- The demand for swivel casters is expected to grow rapidly due to the growing demand for material handling equipment in a number of industries including aerospace, automotive, and textile.
- The development of new formulas and new materials for casters is expected to drive innovation in the global market
WILMINGTON, Del., July 27, 2022 /PRNewswire/ — The value of caster market stood at US$7.8 billion in 2021. The global market is expected to grow at a CAGR of 5.40% during the forecast period, 2022 to 2031. The casters market size is expected to reach a value of US$13.2 billion by 2031. The increase in the number of casters used in the hospitality and medical industries is a major factor in the rapid growth of the global caster market.
Trolleys used in resorts and hotels to transport food and luggage for visitors as well as other devices such as stretchers in hospitals are equipped with casters. This brings a 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 important types of casters and are increasingly being used for heavy-duty tasks including material handling in the aerospace and automotive industries, and it is a continuing trend in the global caster market.
The market is likely to see an increase in the use of swivel casters, which use a staked or threaded member to hold the swivel assembly together to have less swivel capability in high torque applications. The swivel wheel will last longer by allowing the threaded nut to be changed when the swivel part wears out. In order to satisfy the needs of end users, caster suppliers are likely to expand the selection of rigid casters and swivel casters with innovative designs.
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Key Findings of the Market Report
- Since there is such demand for casters in the medical, food processing, hospitality, and medical industries, the plate mounted caster category is expected to dominate the global caster market. The device to which they are attached benefits from the stability provided by the rollers mounted on a plate. These wheels are excellent choices for heavy-duty applications, including material handling.
- In 2021, the swivel caster category accounted for a significant share of the global caster market. The market is expected to remain stable and grow at a reasonable pace over the forecast period. This is mainly due to the increase in demand for casters 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 of stainless steel casters, they are well suited for its use in the industrial environment, which is why the steel segment has dominated the market. global caster market in 2021. The segment is expected to present immense growth opportunities for the leading manufacturer of industrial casters.
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Global Caster Market: Growth Drivers
- The need for casters is increasing in rapidly developing markets, including Asia Pacific due to the diversification of automotive and textile industries, an increase in tourism which drives up hotel occupancy. Additionally, the booming medical/healthcare industry is also expected to drive the market. This is believed to greatly increase the use of plate mounted casters.
- The rubber category is expected to grow rapidly over the forecast period. Rubber casters are durable, relatively low maintenance and increase productivity in manual tasks. This is believed to be a factor in the rapid expansion of the rubber market. To meet the requirements of many end-use sectors, manufacturers are offering innovative rubber caster designs incorporating shock absorbers and brakes.
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Global Caster Wheel Market: Key Players
Some of the major players in the market are
- Rhombus Rollen Holding GmbH
- Casters and Wheels Bestway Ltd.
- STEINCO Paul vom Stein GmbH
- Cascoo Europe GmbH
- Muvtons Beavers Pvt. ltd.
- Bharat Industrial Company
Global Caster Market: Segmentation
Type of mounting
- Swivel caster
- Rigid or fixed caster
- Ball bearing caster
- Swivel caster
- Soft rubber
- hard rubber
- Thermoplastic rubber (TPR)
- Office chairs
- Toy carts
- Hospital beds
- Handling equipment
- Food industry
- Textile industry
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