Scrap Lifting Magnets Market Report Overview
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The global scrap lifting magnets market size was USD 379.4 million in 2021 and is projected to touch USD 510.08 million by 2031, exhibiting a CAGR of 3.0% during the forecast period.
Scrap lifting magnets are used for lifting. They are available in various shapes and sizes. It makes scrap handling more sustainable, more efficient, and productive. The equipment is flexible, fast, and ensures safety. They are used to lift, forgings, casting, plates, and transport steel parts, booms, channels, angles, rods, and bars.
Increasing demand to lift magnet is estimated to fuel market growth. Growing demand to improve the performance and life of lifting magnets is predicted to surge market progress. Growing demand from recycling industries is expected to foster market expansion. The equipment can be used for decades which is predicted to propel market growth. It has special design and a weatherproof design, projected to drive market growth in the forthcoming years. Scrap magnets are appropriate for sorting out cast ingot, pig iron, steel ball machine chips, several kinds of steel scraps, return scraps, cropping, baling scraps. Such advantages of the machinery are anticipated to accelerate market progress.
COVID-19 Impact: Trade Conflicts and Supply Chain Disruption Hampered Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with scrap lifting magnets experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
COVID-19 pandemic massively impacted supply chain of the market. Trade conflicts between China and the U.S. reduced equipment demand. Further, materials shortages affected the world market. Supply chains were disrupted and may even grind to a halt in some cases. The prices of raw materials hiked due to border closure. Logistics and handling resulted more difficult than ever in the wake of labor shortages, a pandemic, and much more. Lack of manufacturers, such as metal casters, impacted market progress. Shutdown of several end-user industries and closure of nuclear plants affected market growth.
LATEST TRENDS
"Growing Demand from Foundry Industries to Foster Market Expansion"
Increasing need for the machinery in the foundry industries is estimated to surge market growth. The industries are extensively used to produce castings by filling molds is expected to expand market growth. Increasing demand for standard living industrial development is anticipated to accelerate market growth. Growing need to lift scraps from industries is predicted to surge market growth in the coming years. Increasing need for higher-efficiency operation is anticipated to accelerate scrap lifting magnets market growth.
Scrap Lifting Magnets Market Segmentation
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- By Type
Based on type, the market is divided into rectangular magnets and circular magnets.
Rectangular magnets are expected to be the leading part of the segmentation type.
- By Application
Based on the application, the market is divided into foundry industries, recycling industries, and others.
Foundry industries are expected to be the leading part of application segmentation.
DRIVING FACTORS
"Growth in Recycling Industry to Incite Market Growth"
Increasing demand from recycling industries is estimated to expand market growth. Growing innovations for recycling waste are projected to drive market growth. Increasing government regulation and initiatives for eco-friendly equipment is anticipated to foster market growth. Rising awareness about the importance of material separation is predicted to fuel market progress in the coming years. Growing need to improve product design is estimated to boost scrap lifting magnets market growth. Rapid industrialization and urbanization are predicted to surge market growth. Scrap magnets are appropriate for sorting out cast ingot, pig iron, and steel ball machine chips for several kinds of steel scraps, return scraps, cropping, and baling scraps. Such advantages of the machinery are anticipated to accelerate market progress
"Advantages Associated with Equipment to Stimulate Market Growth"
The equipment has multiple benefits, which is predicted to surge market growth. The equipment can operate at maximum capacity and has load optimization. Such advantages of the equipment are predicted to surge market progress. Rising popularity of the equipment among steel, mills, foundries, and scrap yards is anticipated to fuel market growth. It has maximum weight lifting capacity and tears conditions, which is projected to boost product adoption. The product can handle tons of scraps and perform for an hour which is anticipated to accelerate market progress. It gives exceptional and efficient performances is predicted to propel market development in the coming years. Growing recent industries and development are predicted to expand scrap lifting magnets market growth.
RESTRAINING FACTORS
"High Cost and Trained Worker to Restrict Market Progress"
High cost associated with the machinery is anticipated to reduce product adoption. Lack of trained workers is predicted to hinder market growth during the forecast period.
Scrap Lifting Magnets Market Regional Insights
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"Presence of Mining Sector in North America to Drive Market Share "
North America is expected to witness considerable scrap lifting magnets market share due to the presence of mining sectors. Increasing demand to lift magnets is estimated to fuel market growth. Growing demand to improve the performance and life of lifting magnets is predicted to surge market progress. Growing demand from recycling industries is expected to foster market expansion. The equipment can be used for decades which is predicted to propel market growth. It has a special and weatherproof design, projected to drive scrap lifting magnets market growth in the forthcoming years. Presence of major market players in the region is projected to boost market progress.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Walker Magnetics (U.S.)
- SGM Magnetics (Italy)
- Sinfonia Technology (Japan)
- Ohio Magnetics (U.S.)
- Kanetec (Japan)
- Magnetic Lifting Technologies US (MLTUS) (U.S.)
- Magnet Lifting (U.S)
- WOKO (Heppenstall Technology) (Switzerland)
- Sumitomo Heavy Industries (Japan)
- Gauss Magneti (Italy)
- Electro Magnetic Industries (India)
- Elektromag (India)
- Walmag Magnetics (Czech Republic)
- LONGi Magnet (China)
- Adoba GmbH (Germany)
- Papko Magnet Co. (U.S.)
- Gensco Equipment (Canada)
- Zanetti Magneti (Italy)
- Evertz Group (Canada)
- Hunan Kemeida Electric (China)
- Wrinkle Industries (India)
- Sarda Magnets (India)
- Kakku E & P Control Co. (India)
- Moley Magnetics (U.S.)
- Braillon Magnetics (France)
- MLTUS
- YATE Magnetics
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 379.4 Million in 2021 |
Market Size Value By |
US$ 510.08 Million by 2031 |
Growth Rate |
CAGR of 3% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the scrap lifting magnets market expected to touch by 2031?
The global scrap lifting magnets market is expected to reach USD 510.08 million by 2031.
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What CAGR is the scrap lifting magnets market expected to exhibit by 2031?
The scrap lifting magnets market is expected to exhibit a CAGR of 3.0% by 2031.
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Which are the driving factors of the scrap lifting magnets market?
Drivers of this scrap lifting magnets market are growth in recycling industry and advantages associated with equipment.
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Which are the top companies operating in the scrap lifting magnets market?
Walker Magnetics, SGM Magnetics, Sinfonia Technology, Ohio Magnetics, Kanetec, Magnetic Lifting Technologies US (MLTUS), Magnet Lifting, WOKO (Heppenstall Technology), Sumitomo Heavy Industries, Gauss Magneti, Electro Magnetic Industries, Elektromag, Walmag Magnetics, LONGi Magnet, Adoba GmbH, Papko Magnet Co., Gensco Equipment, Zanetti Magneti, Evertz Group, YATE Magnetics, Hunan Kemeida Electric, Wrinkle Industries, Sarda Magnets, Kakku E & P Control Co., Moley Magnetics, MLTUS, and Braillon Magnetics.
