The Global Sprocket Market To Portray An Impressive Growth Of Around 7% CAGR Across The 2021-2031

The global automotive industry is witnessing drastic changes as result of technological advancements and introduction of electric vehicles. This will result in providing a boost to the sales of sprockets across regions. Furthermore, increasing demand from motorcycle OEMs will also complement demand growth over the forecast period.

With a wide range of application in end-use industries, such as linear motion in two wheelers, power transmission in building and construction, and the agriculture industry, demand for sprockets, especially steel sprockets, is set to increase at a faster rate in future.

As per the report published by Fact.MR, the global sprocket market is anticipated to expand at a noteworthy CAGR of 7% through 2031.

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Key Takeaways from Market Study

  • The global sprocket market is expected to grow 2X in value over the next ten years.
  • Plain bore sprockets are projected to hold a prominent market share in terms of value over the forecast period. However, taper lock bore sprockets are projected to resister a higher growth rate of 7.4% in terms of value.
  • Below ½ pitch sprockets are estimated to account for 30% revenue share of the market by 2021-end, but are expected to lose 39 BPS by 2031.
  • The thermoplastic segment is expected to expand at a CAGR of more than 8% in terms of value, to be valued at US$ 410 Mn by 2031-end.
  • Largest share is contributed by the building and construction segment in terms of sprocket demand, representing a CAGR of 7% across the forecast period.
  • The market in the U.S. and U.K. is expected to expand at a CAGR of close to 5% each through 2031.
  • Developing countries in Asia, such as China and India, will witness high growth, at expected CAGRs of 8.3% and 6.7%, respectively.

“Increasing industrialization and technological shift towards electric vehicles will facilitate marvellous growth opportunities for sprocket manufacturers during the 2021-2031 period,”

says a Fact.MR analyst.

How will Growth of Automotive Industry Impact Demand for Sprockets?

During the forecast period, the automotive industry is expected to go through drastic change as an aftereffect of mounting demand for electric vehicles. Furthermore, regional governments are also providing incentives for the purchase of electric vehicles. Advancing demand for electric vehicles with low emission is seen as a disruptive technology, which is expected to drive transformation in the mobility industry.

Increased use of bicycles and motorcycles has led to higher potential demand for sprockets globally. Elevation in the graph of bicycles was recorded due to the boom of health-conscious population. Bicycles suitable for family use, neighborhood rides, short-distance rides, and fun strolls have experienced massive growth.

Aforementioned factors will facilitate numerous growth opportunities for sprocket manufacturers over the coming years. With mounting sales of passenger cars and two wheelers, demand from the automotive industry is expected to experience a growth rate of more than 4.5%.

Why is Meeting Safety Rules Important for End-use Verticals?

Safety rules set by governments for construction machinery, automotive, manufacturing, and food and beverage industries play a huge role in driving the sales of sprockets. Prolonged use of chains and sprockets altogether not only cause wear of the machine but also decreases its efficiency.

Government safety standards insist on changing of worn machine parts on a timely basis. This not only ensures safety of the user but also increases the longevity of the machine. Constant wearing of chains and sprockets also generates noise in the whole appliance, causing discomfort to the user and also adds to the level of noise pollution.

Furthermore, OSHA and vehicle safety norms take care of related problems and impose stringent actions against defaulters. All this is leading to heightened demand for sprockets across regions.

Category-Wise Insights

Which Type of Material has the Highest Demand for Sprocket Manufacturing?

Materials that are used to manufacture sprockets are steel, cast iron, thermoplastic, and many others. Of these, steel holds the maximum market share in terms of volume. There is continuous advancing demand from automotive and heavy industry manufacturing machine producers.

Followed by steel, cast iron captures a significant share of demand. However, thermoplastic is expected to experience impressive growth over the forecast period, which is more than the global average.

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Competitive Landscape

North America and Europe are home to leading sprocket manufacturers such as Renold PLC, Rexnord Corp., Regal Beloit, SKF Group, Altra Industrial Motion, and others. East Asia, followed by South Asia, are emerging regions with potential market players such as Tsubakimoto Chain Group, Senqcia Corporation, and others. Latin America and MEA are steadily progressing on the back of improving manufacturing facilities across these regions.

Fact.MR has profiled the following prominent sprocket manufacturers in its report:

  • Tsubakimoto Chain Group
  • Martin Sprocket and Gear Inc.
  • Rexnord Corporation
  • Regal Beloit
  • SKF Group
  • Renold PLC
  • PT international (Solve industrial Motion Group)
  • ABB
  • Boston Gear (Altra Industrial Motion)
  • Lovejoy (The Timken Company)

The market is fragmented in terms of the supply pie. Key players such as Rexnord Corporation, SKF Group, and PT International hold a majority of the market share and are key price controllers.

Key Market Segments

Pitch

  • Standard
    •  Below 1/2 Inch
    •  1/2 – 1 Inch
    •  1 – 1.5 Inch
    •  1.5 – 2 Inch
    •  Above 2 Inch
  •  Customized

Material

  • Steel
    •  Stainless Steel
    •  Carbon Steel
  •  Cast Iron
  •  Thermoplastics
  •  Others

Bore

  • Plain
  •  Taper Lock

Strand

  • Simplex
  •  Duplex
  •  Triplex

Application

  • Conveyors
  •  Rotor Roller
  •  Other Drives

End Use Vertical

  • Bicycles
  •  Motorcycles
  •  Building & Construction
  •  Food & Beverages
  •  Glass & Plastic
  •  Textiles
  •  Agricultural Equipment
  •  Others

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa (MEA)

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