Lifting Tong Market Size, Share, Growth, and Industry Growth by Type (Supporting Tong, Gripping Tong and Pressure Tong) By Application (Automobile, Aeronautics and Astronautics, Metallurgical, Manufacturing and Other), Regional Forecast To 2032

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Lifting Tong Market REPORT OVERVIEW

The global Lifting Tong Market size was valued at approximately USD 2 billion in 2023 and is expected to reach USD 2.95 billion by 2032, growing at a compound annual growth rate (CAGR) of about 5% during forecast period.

Lifting Tongs are specialized lifting tools most often employed in a repetitive production scenario to move steel forms. Tongs are used in steel mills, steel forging, and steel casting factories because they are made to fit a certain range of steel sizes and weights and can handle various steel types at high temperatures.

As the machinery and equipment made of semiconductors that are used to raise other pieces of machinery and goods produced by numerous heavy-duty industries. These tools are used to lessen the workload and human error involved in lifting and moving goods and other machinery from one place to another.

COVID-19 Impact: Trade Disputes and Supply Chain Disruptions Slowed Market Expansion

Due to the stringent lockdowns and social segregation implemented to stop the virus's transmission, the COVID-19 had a detrimental effect on the lifting tong business. The demand for lifting tongs was hurt by the uncertain economy, a partial corporate shutdown, and poor consumer confidence. During the epidemic, the supply chain was impeded along with logistics operations. Yet, because of the removal of the restrictions, it is anticipated that the market for lifting tongs will pick up during the post-pandemic scenario. 

LATEST TRENDS

"Expansion of the Construction Sector to Spur Market Expansion "

One of the key reasons behind the growth of the lifting tong market is the expansion of the building sector combined with the rapid industrialization. These vehicles are well-known for being robust, convenient, affordable, and simple to maintain. They frequently perform a variety of industrial jobs because of their distinctive characteristics. The market expansion is accelerated by the rise in warehouse construction in developing nations. The expansion of the market is positively impacted by the rise in demand from the manufacturing sector. 

Lifting Tong Market Segmentation

• By Type Analysis

By type, the lifting tong market is segmented into supporting tong, gripping tong and pressure tong.  

The supporting tong type of segment will dominate the lifting tong market in the coming years. 

• By Application Analysis

Based on applications, the lifting tong market is automobile, aeronautics, and astronautics, metallurgical, manufacturing, and other.

The automobile use segment will lead the global share through 2031. 

DRIVING FACTORS

"The Equipment Rental Industry is the Main Trend Fuelling Market Expansion "

For customers including construction businesses, industrial companies, municipalities, government agencies, and independent contractors, market participants are providing a wide range of handling and lifting equipment in the rental construction sector in response to the growing demand for lifting tong. During the course of the projected period, it is anticipated that this tendency will positively affect the expansion of the lifting tong market worldwide. 

"Increasing Foundry Industry Need Would Promote Market Expansion  "

It is expected that there would be a boom in demand for machines in the foundry sector. Lifting tong market growth is anticipated to increase due to the industries' increased use of castings produced by filling molds. Industrial development is expected to speed up market expansion due to rising standard of living demands. In the upcoming years, there will likely be a sharp increase in the need for lifting tongs from various industries. The demand for more efficient operations is expected to drive the expansion for lifting tong market.

RESTRAINING FACTORS

"High Cost and Skilled Worker to Limit Market Advancement"

It is projected that the machinery's high cost will hinder product uptake. The market will likely be hampered by a lack of skilled people. High failure rates, high initial investment prices, and high maintenance costs are anticipated to limit market expansion. The market for industrial lifting tong is also anticipated to face challenges during the forecast period due to a lack of experienced operators. 

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Lifting Tong Market REGIONAL INSIGHTS

"North America to Grow at the Highest Lifting Tong Market Share During the Forecast Period"

Due to the existence of the mining industries, North America is anticipated to experience a significant rise tong market share. According to estimates, rising demand for lifting tools will propel market expansion. It is anticipated that increased demand for lifting tongs with better performance and longevity will accelerate market growth. It is anticipated that rising recycling industry demand will encourage market growth. The equipment's long lifespan is expected to fuel market expansion. Its unique and waterproof construction is anticipated to propel the growth of the lifting tong market in the ensuing years. Major market companies' presence in the area is anticipated to accelerate market growth. 

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio. 

LIST OF TOP LIFTING TONG COMPANIES

• Bishop Lifting Products (U.S.) 
• Bushman Equipment, Inc. (U.S.)
• Hercules SLR (Canada)
• Tri-State Rigging Equipment (U.S.)
• Professional Lifting Services Ltd (UK.)
• Mcmaster (U.S.)
• Pragya Precision Equipment (India)
• Bozok Defense (Turkey)
• Wm Clark and Son(UK.)
• SA Industries (India)
• Super Tool Co.,Ltd. (Japan)
• Wuxi Fengying hoisting machinery. (China)
• Hebei Chenghua Machinery Manufacturing Co. LTD (China)
• Baoding Dali Hoisting Machinery Co., LTD (China)
• Jiangsu Zhengshen Suo Co., LTD  (China)   

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services, or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes several other factors that have contributed to recent lifting tong market growth in some regions.