by The global Clamps Market is estimated to be valued at US$ 205.17 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Clamps are mechanical fastening devices used to firmly and securely hold or join two or more rigid materials or objects together. Some common types of clamps include C-clamps, bar clamps, F-clamps, G-clamps, and quick action clamps. They are lightweight, adjustable, and readily joined or separated without use of additional fasteners. Clamps are highly versatile and used in various end-use industries such as construction, automotive, aerospace, transportation and logistics. The construction industry accounts for a major share in clamps market due to its use in applications like wooden fabrication works, pipeline connections, holding materials together during assembly and installation.
Market key trends:
One of the key trends witnessed in the clamps market is the growing popularity of quick action clamps. Quick action clamps are easy to use, provide fast clamping and releasing with a single hand, and eliminate the need for adjustment. Led by developed regions, the construction industry across the globe is witnessing significant expansion. Government investments in public infrastructure projects involving transportation, energy and utilities are supporting the industry growth. Rising construction of residential and commercial buildings is consequently driving the demand for clamps from application areas like assembly, holding, installation and fabrication. The growth of end-use industries like automotive and aerospace which utilize clamps is another factor estimated to propel the clamps market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and low brand loyalty of customers allows new companies to enter the clamps market easily. However, established players enjoy economies of scale and customer loyalty that acts as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of multiple players offering clamps. However, switching costs are low.
Bargaining power of suppliers: Suppliers of raw materials for clamps have low bargaining power due to availability of substitute materials and suppliers.
Threat of new substitutes: Substitute products like fixtures, screws, bolts pose moderate threat. However, clamps offer convenience.
Competitive rivalry: The global clamps market is fragmented with presence of several local and international players. Price competition is high.
Key Takeaways
The Global Clamps Market Size is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing construction and manufacturing activities. The market size for 2023 is US$ 205.17 Mn.
Regional analysis: Asia Pacific dominates the global clamps market owing to large manufacturing and construction industries in countries like China and India. China accounts for over 30% of global clamp demand. North America and Europe are other major markets.
Key players operating in the clamps market are Peterson Spring, Ideal Clamp Products, Inc., Murray Corporation, and Norma Group. Peterson Spring offers wide range of clamps for various industrial applications. Ideal Clamp Products manufactures clamps, vises and workholding equipment. Murray Corporation supplies clamps and workholding solutions globally. Norma Group provides joining and fluid handling technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
