal, Plastic, Composite, and Ceramic. The major share was held by the Metal segment in 2023, which accounted for more than 60% of the Chains and Sprockets Market revenue. This segment is also expected to be leading overall in the next years since metal Chains and Sprockets are characterized by high strength, long life, as well as by their wear resistance.
The highest CAGR is expected to be observed in the Plastic segment, which is associated with the increasing demand for these types of chains and sprockets.These products are characterized by their low weight and cost. On the other hand, the Composite segment is also expected to grow with a remarkable CAGR and this will be ensured by the increased use of composite Chains and Sprockets in the automotive and aerospace industries. Finally, the lowest share of this market will be taken by the Ceramic segment. This result will be ensured by the high price of ceramic Chains and Sprockets as well as by the limited number of their applications.
Chains and Sprockets Market Application Insights
The Chains and Sprockets Market is segmented based on its application in Industrial Machinery, Automotive, Construction, Mining, and Agriculture. The Industrial Machinery segment holds the largest market share due to the increasing demand for Chains and Sprockets in various industrial applications such as material handling, packaging, and manufacturing.
The Automotive segment is expected to witness significant growth over the forecast period owing to the rising production of automobiles worldwide. The Construction segment is driven by the growing construction activities across various regions.The Mining segment is anticipated to show steady growth due to the increasing demand for minerals and metals. The Agriculture segment is expected to witness moderate growth due to the increasing mechanization of agricultural practices.
Chains and Sprockets Market Pitch Size Insights
The Chains and Sprockets Market is segmented based on pitch size into ' 1/2 inch', '1/2 inch to 1 inch', '1 inch to 2 inches', and '> 2 inches'. The segment of ' 1/2 inch' pitch size is anticipated to lead the Chains and Sprockets Market with a significant market share in the upcoming period.
This can be credited to its wide applications in bicycles, small machines, and other applications where compact size is crucial. However, the '1/2 inch to 1 inch' pitch size segment is also likely to hold a notable market share due to its usage in several industrial applications, such as automotive, construction, and manufacturing, among others.
Chains and Sprockets Market Number of Rows Insights
The Chains and Sprockets Market segmentation by Number of Rows into Single Row, Double Row, and Multiple Row segments provides valuable insights into the industry's dynamics. Among these segments, the Single Row segment is projected to capture a significant market share in 2023, owing to its wide usage in various industrial applications.
The Double Row segment is also expected to exhibit steady growth, driven by the increasing demand for efficient and durable Chains and Sprockets in the automotive and manufacturing sectors. Furthermore, the Multiple Row segment is anticipated to gain traction in the coming years due to its ability to handle heavier loads and transmit higher power.
Chains and Sprockets Market Regional Insights
The regional segmentation of the Chains and Sprockets Market offers valuable insights into market dynamics and growth opportunities across different regions. North America is expected to maintain a substantial market share, driven by the presence of major manufacturers, automotive industries, and construction activities. Europe is another key region, with a well-established industrial sector and growing demand for Chains and Sprockets in various applications. APAC is projected to witness significant growth, fueled by rapid industrialization, infrastructure development, and increasing disposable income.
South America and MEA also present growth potential, with developing economies and increasing investments in infrastructure and manufacturing. These regions offer opportunities for market expansion and strategic partnerships for global players in the Chains and Sprockets Market industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Chains and Sprockets Market Key Players and Competitive Insights:
Leading players in the Chains and Sprockets Market are focusing on strengthening their global presence through strategic mergers and partnerships. Major Chains and Sprockets Market players are investing extensively in research and development activities to launch innovative products and solutions.
The Chains and Sprockets Market is projected to expand at a higher pace in the upcoming years as increasing demand for power generation, construction and automotive applications. Moreover, the Chains and Sprockets Market competitive landscape is expected to remain fragmented, and a large number of players operate in the market.
Key companies operating in the Chains and Sprockets Market are Renold PLC. The company has an extensive product portfolio of Chains and Sprockets for several applications, including power transmission, conveying, and lifting. Moreover, the company has a strong presence across the globe with manufacturing facilities in the United Kingdom, the United States, Canada, India and China. The company serves a wide range of customers, including automotive, aerospace and construction companies.
Competitor company Tsubaki Corporation has a strong foothold. The Chains and Sprockets Market offers Chains and Sprockets for power transmission, conveying, and lifting applications. The company has a wide presence across the world, with manufacturing facilities in Japan, the United States, Europe and Asia. The company caters to a large base of customers, including automotive, aerospace and construction companies.
Key Companies in the Chains and Sprockets Market Include:
-
Fairfield Manufacturing Company, Inc.
-
WITTENSTEIN SE
-
Regal Beloit Corporation
-
DPI Drive Products Inc.
-
Morse Chain (ITT Inc.)
-
Rexnord Corporation
-
A Chain Co., Inc.
-
Diamond Chain Company
-
KHK (Koyo Seiko Co., Ltd.)
-
Martin Sprocket Gear, Inc.
-
Renold PLC
-
Tsubaki Corporation
-
D.O. James Gear Tool Co.
Chains and Sprockets Market Industry Developments
The Chains and Sprockets Market is projected to reach USD 30.87 billion by 2032, exhibiting a CAGR of 4.13% during the forecast period (2024-2032). The market growth is attributed to the increasing demand for Chains and Sprockets in various industries, including automotive, construction, and agriculture.
Recent developments in the market include the introduction of advanced materials and technologies for enhanced durability and efficiency. Key players are focusing on product innovation and strategic collaborations to cater to the evolving needs of customers. Industry leaders such as Tsubaki, Renold, and Rexnord are investing in research and development to expand their product portfolios. The growing adoption of automation and robotics in manufacturing processes is also expected to drive the demand for chains and sprockets.
Chains and Sprockets Market Segmentation Insights
-
Chains and Sprockets Market Product Type Outlook
-
Roller Chains
-
Silent Chains
-
Conveyor Chains
-
Leaf Chains
-
Inverted Tooth Chains
-
Chains and Sprockets Market Material Outlook
-
Metal
-
Plastic
-
Composite
-
Ceramic
-
Chains and Sprockets Market Application Outlook
-
Industrial Machinery
-
Automotive
-
Construction
-
Mining
-
Agriculture
-
Chains and Sprockets Market Pitch Size Outlook
-
1/2 inch
-
1/2 inch to 1 inch
-
1 inch to 2 inches
-
> 2 inches
-
Chains and Sprockets Market Number of Rows Outlook
-
Single Row
-
Double Row
-
Multiple Row
-
Chains and Sprockets Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia Pacific
-
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
20.59(USD Billion) |
| Market Size 2023 |
21.45(USD Billion) |
| Market Size 2032 |
30.87(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.13% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Fairfield Manufacturing Company, Inc., WITTENSTEIN SE, Regal Beloit Corporation, DPI Drive Products Inc., Morse Chain (ITT Inc.), Rexnord Corporation, A Chain Co., Inc., Diamond Chain Company, KHK (Koyo Seiko Co., Ltd.), Martin Sprocket Gear, Inc., Renold PLC, Tsubaki Corporation, D.O. James Gear Tool Co. |
| Segments Covered |
Product Type, Material, Application, Pitch Size, Number of Rows, Regional |
| Key Market Opportunities |
Rising Infrastructure, Industrial Automating, Automotive, Expansion of Renewable Energy Sector and Urbanization |
| Key Market Dynamics |
Increasing demand for automation Growing industrialization Expanding automotive sector Advancements in technology and rising infrastructure development |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Chains and Sprockets Market is expected to reach a valuation of 21.45 Billion USD in 2023.
The Chains and Sprockets Market is projected to grow at a CAGR of 4.13% from 2024 to 2032.
The Chains and Sprockets Market is expected to reach a valuation of 30.87 Billion USD by 2032.
The Asia Pacific region is expected to hold the largest market share in the Chains and Sprockets Market in 2023.
The industrial machinery segment is expected to drive the growth of the Chains and Sprockets Market.
Some of the key competitors in the Chains and Sprockets Market include Tsubaki, Renold, Rexnord, Martin Sprocket Gear, and Diamond Chain Company.
The key trends driving the growth of the Chains and Sprockets Market include the increasing demand for industrial machinery, the growing adoption of automation in manufacturing, and the rising demand for energy-efficient solutions.
The challenges faced by the Chains and Sprockets Market include the fluctuating prices of raw materials, the intense competition in the market, and the stringent environmental regulations.
The opportunities for growth in the Chains and Sprockets Market include the rising demand for lightweight materials, the growing adoption of electric vehicles, and the increasing investment in infrastructure development.
The key factors to consider when investing in the Chains and Sprockets Market include the market size, the growth rate, the competitive landscape, the technological advancements, and the regulatory environment.
