The industrial counterweights market is expected to grow from an estimated USD 6.7 billion in 2021 to USD 8.5 billion by 2026, at a CAGR of 4.5% during the forecast period. Cast iron, followed by carbon steel, is widely used in manufacturing of industrial counterweights.
A few major players have a wide regional presence and dominate the industrial counterweights market. The leading players in the industrial counterweights market include FMGC, Farinia Group (France), SIC Lazaro (US), Crescent Foundry (India), Mars Metal (Canada), and International Steel & Counterweights (US).
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The major strategies adopted by these players include new product launches, contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. New product launches was the most commonly adopted strategy from January 2017 to February 2021.
Farinia is an industrial group specializing in the transformation of materials with 4 subsidiaries namely Setforge, FMGC, Spartacus3D and Safir. FMGC is operational in segments like off-highway, material handling, marine renewable energy, agriculture, sailing boats, oil & gas. The material handling division provides industrial counterweights. The company is operational in all regions like Asia Pacific, North America, South America, Middle East and Africa, Europe. All the counterweights of the company are made of EN GJL 200 cast iron, providing high-density and sufficient mechanical resistance making counterweights able to be part of the chassis. The company possesses a state-of-the-art machining centre, ensuring the products quality and reliability. The company support just-in-time delivery with reusable packaging solutions. It is open for customized products thus making it flexible to meet all customer needs.
Sic Lazaro is a US manufacturer of Large Metal Fabrications and High-Quality Counterweights for heavy machinery and elevators. It has the capabilities of Steel Cutting, Punching, Shearing, Metal Fab & Welding, Bending & Rolling, Paint & Finish Work, Specialized Concrete Mixing and Mechanical & Electrical Assembly. The company is operational in elevators, heavy duty equipment, and airport ground support equipment. It offers counterweights under all the segments. The counterweights are supplied to industries like construction, mining, logistics, locomotives, marine, aerial work platform, forest tree equipment, airport ground support equipment. The counterweights are made of steel and concrete. Sic Lazaro has its presence in Europe, North America and South America. Sic Lazaro (US) is one of the global leaders that fabricates high density concrete steel (HDC), steel and concrete counterweights and weldments. Sic Lazaro has made acquisition, resulting in holding a strong market position. This helped the company to attract more customers globally and has also increased demand.
Industrial Counterweights Market by Type (Swing Counterweight, Fixed Counterweight), Material (Steel & Iron, Concrete), Application (Elevators, Cranes, Forklift, Excavators, Lifts, Grinding Wheels), End User, and Region-Global forecast to 2026
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