July 22, 2024

The Global Clamps Market Is Projected To Driven By Increasing Use In Industrial Applications

The global clamps market plays a vital role in securing components across various industrial applications such as manufacturing, construction, mining, automotive and transportation and logistics. Clamps are used to hold together or rigidly connect two or more objects or parts through mechanical force. They find widespread use in applications ranging from holding materials together during manufacturing processes to securing parts during assembly and transportation. Major types of clamps used include C-clamps, G-clamps, bar clamps, pipe clamps and pinch clamps. Safety and reliability are the key advantages offered by clamps which makes them an indispensable component in industrial settings.

The global Clamps Market is estimated to be valued at US$ 205.17 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:
Growing demand for adjustable and all-purpose clamps
Adjustable clamps offer versatility and flexibility compared to fixed size clamps. Manufacturers are focusing on developing multi-purpose clamping solutions that can handle various workpiece thicknesses and sizes. For instance, bar clamps and quick-grip clamps allow for micro-adjusting the clamping space easily. Serving diverse industrial clamping requirements through single clamping solutions is expected to significantly drive the sales of adjustable and all-purpose clamps.

Porter’s Analysis
Threat of new entrants: The Clamps market has moderate threat of new entrants due to existence of large established players, high initial investment required, and moderate regulatory barriers.
Bargaining power of buyers: Buyers in the Clamps market have moderate bargaining power due to availability of substitute options and price sensitivity.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and not being the major contributors to overall costs.
Threat of new substitutes: Threat of substitutes is low as Clamps have strong brand loyalty and switching costs.
Competitive rivalry: The Clamps market faces high competitive rivalry due to existence of large number of global and regional players competing on pricing and innovation.

Key Takeaways

The Global Clamps Market Size is expected to witness high growth over the forecast period. The global Clamps Market is estimated to be valued at US$ 205.17 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.

Regionally, North America is projected to dominate the global Clamps market during the forecast period. The region accounts for the largest share in the global Clamps market owing to developed industrial sector and high adoption of Clamps. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to increasing activities in end-use industries such as construction, automotive, aerospace & defence and growing demand from emerging economies such as China and India.

Key players: Key players operating in the Clamps market are Covanta Energy Corporation (US),Veolia Environnement S.A. (France),SUEZ (France), Waste Management, Inc. (US),Hitachi Zosen Corporation (Japan), Wheelabrator Technologies Inc. (US),Mitsubishi Heavy Industries Environmental & Chemical Engineering Co., Ltd. (Japan),Xcel Energy Inc. (US),Babcock & Wilcox Enterprises, Inc. (US),Hitachi Zosen Inova AG (Switzerland) and Keppel Seghers (Belgium). Covanta Energy Corporation is one of the largest operator of waste-to-energy facilities in the world.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it