The analysts forecast global industrial chain drives market to grow at a CAGR of 3.20% during the period 2018-2022. The latest trend gaining momentum in the market is Rise in mergers and acquisitions (M&A).
M&A and market alliances between vendors will provide considerable market growth momentum for industrial chain drives during the forecast period.
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Chain and sprocket manufacturers are trying to expand their businesses in developing regions through more investments in new avenues to sustain a competitive advantage over the other key industrial chain manufacturers.
Major key players in the global industrial chain drives market: Regal Beloit, Renold, Rexnord, SKF, The Timken Company, and TSUBAKIMOTO CHAIN
According to the industrial chain drives market report, one of the major drivers for this market is Growing end-user investments in APAC. The demand for industrial chain drives in APAC has increased due to the growing investments in the end-user industries.
The availability of low-cost raw-materials, easy availability of labor resources, advantageous demographic conditions, high demand for industrial products, and low manufacturing costs are the factors that support the high growth potential of industrial chain drive manufacturers in Asia.
Further, the industrial chain drives market report states that one of the major factors hindering the growth of this market is High costs with regard to lubrication and related services. ndustrial chain drives have some hidden costs like lubrication, frequent maintenance, and fast wear.
Most industrial chain drives require lubrication and frequent services to increase their service life; however, the latest lube-free industrial chain drives are an exception. For instance, conveyor chains require continuous lubrication during their operation to reduce energy losses arising from friction.
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Key questions answered in this report
What will the market size be in 2022 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?