Global Hoist Rings Market: Introduction

A hoist is an equipment used for lowering or lifting a load. A hoist ring is generally attached to a metal chain. In general, hoist rings are used in a wide range of industries such as material handling, metalworking, manufacturing, military, aviation, and transportation. 

Global Hoist Rings Market: Competition Landscape

The Crosby Group

The Crosby Group is based in Tulsa, Oklahoma, the U.S. It has been operating for more than 130 years. The company is a leading manufacturer of material handling, lifting, and rigging products. The company offers standard hoist rings under the following product categories: Cold Temperature, Forged Bail, Stainless Steel, and Standard Bail. The company also produces hooks, hook latches, lifting clamps, load-monitoring devices, rigging components, shackles, sockets, etc. In May 2019, the Crosby Group was acquired by Gunnebo Industries Holding AB, a private equity firm based in the Nordic. Gunnebo Industries is a leading manufacturer of products used in the global material handling industry.

RUD Group

RUD Ketten Rieger & Dietz GmbH u. Co. KG is a family-owned, global engineering company headquartered in Germany. The company was formed by Friedrich Dietz and Carl Rieger in 1875. The company’s product portfolio includes hoist rings and other sling and lashing systems, tyre protection chains, non-skid chains, conveyors and drives, military technology products, and object equipment. The company manufacturers more than 600 lifting and lashing point products with a loading capacity of up to 200 tons.

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CODIPRO

CODIPRO is a global manufacturer of hoist rings and other safety swivel lifting rings. The company sells hoist rings under the brand name of ‘Gradup,’ which are employed for lifting loads ranging from 0.07 tons to 125.0 tons. The company also sells stainless steel hoist rings, hoist rings for use in wind power generation, offshore, and maritime industries, and customized hoist rings for various industries.

Jergens Inc.

Jergens Inc. was founded in 1942 as ‘Glenn Tool and Manufacturing’ by Jack Schron, Sr. in Cleveland, Ohio, the U.S. The company operates through four business divisions: Tooling Component Division (TCD), Jergens Industrial Supply (JIS), Acme Industrial Company (AIC) and Advanced Systems Group (ASG). The company sells hoist rings under the following brands: Lift-Check, Shackle-Lok, and Kwik-Lok. The company also sells traditional, center-pull hoist rings; traditional-style center-pull hoist rings, steel and stainless steel hoist rings, and side-pull hoist rings. The company also sells fasteners, clearance items, etc. In June 1999, the company moved its operations to a new facility spread over 110,000 square feet.

Global Hoist Rings Market: Dynamics

Rise in demand for lifting equipment across the world

Across the world, the demand for lifting equipment is on the rise. For example, RUD Group, which has a wide portfolio of 600 hoist ring products, is witnessing increase in the demand for its lifting equipment used in the heavy-duty lifting sector, offshore sector, etc. RUD Group’s hoist ring product for subsea lifting is witnessing rise in the demand among various end-use industries.

Rise in demand for hoist rings from global construction Industry

Across the world, both commercial and residential construction activities are on the rise. Hoist rings are extensively used in the construction industry for lifting various objects. Thus, rise in building construction across the world is augmenting the demand for hoist rings for use in the construction industry.

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Global Hoist Rings Market: Segmentation

The global hoist rings market can be segmented based on:

  • Type
  • End-use
  • Distribution Channel
  • Region

Global Hoist Rings Market, by Type

  • Center-pull
  • Side-pull
  • Others

Global Hoist Rings Market, by End-use

  • Construction
  • Marine
  • Energy
  • Aerospace & Defense
  • Others

Global Hoist Rings Market, by Distribution Channel

  • Online
  • Offline

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

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

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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