The global sprockets market is expected to post significant gains through 2021 and beyond, with major applications across the automotive and construction industries. With the recessionary impact of the COVID-19 subsiding, these industries are expected to make a gradual recovery, thereby preparing the stage for a strong expansion trajectory for sprockets in the long run.
According to Fact.MR's projections, the global sprockets market is likely to expand at over 7% CAGR from 2021 to 2031, reaching nearly $9 billion by the end of the said forecast period. Historical projections point out that the growth trajectory remained moderate between 2016 and 2020, registering a 3% growth, owing to a general slowdown in the construction and automotive sectors. Prospects further dipped through 2020, registering a nearly 6% downswing in Q4 2020.
Fortunately, growth prospects are likely to remain sustained amid the growing popularity of EVs. With global plug-in vehicle sales surpassing 3million units in 2020, it is no surprise that the market is slated to acquire massive gains in the forthcoming decade as environmental concerns take precedence.
'As industrialisation acquires pace in the aftermath of the pandemic crisis, the number of infrastructure projects in the pipeline are bound to rise, particularly in the construction and automotive sectors, paving the way for increased market penetration scope by key sprockets manufacturers,' comments the Fact.MR analyst.
Key Takeaways from Fact.MR's Sprockets Market Study
- Below ½ inch standard sprockets are expected to account for 3 out 10 sales by 2021-end
- By material, thermoplastic sprockets are anticipated to register a robust CAGR through 2031
- Building & construction segment to emerge as the core application area, experiencing a CAGR of 7% through 2031
- US to emerge as a highly lucrative sprockets market, attributed to the presence of a trillion dollar construction industry
- UK to experience a noteworthy upsurge, mostly driven by a promising infrastructure sector
- Germany and France to experience high growth amid extensive applications in automotive production
- India and China to emerge as the frontrunners in the Asian sprockets market, growing at CAGRs of 6.7% and 8.3% respectively
Competitive Landscape
Prominent sprocket manufacturers as profiled by Fact.MR include Rexnord Corporation, Tsubakimoto Chain Group, ABB, Renold Plc., PT International (Solve Industrial Motion Group), Boston Gear (Altra Industrial Motion), SKF Group, Lovejoy (The Timken Company), Regal Beloit and Martin Sprocket & Gear Inc. among others.
Offering sophisticated products lies at the core of the aforementioned players' expansion strategy. Martin Sprocket & Gear Inc. offers the MPC Synchronous Sprockets for positive drive systems, particularly for electric motor driven systems. These sprockets are manufactured from high-quality North American steel or cast iron, offering made-to-order synchronous sprockets in stainless steel, aluminium and non-metallic materials.
Likewise, Tsubakimoto Chain Group offers a wide range of sprockets for deployment across drive chains, conveyor chains and unit products. Some of the product offerings include the RS Sprocket Pilot Bore Series, RS Sprockets Fit Bore and Lock Sprockets among others.
NB: Photo is representational.