Clamps are mechanical fasteners used to hold or secure objects tightly together to prevent movement or separation through grip. They find wide applications in automotive, construction, manufacturing and other industries where parts need to be held firmly at specific locations. The global clamps market demand is driven by growing automobile production and repair activities.
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:
The key trend propelling the growth of the global clamps market is the increased demand from the automotive industry. Clamps are extensively used in automobile manufacturing for tasks like joining vehicle bodies, attaching motors and mechanical components during assembly. They also experience strong demand from auto repair and maintenance activities. As automobile sales continue to rise across major markets such as China, US, India due to growing affordability, increased focus on personal vehicles amid COVID-19 and expanding production capacities, it is directly driving the need for clamps in the industry. This rising automotive sector demand will augment the overall clamps market expansion over the forecast period.
SWOT Analysis
Strength: Clamps have a simple design and are cost effective. They can hold objects securely and are reusable.
Weakness: Heavy-duty clamps may not be suitable for delicate items. Plastic clamps can break if over tightened.
Opportunity: Growth in manufacturing and construction industries increases demand for clamps. Development of innovative clamp designs opens new applications.
Threats: Availability of alternative joining methods like glue can reduce clamp usage. Economic slowdowns may impact industries that use clamps.
Key Takeaways
The global clamp 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.
Regional analysis: The Asia Pacific region holds the largest share of the global clamps market currently. Countries such as China and India have seen immense growth in manufacturing and infrastructure development, driving clamp demand. The region’s share is expected to rise further during the forecast period with ongoing industrialization.
Key players: Key players operating in the clamps market are Covanta Energy Corporation, Veolia Environnement S.A., SUEZ, Waste Management, Inc., Hitachi Zosen Corporation, Wheelabrator Technologies Inc., Mitsubishi Heavy Industries Environmental & Chemical Engineering Co., Ltd., Xcel Energy Inc., Babcock & Wilcox Enterprises, Inc., Hitachi Zosen Inova AG, Keppel Seghers, Waste Connections, Inc., China Everbright International Limited, Amec Foster Wheeler, Plasco Conversion Technologies Inc., Constructions Industrielles de la Méditerranée (CNIM), Foster Wheeler AG and Biomass Secure Power Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it