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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
They help to hold parts firmly and can work as temporary or permanent joining components. Precision clamps are widely used in medical devices, electronics and other industries where tight and consistent holding is required.
Market key trends:
Miniaturization of components is one of the key trends being witnessed in the Global Clamps Market Size. With development of miniature components in industries like electronics, medical devices and others, demand for ultra-precise miniature clamps is increasing. Major clamp manufacturers are focusing on developing miniaturized clamps compatible with miniature components. They are using advanced materials and machineries to manufacture clamps with minute gripping capabilities. This trend is expected to drive future growth of clamps market during the forecast period.
Segment Analysis
The global clamps market is segmented based on product type and application. Based on product type, the market is segmented into C-Clamps, G-Clamps, F-Clamps, pipe/band clamps, and worm gear clamps. The worm gear clamps segment is expected to dominate the market over the forecast period. Worm gear clamps can securely fasten pipes and shapes of various sizes together, making them the most versatile and widely used type of clamps.
Key Takeaways
The global clamps market is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing automation in end-use industries.
Regional analysis
The Asia Pacific region is expected to exhibit the fastest growth in the Global Clamps Market Size, owing to rapid industrialization across countries such as China and India. Asia Pacific accounted for around 40% of the global clamps market share in 2023. North America is currently the dominant regional market for clamps due to high demand from various industries including automotive, construction and manufacturing.
Key players
Key players operating in the clamps market are Peterson Spring, Ideal Clamp Products, Inc., Murray Corporation, and Norma Group. Peterson Spring is a leading manufacturer of clamps and vise grips for industrial applications. Ideal Clamp Products, Inc. offers an extensive range of clamps for general assembly, workshop and manufacturing applications. Murray Corporation and Norma Group are also globally recognized brands for high quality clamps.
For More Insights, Read- https://www.newsstatix.com/clamps-market-size-share-analysis-2023-2030/
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