Industrial Counterweights Market

Industrial Counterweights Market was valued at USD 7.0 billion in 2022 and is forecast to touch USD 10.3 billion in 2030, and the market is expected to grow at a CAGR of 4.9% from 2023-2030

Industrial Counterweights Market Overview

Industrial counterweights are essential elements of any machinery that is responsible for lifting significantly heavy loads. Elevators, lift trucks, and cranes are ideal examples of machines in which tough, durable, and reliable counterweights are essential. Apart from ensuring proper stabilization and balance, these counterweights also help make the overall forklift functionality smooth and safe.

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Industrial Counterweights Market Drivers

The factors driving the global industrial counterweights market include the increasing demand for industrial counterweights in the manufacturing and logistics industry to handle heavy materials. Vehicles such as Forklifts, excavators, front loaders, mobile cranes, and tractors lift, lower, and transport heavy loads and therefore need a counterbalancing counterweight. For instance, the high-speed railway line that will link the emblematic Saudi cities of Medina and Mecca will use high-density concrete counterweights manufactured by Gallizo to guarantee the tension in the electrical network cables. The increasing use of material handling equipment in the construction industry will boost the market. Construction industries use industrial counterweights to increase efficiency and to increase the stability of the equipment. Construction industry operators can quickly load and unload the material with the help of counterweights.

Restraint in the Industrial Counterweights Market

However, counterweights can pose danger to site workers and equipment if proper precautions are not taken. Calculating the correct counterweight helps in avoiding mishaps at the crane site, which requires a trained operator. This factor can act as a restraint and hamper market growth.

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Material – Segment Analysis

Based on the material, cast iron & steel is anticipated to grow at a higher CAGR during the forecast period. Cast iron & steel is denser than concrete, allowing iron to achieve the target weight in less space and volume. Cast iron and steel are more substantial than concrete ones, which automatically make counterweights more resistant to impact. For instance, Vietnam Cast Iron Co.Ltd produce OEM casting cast iron, ductile iron, and steel counterweights for various applications and mass.

Industry Verticals – Segment Analysis

Based on the industry verticals, construction industry is predicted to grow at a higher CAGR during the forecast period. Construction equipment is being implemented to manage complex tasks and sustain in critical environments. Increasing construction activities worldwide boosted the demand for different types of cranes, especially tower cranes for the construction of tall buildings. For instance, The India National Infrastructure pipeline project of USD 1.6 trillion over the next six years will lead to public infrastructure development and propel the industrial counterweights market growth.

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Regional – Segment Analysis:

Based on the region, the APAC region is expected to grow at a higher CAGR during the forecast period. The growing influence of industrialization in densely populated countries like India and China will propel the market growth for the industrial counterweights market. According to Asian Development Bank, in 2020, Taipei, China continued to stand out as its export and import volume growth were least hurt by pandemic. The export volume growth was 12.7% and import growth was 5.6% with export growth the highest among newly industrialized economies.

Top Market Players

Various notable players operating in the market, include, FMGC, Farinia Group, SIC-Lazaro US, Gallizo, Mars Metal, ISC, Viet Nam Cast Iron, Agescan International Inc., AMAC Alloys, Max Iron GmbH, Crescent Foundry, among others.

Key Developments:

• • In 2019, Crescent Foundry expanded cast iron casting manufacturing capacity from 1,900 tpm to 8,333 tpm in West Bengal, India.
  • In 2019, SIC-Lazaro US, the Milwaukee-based manufacturer of concrete, steel, and high-density concrete counterweight, announced the acquisition of Milwaukee-based metal fabrication firm Diamond Industries. With the acquisition of Diamond Industries, SIC-Lazaro US will expand its metal fabrication offering and capabilities, increasing its potential for sales growth.

Segments covered in the Report:

The global industrial counterweights market has been segmented on the basis of type, material, application, and industry verticals. Based on type, the market is segmented into swing counterweight, and fixed counterweight. Based on material, the market is segmented into cast iron & steel, and concrete. Based on application, the market is segmented into elevators, cranes, excavators, lifts, grinding wheels and forklift. Based on industry verticals the market is segmented into manufacturing industry, construction, mining, logistics, marines, and agriculture.

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Market Segmentation

Global Industrial Counterweights Market by Type

• • Swing Counterweight
  • Fixed Counterweight

Global Industrial Counterweights Market by Material

• • Cast iron & steel
  • Concrete

Global Industrial Counterweights Market by Application

• • Elevators
  • Cranes
  • Excavators
  • Lifts
  • Grinding Wheels
  • Forklift

Global Industrial Counterweights Market by Industry Verticals

• • Manufacturing Industry
  • Construction
  • Mining
  • Logistics
  • Marines
  • Agriculture

Global Industrial Counterweights Market by Region

• • North America Industrial Counterweights Market (Option 1: As a part of the free 25% customization)

    • by Type
    • by Material
    • by Application
    • by Industry Verticals
    • US Market All-Up
    • Canada Market All-Up

  • Europe Industrial Counterweights Market (Option 2: As a part of the free 25% customization)

    • by Type
    • by Material
    • by Application
    • by Industry Verticals
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Industrial Counterweights Market (Option 3: As a part of the free 25% customization)

    • by Type
    • by Material
    • by Application
    • by Industry Verticals
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Industrial Counterweights Market (Option 4: As a part of the free 25% customization)

    • by Type
    • by Material
    • by Application
    • by Industry Verticals
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Industrial Counterweights (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • FMGC, Farinia Group
  • SIC-Lazaro US
  • Gallizo
  • Mars Metal
  • ISC
  • Viet Nam Cast Iron
  • Agescan International Inc.
  • AMAC Alloys
  • Max Iron GmbH
  • Crescent Foundry