27 Jul, 2022, 09:30 ET
- The demand for kingpin casters is anticipated to rise rapidly due to rising demand for material handling equipment across a number of industries, including aerospace, automotive, and textile
- The development of novel formulas and materials for caster wheels are projected to spur innovation in the global market
WILMINGTON, Del., July 27, 2022 /PRNewswire/ -- The value of global caster wheels market stood at US$ 7.8 Bn in 2021. The global market is projected to rise at a CAGR of 5.40% during the forecast period, from 2022 to 2031.The size of caster wheels market is anticipated to attain value of US$ 13.2 Bn by 2031. The increase in the number of caster wheels utilized in the hospitality and medical industries is a major factor in the rapid growth of the global caster wheels market.
Trolleys utilized in resorts and hotels to transport food and luggage for visitors as well as other devices such as stretchers in hospitals feature caster wheels. This is causing new caster wheel manufacturer to enter the industry and provide specialized services and caster wheel designs that reap the benefits of technological improvements. Kingpin casters are an important caster wheel types and are increasingly being used for heavy-duty tasks including material handling in the aerospace and automotive industries, and it is an ongoing trend in the global caster wheels market.
The market is likely to observe an increase in use of kingpin caster wheels, which employ a staked or threaded element to keep the swivel assembly together to have less swivel capability in high torque uses. The caster wheel will last longer by allowing the threaded nut to be changed when the swivel part wears. In order to satisfy the needs of end users, caster wheels suppliers are likely to expand the selection of rigid caster wheels and swivel caster wheels with innovative designs.
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Key Findings of Market Report
- Since there is such a high demand for caster wheels in the medical, food processing, hospitality, and medical industries, the plate mounted caster wheel category is anticipated to command the global caster wheels market. The apparatus to which they are attached benefits from the stability provided by plate mounted caster wheels. These wheels are excellent choices for heavy-duty applications including material handling.
- In 2021, the kingpin caster category accounted for a sizable portion of the global caster wheels market. The market is anticipated to remain stable and expand at a reasonable pace during the forecast timeline. This is mostly attributable to the increase in demand for caster wheels in high-torque industries such as textile, aerospace, automotive, and high-volume commercial material handling.
- Due to the excellent aesthetic appeal, superior anti-corrosion qualities, and increased longevity presented by stainless steel caster wheels make them highly ideal for its utilization in the industrial environment, which is why the steel segment led the worldwide caster wheels market in 2021. This segment is expected to present immense growth opportunities to top industrial caster wheel manufacturer.
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Global Caster Wheels Market: Growth Drivers
- The need for caster wheels is increasing in quickly developing markets including Asia Pacific due to diversification of the automobile and textile industries, an increase in tourism that is driving up hotel occupancy rates. Besides, thriving medical/healthcare sector is also expected to boost the market. This is estimated to raise the use of plate mounted caster wheels significantly.
- The rubber category is anticipated to expand quickly during the forecast period. Rubber casters are durable, need relatively little upkeep, and increase productivity in manual tasks. This is thought to be a factor in the rubber market's fast expansion. In order to meet the demands of numerous end-use sectors, manufacturers are offering innovative rubber caster wheel designs incorporating shock absorbers and brakes.
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Global Caster Wheels Market: Key Players
Some of the key market players are
- Rhombus Rollen Holding GmbH
- Bestway Casters & Wheels Ltd.
- STEINCO Paul vom Stein GmbH
- Cascoo Europe GmbH
- Muvtons Castors Pvt. Ltd.
- Bharat Industrial Corporation
Global Caster Wheels Market: Segmentation
- Plate Mount
- Stem Mount
- Swivel Caster
- Rigid or Fixed Caster
- Ball Bearing Caster
- Kingpin Caster
- Soft Rubber
- Hard Rubber
- Thermoplastic Rubber (TPR)
- Shopping Carts
- Office Chairs
- Toy Wagons
- Hospital Beds
- Material Handling Equipment
- Food Industry
- Textile Industry
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