According to a new report published by Allied Market Research, titled, โIndustrial Roller Chain Drives Market,” The industrial roller chain drives market size was valued at $2.81 billion in 2021, and is estimated to reach $4.08 billion by 2031, growing at a CAGR of 3.6% from 2022 to 2031.
Commonly observed types of industrial roller chain drives include single-strand chain, double pitch chain, and multi-strand chain. Among these, the single-strand chain segment accounted for the highest market share in 2021, owing to inexpensiveness, low maintenance, and easy repairability.
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The market is analyzed with respect to different applications in industrial verticals such as power transmission and conveyor. By end user, it divided into manufacturing, mining, and others. The market is mainly driven by rise in manufacturing, mining, and material handling sectors. However, the inherent problem of vibration in roller chains at high speeds constraints growth of the market. Furthermore, on the basis of end user, the mining sector is anticipated to grow rapidly during the forecast period, owing to rise in disposable income of people across the world, who have increased demand for manufactured products.
In 2021, Asia-Pacific held the largest industrial roller chain drives market share, in terms of revenue, followed by North America and LAMEA. Moreover, the market in LAMEA is anticipated to grow with highest CAGR, owing to growth in manufacturing and mining industries in the region.
Availability of advanced roller chains that are wear resistant, lube free, and chains with high strength increase their usability. In addition, governments in various emerging economies have introduced initiatives to support growth of small-scale industries. This is anticipated to provide lucrative opportunities for industrial roller chain drives market growth.
For instance, USA roller chains offers a wide range of lube free roller chains, corrosion resistant roller chains, and custom roller chains for various applications in manufacturing, mining, and others industries. Furthermore, India has initiated various programs for development of small industry in, such as โLean Manufacturing Competitiveness for MSMEsโ and โDesign Clinic for Design Expertise to MSMEs,โ which propels the market growth.
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However, during the pandemic lockdown, various manufacturers in the industrial roller chain drives market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of industrial roller chain drive manufacturing companies. In addition, lack of manpower and raw materials constricted supply of raw materials for industrial roller chain drives industry; and negatively influenced growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
Key companies profiled in the industrial roller chain drives market forecast report include AB SKF, Allied-Locke Industries, Diamond Chain Company Inc., Ewart Agri Services Ltd., HKK Corporation, iwis, John King Chains Ltd., KettenWulf Betriebs GmbH, Martin Sprocket & Gear Inc, Peer chain, Ramsey Products Corporation, Regal Rexnord Corporation, Renold plc, Rubix, Tripcon Engineering Pvt. Ltd., Tsubakimoto Chain Co., and Wippermann Jr. GmbH.
Key Findings of the Study
- The report provides an extensive analysis of the current and emerging industrial roller chain drives market trends and dynamics.
- Depending on type, the single-strand chain segment dominated the industrial roller chain drives market, in terms of revenue in 2021, and the double-pitch chain segment is projected to grow at a significant CAGR during the forecast period.
- By application, the power transmission segment accounted for the highest revenue share in 2021.
- By end user, the manufacturing segment registered highest revenue in 2021.
- LAMEA is projected to register highest growth rate in the coming years.
- Key players in the industrial roller chain drives market analysis report are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the industrial roller chain drive industry.
- The report provides an extensive analysis of industrial roller chain drives market outlook and emerging opportunities of the market.
- In-depth industrial roller chain drive market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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