Flexible Shaft Coupling pertains its utilization among end use industry such as mining, manufacturing. On the account of elevation of such industries propagating demand for flexible shaft couplings market.
Several end-use industries across the globe are establishing efforts to improve the operational constraints by sustaining the six sigma technique to supplement the growth of the flexible shaft couplings industry. The industrial manufacturers are implementing several efforts to enhance the couplings quality by using materials of lighter weight, providing significant inertia, and minimizing the surface required. The above stated factors increase flexible shaft couplings demand.
The global Flexible shaft couplings market is perceived to maintain a constant CAGR of 5% on the advent of growth in manufacturing industries during the forecast period. Additionally, the global flexible shaft couplings market is estimated to exist at a significant level in 2017. Growth in manufacturing industries aligned to power and energy, steel industry, tire manufacturing, aerospace industry, automotive industry, marine industry, food processing industry, mining industry positively driving the flexible shaft coupling market globally. The developing regions such as South and South Eastern Asia, Southern Africa, Eastern Europe, Mediterranean countries manifests positive growth due to emergence as well the existence of increasing market demand of flexible coupling shafts.
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Asia Pacific attains elite market share of the global flexible shaft couplings on the account of emergence of demand from countries such as China and India. Excruciating demand from Asia Pacific emerged as the global hub for significant manufacturing industries. North America and Europe also contributed to exist and hold significant share in Flexible shaft couplings market across the globe. Russia and Eastern European countries are anticipated to boost the market growth over forthcoming years on the account of existing manufacturing capabilities. Countries such as South Africa and Brazil also anticipated bolstering the growth due to their emerging manufacturing capacity.
Several factors which includes the barrier to the market of flexible shaft couplings are the deteriorating export conditions and the development of the products that are of low quality by vendors are impacting the market negatively. Downgrading export situation and constraints aligned the introduction of substandard products provided by local competitors are negatively impacting the growth of global flexible shaft couplings market.
Our-in depth analysis of the global flexible shaft coupling market includes the following segments:
On the basis of regional analysis, global Flexible Shaft Couplings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific attains significant market share of the global flexible shaft couplings on the account of emergence of demand from countries such as China and India. Expanding demand from Asia Pacific emerged as the global hub for significant manufacturing industries.
Global Flexible Shaft Couplings market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Harshita Srivastava, Saima Khursheed