Couplings Market size to increase by USD 246.16 million during 2022 to 2027, Growth of the global lumbar industry boosts the market growth - Technavio

NEW YORK, Jan. 17, 2024 /PRNewswire/ -- The couplings market is expected to grow by USD 246.16 million between 2022 and 2027. However, the growth momentum of the market will be progressing at a CAGR of 2.09% during the forecast period. The growth of the global lumbar industry drives the market growth. The wood industry constitutes a significant sector within the overall investment in couplings. Couplings find applications in saws, lumber mills, wood processing machinery, and planer drives. Modern plants are increasingly automated, resulting in low labor requirements for processing.

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The market is segmented by product (elastomeric couplings, metallic couplings, mechanical couplings, and others), application (power generation, metal and mining, papermaking, automotive, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

Key Highlights:

• The report recognizes the following as some of the key players in the couplings market: AB SKF, Chr. Mayr GmbH Co. KG, Daido Steel Co. Ltd., DieQua Corp., KTR Systems GmbH, Genuine Parts Co., Haudenschild Holding AG, Industrial Clutch Parts Ltd., KBK Antriebstechnik GmbH, MECVEL Srl, Michelin Group, R W Antriebselemente GmbH, Ramsey Products Corp., Regal Rexnord Corp., RINGSPANN GmbH, SCHMIDT-KUPPLUNG GmbH, SHV Holdings, The Timken Co., Tsubakimoto Chain Co., and Voith GmbH and Co. KGaA
• Couplings Market is fragmented in nature.
• Market to observe 1.67% YOY growth in 2023.

Market Dynamics:

Trend

• Consolidation and simplification of business processes are the primary trends in the market.
• There has been significant consolidation in the power transmission and coupling manufacturing business.
• Few companies have acquired opponent players to expand their product portfolios, gain access to new markets, and increase their customer base.

The global couplings market, encompassing flexible, rigid, and elastomeric couplings, is witnessing significant growth, driven by diverse applications across industries like automotive, industrial machinery, power generation, aerospace, and marine. Key product types, including gear, fluid, disc, jaw, bellows, torque limiting, Oldham, magnetic, and chain couplings, cater to specific requirements such as vibration damping, misalignment compensation, and high torque applications. The oil and gas sector's demand for robust couplings underscores a trend toward low-maintenance, energy-efficient solutions. Innovations in material types, like steel, aluminum, and plastics, are pivotal in custom couplings development, aligning with environmental compliance mandates. Market trends indicate a surge in regional demand amidst a complex global supply chain. The sector is buoyed by continuous innovation and R&D, focusing on enhanced performance and aftermarket services, reflecting an evolving landscape driven by both technological advancements and sector-specific needs.

Challenges

• The competitive pricing strategy adopted by low-cost Asian manufacturers is the major challenge hindering market growth. 
• Factors including the cost of land, labor, and raw materials are relatively lower in Asian countries as compared to other regions, which increases rapid investments in the manufacturing sector.
• In addition, different industrial machinery component companies are investing in cost-effective machinery, tools, and solutions.
• Furthermore, the cost associated with couplings has a low contribution to the overall purchase basket of end-user industries.

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Key Segments:

The elastomeric couplings segment is significant during the forecast period. Elastomeric couplings consist of shear and compression-type couplings. Certain components of these couplings are constructed from materials with elastic properties, such as urethane or rubber. These materials help minimize the transmission of vibration to the driven shaft and can effectively absorb substantial vibrations and shocks. Elastomeric couplings are commonly employed in scenarios where there is significant shaft misalignment. Due to their capacity to manage substantial misalignments while transmitting minimal vibrations and shocks, shear elastomeric couplings are considered superior to compression elastomeric couplings. Hence, such factors are fuelling the growth of this segment during the forecast period.

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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