Industrial Counterweights Market
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PUBLISHED: 2022 ID: SMRC21660
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Industrial Counterweights Market Forecasts to 2028 - Global Analysis By Type (Fixed, Swinging), Material (Concrete, Iron & Steel), Application (Excavators, Grinding Wheels), End User (Mining, Construction) and By Geography

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4.9 (33 reviews)
Published: 2022 ID: SMRC21660

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Industrial Counterweights Market is accounted for $7.15 billion in 2022 and is expected to reach $10.55 billion by 2028 growing at a CAGR of 6.7% during the forecast period. Industrial counterweights are integral components of any machinery that is responsible for lifting significantly heavy loads. The purpose of industrial counterweight is to make lifting the load faster and more efficient, which saves energy and is less taxing on the lifting machine.

In the face of production halts, temporary layoffs and liquidity issues stemming from the COVID-19 pandemic, the European shipbuilding and maritime equipment manufacturing industries have sought additional support – beyond horizontal industrial policies and financial support – calling for sector-specific support measures. By doing so, they aim to preserve the economic contribution of the sector but, more importantly, to prevent potential dependence on Asian foreign suppliers for maritime technology, a strategic element to generate value in the maritime supply chain. The European Shipbuilding and Maritime Equipment Association estimated that this scenario could mean losing about €120 billion of added value created by the maritime technology sector; 1 million jobs in maritime technology companies and Europe’s innovation and technological global leadership in complex ship types.

Market Dynamics:

Driver:

Soaring demand for counterweights

The growth of the manufacturing, transportation, logistics, construction, and e-commerce industries has led to the increasing need for material handling equipment, in part due to heightened focus on automation and safe working practices, especially in the manufacturing sector. Warehousing has become a crucial part of several industries. Thus, the need for material handling equipment has increased, which, in turn, has increased the demand for counterweights.

Restraint:

Varying cost of counterweights 

Due to the varying cost of the raw materials used for counterweights, end users are compromising on the quality of the product by selecting other materials that are comparatively cheaper but provide similar benefits. Consumers are selecting concrete counterweights for their applications as they are cheaper. Concrete density can be improved by adding dense aggregates such as limonite, hematite, or magnetite, or metal bits and scraps into the concrete mix.

Opportunity:

The generation of additional demand for material handling equipment

The generation of additional demand for material handling equipment by booming retail sector will provide new opportunities for the market. As a result, growing spending on construction industry will necessitate the use of more industrial counterweights in the construction of different buildings, which will serve as a catalyst for the industrial counterweights industry in the future. Since most of the material handling systems require counterweights to counterbalance the load, the demand for counterweights has increased due to new opportunities created by the material handling equipment market.

Threat:

Environmental constraints

 Due to varying temperatures across different regions of the world, manufacturers of counterweights need to wisely choose the material for counterweights. High temperature reduces the material’s strength and stiffness, whereas low temperature increases material stiffness and strength.  Also, at low temperatures, they tend to shrink in size and become brittle. Since material properties like tensile strength, yield strength, and modules of elasticity are least impacted by high temperature, it may affect the market growth.

The iron & steel segment is expected to be the largest during the forecast period

The use of industrial counterweights made from steel and iron are gaining considerable traction. The properties of iron and steel such as good ductility, tensile strength, etc. prove to be useful for demand generation. Hence, the iron and steel material segment is estimated to observe the highest growth.

The construction segment is expected to have the highest CAGR during the forecast period

Construction industry use industrial counterweights systems to decrease the human interference, to increase efficiency and to increase stability of the equipments used. Using industrial counterweights systems, construction industry operators can easily load and unload the material by counterbalancing the weights with the help of counterweights used.

Region with largest share:

Asia Pacific is projected to hold the largest market share due to the factors such as fast-growing economies, increasing demand of huge population and necessity for high-rise buildings. Moreover, increased production rates, Countries such as China and Japan are focusing on construction activities and industrial manufacturing business like automotive to reduce human lanor, are expected to drive the industrial counterweights market in this region.

Region with highest CAGR:

North America is projected to have the highest CAGR due to the factors such as electric forklift trucks are getting a lot of traction in industrialized countries of the region. Rather than traditional forklift trucks, players here are investing heavily in innovative and modern forklift trucks.

Key players in the market:

Some of the key players profiled in the Industrial Counterweights Market include International Steel & Counterweights, Agescan International, Edgetech Industries, Shanxi Huaxiang Group Co. Ltd., Tenwinkel GmbH & Co.KG, Betonfertigteile Ernst Binder GmbH, Casting Quality and Bruckert Beton GmbH.

Key developments:

In October 2019: CMN partnered with Hydroquest and designed gravity-based ballasts together.

In February 2019: Crescent Foundry expanded its cast iron castings manufacturing capacity from 1,900 tpm to 8,333 tpm at Kulgachia in the Howrah district of West Bengal, India.

In January 2019: Sic Lazaro acquired Diamond Industries, a metal fabrication firm, to expand its fabrication capabilities, and, thus, the manufacturing of counterweights.

Types Covered:
• Fixed
• Swinging

Materials Covered:
• Concrete
• Iron & Steel

Applications Covered:
• Excavators
• Grinding Wheels
• Elevators
• Forklifts
• Cranes
• Lifts

End Users Covered:
• Mining
• Construction
• Renewables
• Industrial Manufacturing
• Marine
• Agriculture
• Logistics

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India        
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary       
        
2 Preface       
 2.1 Abstract      
 2.2 Stake Holders      
 2.3 Research Scope      
 2.4 Research Methodology      
  2.4.1 Data Mining     
  2.4.2 Data Analysis     
  2.4.3 Data Validation     
  2.4.4 Research Approach     
 2.5 Research Sources      
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions     
        
3 Market Trend Analysis       
 3.1 Introduction      
 3.2 Drivers      
 3.3 Restraints      
 3.4 Opportunities      
 3.5 Threats      
 3.6 Application Analysis      
 3.7 End User Analysis      
 3.8 Emerging Markets      
 3.9 Impact of Covid-19      
        
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry      
        
5 Global Industrial Counterweights Market, By Type       
 5.1 Introduction      
 5.2 Fixed      
  5.2.1 Fixed Frames     
  5.2.2 Floating Frames     
 5.3 Swinging      
        
6 Global Industrial Counterweights Market, By Material       
 6.1 Introduction      
 6.2 Concrete      
 6.3 Iron & Steel      
        
7 Global Industrial Counterweights Market, By Application       
 7.1 Introduction      
 7.2 Excavators      
 7.3 Grinding Wheels      
 7.4 Elevators      
 7.5 Forklifts      
 7.6 Cranes      
 7.7 Lifts      
        
8 Global Industrial Counterweights Market, By End User       
 8.1 Introduction      
 8.2 Mining      
 8.3 Construction      
 8.4 Renewables      
 8.5 Industrial Manufacturing      
 8.6 Marine      
 8.7 Agriculture      
 8.8 Logistics      
        
9 Global Industrial Counterweights Market, By Geography       
 9.1 Introduction      
 9.2 North America      
  9.2.1 US      
  9.2.2 Canada     
  9.2.3 Mexico     
 9.3 Europe      
  9.3.1 Germany     
  9.3.2 UK     
  9.3.3 Italy     
  9.3.4 France     
  9.3.5 Spain     
  9.3.6 Rest of Europe     
 9.4 Asia Pacific      
  9.4.1 Japan     
  9.4.2 China      
  9.4.3 India     
  9.4.4 Australia     
  9.4.5 New Zealand     
  9.4.6 South Korea     
  9.4.7 Rest of Asia Pacific     
 9.5 South America      
  9.5.1 Argentina     
  9.5.2 Brazil     
  9.5.3 Chile     
  9.5.4 Rest of South America      
 9.6 Middle East & Africa      
  9.6.1 Saudi Arabia     
  9.6.2 UAE     
  9.6.3 Qatar     
  9.6.4 South Africa     
  9.6.5 Rest of Middle East & Africa     
        
10 Key Developments       
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures      
 10.2 Acquisitions & Mergers      
 10.3 New Product Launch      
 10.4 Expansions      
 10.5 Other Key Strategies      
        
11 Company Profiling       
 11.1 International Steel & Counterweights      
 11.2 Agescan International      
 11.3 Edgetech Industries      
 11.4 Shanxi Huaxiang Group Co. Ltd.      
 11.5 Tenwinkel GmbH & Co.KG      
 11.6 Betonfertigteile Ernst Binder GmbH      
 11.7 Casting Quality      
 11.8 Bruckert Beton GmbH      
        
List of Tables        
1 Global Industrial Counterweights Market Outlook, By Region (2020-2028) ($MN)       
2 Global Industrial Counterweights Market Outlook, By Type (2020-2028) ($MN)       
3 Global Industrial Counterweights Market Outlook, By Fixed (2020-2028) ($MN)       
4 Global Industrial Counterweights Market Outlook, By Fixed Frames (2020-2028) ($MN)       
5 Global Industrial Counterweights Market Outlook, By Floating Frames (2020-2028) ($MN)       
6 Global Industrial Counterweights Market Outlook, By Swinging (2020-2028) ($MN)       
7 Global Industrial Counterweights Market Outlook, By Material (2020-2028) ($MN)       
8 Global Industrial Counterweights Market Outlook, By Concrete (2020-2028) ($MN)       
9 Global Industrial Counterweights Market Outlook, By Iron & Steel (2020-2028) ($MN)       
10 Global Industrial Counterweights Market Outlook, By Application (2020-2028) ($MN)       
11 Global Industrial Counterweights Market Outlook, By Excavators (2020-2028) ($MN)       
12 Global Industrial Counterweights Market Outlook, By Grinding Wheels (2020-2028) ($MN)       
13 Global Industrial Counterweights Market Outlook, By Elevators (2020-2028) ($MN)       
14 Global Industrial Counterweights Market Outlook, By Forklifts (2020-2028) ($MN)       
15 Global Industrial Counterweights Market Outlook, By Cranes (2020-2028) ($MN)       
16 Global Industrial Counterweights Market Outlook, By Lifts (2020-2028) ($MN)       
17 Global Industrial Counterweights Market Outlook, By End User (2020-2028) ($MN)       
18 Global Industrial Counterweights Market Outlook, By Mining (2020-2028) ($MN)       
19 Global Industrial Counterweights Market Outlook, By Construction (2020-2028) ($MN)       
20 Global Industrial Counterweights Market Outlook, By Renewables (2020-2028) ($MN)       
21 Global Industrial Counterweights Market Outlook, By Industrial Manufacturing (2020-2028) ($MN)       
22 Global Industrial Counterweights Market Outlook, By Marine (2020-2028) ($MN)       
23 Global Industrial Counterweights Market Outlook, By Agriculture (2020-2028) ($MN)       
24 Global Industrial Counterweights Market Outlook, By Logistics (2020-2028) ($MN)       
25 North America Industrial Counterweights Market Outlook, By Country (2020-2028) ($MN)        
26 North America Industrial Counterweights Market Outlook, By Type (2020-2028) ($MN)       
27 North America Industrial Counterweights Market Outlook, By Fixed (2020-2028) ($MN)       
28 North America Industrial Counterweights Market Outlook, By Fixed Frames (2020-2028) ($MN)       
29 North America Industrial Counterweights Market Outlook, By Floating Frames (2020-2028) ($MN)       
30 North America Industrial Counterweights Market Outlook, By Swinging (2020-2028) ($MN)       
31 North America Industrial Counterweights Market Outlook, By Material (2020-2028) ($MN)       
32 North America Industrial Counterweights Market Outlook, By Concrete (2020-2028) ($MN)       
33 North America Industrial Counterweights Market Outlook, By Iron & Steel (2020-2028) ($MN)       
34 North America Industrial Counterweights Market Outlook, By Application (2020-2028) ($MN)       
35 North America Industrial Counterweights Market Outlook, By Excavators (2020-2028) ($MN)       
36 North America Industrial Counterweights Market Outlook, By Grinding Wheels (2020-2028) ($MN)       
37 North America Industrial Counterweights Market Outlook, By Elevators (2020-2028) ($MN)       
38 North America Industrial Counterweights Market Outlook, By Forklifts (2020-2028) ($MN)        
39 North America Industrial Counterweights Market Outlook, By Cranes (2020-2028) ($MN)       
40 North America Industrial Counterweights Market Outlook, By Lifts (2020-2028) ($MN)       
41 North America Industrial Counterweights Market Outlook, By End User (2020-2028) ($MN)       
42 North America Industrial Counterweights Market Outlook, By Mining (2020-2028) ($MN)       
43 North America Industrial Counterweights Market Outlook, By Construction (2020-2028) ($MN)       
44 North America Industrial Counterweights Market Outlook, By Renewables (2020-2028) ($MN)       
45 North America Industrial Counterweights Market Outlook, By Industrial Manufacturing (2020-2028) ($MN)       
46 North America Industrial Counterweights Market Outlook, By Marine (2020-2028) ($MN)       
47 North America Industrial Counterweights Market Outlook, By Agriculture (2020-2028) ($MN)       
48 North America Industrial Counterweights Market Outlook, By Logistics (2020-2028) ($MN)       
49 Europe Industrial Counterweights Market Outlook, By Country (2020-2028) ($MN)       
50 Europe Industrial Counterweights Market Outlook, By Type (2020-2028) ($MN)       
51 Europe Industrial Counterweights Market Outlook, By Fixed (2020-2028) ($MN)       
52 Europe Industrial Counterweights Market Outlook, By Fixed Frames (2020-2028) ($MN)       
53 Europe Industrial Counterweights Market Outlook, By Floating Frames (2020-2028) ($MN)       
54 Europe Industrial Counterweights Market Outlook, By Swinging (2020-2028) ($MN)       
55 Europe Industrial Counterweights Market Outlook, By Material (2020-2028) ($MN)       
56 Europe Industrial Counterweights Market Outlook, By Concrete (2020-2028) ($MN)       
57 Europe Industrial Counterweights Market Outlook, By Iron & Steel (2020-2028) ($MN)       
58 Europe Industrial Counterweights Market Outlook, By Application (2020-2028) ($MN)       
59 Europe Industrial Counterweights Market Outlook, By Excavators (2020-2028) ($MN)       
60 Europe Industrial Counterweights Market Outlook, By Grinding Wheels (2020-2028) ($MN)       
61 Europe Industrial Counterweights Market Outlook, By Elevators (2020-2028) ($MN)       
62 Europe Industrial Counterweights Market Outlook, By Forklifts (2020-2028) ($MN)       
63 Europe Industrial Counterweights Market Outlook, By Cranes (2020-2028) ($MN)       
64 Europe Industrial Counterweights Market Outlook, By Lifts (2020-2028) ($MN)       
65 Europe Industrial Counterweights Market Outlook, By End User (2020-2028) ($MN)       
66 Europe Industrial Counterweights Market Outlook, By Mining (2020-2028) ($MN)       
67 Europe Industrial Counterweights Market Outlook, By Construction (2020-2028) ($MN)       
68 Europe Industrial Counterweights Market Outlook, By Renewables (2020-2028) ($MN)       
69 Europe Industrial Counterweights Market Outlook, By Industrial Manufacturing (2020-2028) ($MN)       
70 Europe Industrial Counterweights Market Outlook, By Marine (2020-2028) ($MN)       
71 Europe Industrial Counterweights Market Outlook, By Agriculture (2020-2028) ($MN)       
72 Europe Industrial Counterweights Market Outlook, By Logistics (2020-2028) ($MN)       
73 Asia Pacific Industrial Counterweights Market Outlook, By Country (2020-2028) ($MN)       
74 Asia Pacific Industrial Counterweights Market Outlook, By Type (2020-2028) ($MN)       
75 Asia Pacific Industrial Counterweights Market Outlook, By Fixed (2020-2028) ($MN)       
76 Asia Pacific Industrial Counterweights Market Outlook, By Fixed Frames (2020-2028) ($MN)       
77 Asia Pacific Industrial Counterweights Market Outlook, By Floating Frames (2020-2028) ($MN)       
78 Asia Pacific Industrial Counterweights Market Outlook, By Swinging (2020-2028) ($MN)       
79 Asia Pacific Industrial Counterweights Market Outlook, By Material (2020-2028) ($MN)       
80 Asia Pacific Industrial Counterweights Market Outlook, By Concrete (2020-2028) ($MN)       
81 Asia Pacific Industrial Counterweights Market Outlook, By Iron & Steel (2020-2028) ($MN)       
82 Asia Pacific Industrial Counterweights Market Outlook, By Application (2020-2028) ($MN)       
83 Asia Pacific Industrial Counterweights Market Outlook, By Excavators (2020-2028) ($MN)       
84 Asia Pacific Industrial Counterweights Market Outlook, By Grinding Wheels (2020-2028) ($MN)       
85 Asia Pacific Industrial Counterweights Market Outlook, By Elevators (2020-2028) ($MN)       
86 Asia Pacific Industrial Counterweights Market Outlook, By Forklifts (2020-2028) ($MN)       
87 Asia Pacific Industrial Counterweights Market Outlook, By Cranes (2020-2028) ($MN)       
88 Asia Pacific Industrial Counterweights Market Outlook, By Lifts (2020-2028) ($MN)       
89 Asia Pacific Industrial Counterweights Market Outlook, By End User (2020-2028) ($MN)       
90 Asia Pacific Industrial Counterweights Market Outlook, By Mining (2020-2028) ($MN)       
91 Asia Pacific Industrial Counterweights Market Outlook, By Construction (2020-2028) ($MN)       
92 Asia Pacific Industrial Counterweights Market Outlook, By Renewables (2020-2028) ($MN)       
93 Asia Pacific Industrial Counterweights Market Outlook, By Industrial Manufacturing (2020-2028) ($MN)       
94 Asia Pacific Industrial Counterweights Market Outlook, By Marine (2020-2028) ($MN)       
95 Asia Pacific Industrial Counterweights Market Outlook, By Agriculture (2020-2028) ($MN)       
96 Asia Pacific Industrial Counterweights Market Outlook, By Logistics (2020-2028) ($MN)       
97 South America Industrial Counterweights Market Outlook, By Country (2020-2028) ($MN)       
98 South America Industrial Counterweights Market Outlook, By Type (2020-2028) ($MN)       
99 South America Industrial Counterweights Market Outlook, By Fixed (2020-2028) ($MN)       
100 South America Industrial Counterweights Market Outlook, By Fixed Frames (2020-2028) ($MN)       
101 South America Industrial Counterweights Market Outlook, By Floating Frames (2020-2028) ($MN)       
102 South America Industrial Counterweights Market Outlook, By Swinging (2020-2028) ($MN)       
103 South America Industrial Counterweights Market Outlook, By Material (2020-2028) ($MN)       
104 South America Industrial Counterweights Market Outlook, By Concrete (2020-2028) ($MN)       
105 South America Industrial Counterweights Market Outlook, By Iron & Steel (2020-2028) ($MN)       
106 South America Industrial Counterweights Market Outlook, By Application (2020-2028) ($MN)       
107 South America Industrial Counterweights Market Outlook, By Excavators (2020-2028) ($MN)       
108 South America Industrial Counterweights Market Outlook, By Grinding Wheels (2020-2028) ($MN)       
109 South America Industrial Counterweights Market Outlook, By Elevators (2020-2028) ($MN)       
110 South America Industrial Counterweights Market Outlook, By Forklifts (2020-2028) ($MN)       
111 South America Industrial Counterweights Market Outlook, By Cranes (2020-2028) ($MN)       
112 South America Industrial Counterweights Market Outlook, By Lifts (2020-2028) ($MN)       
113 South America Industrial Counterweights Market Outlook, By End User (2020-2028) ($MN)       
114 South America Industrial Counterweights Market Outlook, By Mining (2020-2028) ($MN)       
115 South America Industrial Counterweights Market Outlook, By Construction (2020-2028) ($MN)       
116 South America Industrial Counterweights Market Outlook, By Renewables (2020-2028) ($MN)       
117 South America Industrial Counterweights Market Outlook, By Industrial Manufacturing (2020-2028) ($MN)       
118 South America Industrial Counterweights Market Outlook, By Marine (2020-2028) ($MN)       
119 South America Industrial Counterweights Market Outlook, By Agriculture (2020-2028) ($MN)       
120 South America Industrial Counterweights Market Outlook, By Logistics (2020-2028) ($MN)       
121 Middle East & Africa Industrial Counterweights Market Outlook, By Country (2020-2028) ($MN)       
122 Middle East & Africa Industrial Counterweights Market Outlook, By Type (2020-2028) ($MN)       
123 Middle East & Africa Industrial Counterweights Market Outlook, By Fixed (2020-2028) ($MN)       
124 Middle East & Africa Industrial Counterweights Market Outlook, By Fixed Frames (2020-2028) ($MN)       
125 Middle East & Africa Industrial Counterweights Market Outlook, By Floating Frames (2020-2028) ($MN)       
126 Middle East & Africa Industrial Counterweights Market Outlook, By Swinging (2020-2028) ($MN)       
127 Middle East & Africa Industrial Counterweights Market Outlook, By Material (2020-2028) ($MN)       
128 Middle East & Africa Industrial Counterweights Market Outlook, By Concrete (2020-2028) ($MN)       
129 Middle East & Africa Industrial Counterweights Market Outlook, By Iron & Steel (2020-2028) ($MN)       
130 Middle East & Africa Industrial Counterweights Market Outlook, By Application (2020-2028) ($MN)       
131 Middle East & Africa Industrial Counterweights Market Outlook, By Excavators (2020-2028) ($MN)       
132 Middle East & Africa Industrial Counterweights Market Outlook, By Grinding Wheels (2020-2028) ($MN)       
133 Middle East & Africa Industrial Counterweights Market Outlook, By Elevators (2020-2028) ($MN)       
134 Middle East & Africa Industrial Counterweights Market Outlook, By Forklifts (2020-2028) ($MN)       
135 Middle East & Africa Industrial Counterweights Market Outlook, By Cranes (2020-2028) ($MN)       
136 Middle East & Africa Industrial Counterweights Market Outlook, By Lifts (2020-2028) ($MN)       
137 Middle East & Africa Industrial Counterweights Market Outlook, By End User (2020-2028) ($MN)       
138 Middle East & Africa Industrial Counterweights Market Outlook, By Mining (2020-2028) ($MN)       
139 Middle East & Africa Industrial Counterweights Market Outlook, By Construction (2020-2028) ($MN)       
140 Middle East & Africa Industrial Counterweights Market Outlook, By Renewables (2020-2028) ($MN)       
141 Middle East & Africa Industrial Counterweights Market Outlook, By Industrial Manufacturing (2020-2028) ($MN)       
142 Middle East & Africa Industrial Counterweights Market Outlook, By Marine (2020-2028) ($MN)       
143 Middle East & Africa Industrial Counterweights Market Outlook, By Agriculture (2020-2028) ($MN)       
144 Middle East & Africa Industrial Counterweights Market Outlook, By Logistics (2020-2028) ($MN)       

 

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