Sprockets Market - Forecasts from 2023 to 2028

The sprockets market is projected to grow at a CAGR of 5.09% over the forecast period to reach US$43.942 billion in 2028 from US$31.05 billion in 2021

Overview

Sprockets are mechanical components used to convey rotating motion between two shafts in equipment. To transmit power from a driving source to a driven source, they are often employed in conjunction with chains or belts. Automobile engines, industrial machinery, and other items all frequently use sprockets to meet certain needs like speed, torque, and load capacity. They are offered in a variety of sizes, combinations, and materials such as stainless steel, bronze, and others. The most common kind of sprockets are roller chain sprockets with widespread use ranging from bicycles and motorcycles to conveyors and industrial machines.

Market Drivers:

Surging demand for material handling equipment

Government spending on public infrastructure is driving up demand for construction or material handling equipment, particularly in emerging nations. Further, with the growth of e-commerce, there has been an increased demand for warehousing and logistics as well. Sprockets are widely used in construction and material handling equipment, including forklifts, conveyors, escalators, and elevators as they make it possible for loads to be moved smoothly and under control. Hence, with the rising demand for material handling and construction equipment, the sprockets market size is anticipated to expand.

Growth of robotics and automation

The emergence of cobots, or collaborative robots, has created new possibilities for human-robot collaboration. In automated machinery and robotic systems, sprockets are used to transmit force and motion between various joints and actuators. They make it possible for gantry systems, robotic arms, and other automated applications to move precisely. Consequently, the constant developments and automation in the robotics sector owing to ongoing research and development and increased investments will propel the overall  sprockets market growth

Market players

A few examples of key market players in the sprockets market and their product offerings are as follows:

• Martin Sprocket & Gear supplies a variety of sprockets including standard roller chain sprockets, double pitch sprockets, engineering class sprockets, and speciality sprockets to satisfy customer needs.
• Renold Plc supplies offers a wide range of sprockets such as roller chain sprockets, conveyor chain sprockets, and special application sprockets. Applications for Renold's sprockets can be found in the mining, material handling, and agricultural industries.

Market Restraints:

Price volatility for raw materials:

Sprocket production costs might fluctuate depending on the price of raw materials, which could limit market growth. Many raw materials like steel which is used in the production of sprockets are experiencing volatility owing to several factors, including the geo-political situations such as the conflict in Russia-Ukraine, and the potential recessions several nations are currently experiencing. Hence, the World Steel Association’s demand predictions for 2022 and 2023 witnessed downward revisions of 2.7 and 1.2 percent, respectively in October 2022.

Presence of substitutes

Sprockets may be replaced by alternate technologies, such as direct drive systems or other power transmission techniques, in some applications. This may limit the market expansion for sprockets. Further, sprockets are frequently made to standardized dimensions and standards. Their applicability for specific niches or specialized applications may be constrained by limited customization choices, which may have an impact on the market growth in those segments.

 Growth anticipated in the manufacturing sector

By end-user, manufacturing is expected to acquire a sizeable share of the sprockets market. The expansion of consumer products and electronics stimulates sprocket demand in manufacturing procedures. Moreover, the favorable FDI inflows to bolster F&B, textile and other consumer goods manufacturing coupled with government initiatives and schemes have provided a positive scope to the market demand for sprockets for industrial machinery applications.

Further, the automotive industry requires sprockets for timing systems, crankshafts, and drive systems as they aid in the synchronization of the engine's rotating parts, guaranteeing power transfer and appropriate valve timing. Increasing automotive production is expected to propel sprockets market growth.

Asia Pacific is the most prominent regional player

The Asia-Pacific sprockets market is expected to grow significantly owing to the region's growing use of cutting-edge material handling techniques in the industrial, healthcare, automotive, and other sectors of the economy. The cheap labor and raw materials will also aid the market growth. Companies like Sumitomo Heavy Industries, Harmonic Drive Systems, and Nidec Corporation are making significant investments in R&D to provide sophisticated robotic systems, gears, and sprockets that are more efficient, dependable, and inexpensive in Asia Pacific. Further, government initiatives like China's Industry 4.0 and “Make in India” are encouraging smart manufacturing, which will expand the sprockets market in the region.

Moreover, North America is another prominent region for the sprockets market owing to a mature material handling sector in the United States and the presence of key players in the region..

Key Developments

• May 2023- The Dura Drum sprockets were launched by U.S. Tsubaki which increases productivity, saves costs, and improves reliability for conveyor systems. Dura Drum, which is available as an A-plate drum sprocket or full-faced sprocket, keeps heavy-duty activities, such as metal recycling facilities, productive and profitable.
• November 2022- Japanese bike component manufacturer Shimano unveiled plans to release its first nine-tooth sprocket on a 12-speed cassette. The US patent application includes a rear sprocket assembly and a locking device and illustrations of a 12-speed cassette with the smallest sprocket having just nine teeth.

Segmentation:

BY TYPE

• Chain Sprockets
• Shaft Sprockets
• Duplex Sprockets
• Industrial Sprockets
• Others

BY MATERIAL

• Stainless Steel
• Bronze

BY END-USER

• Automotive
• Manufacturing
• Oil & Gas
• Mining
• Others

BY GEOGRAPHY

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others