Magnetic Plate Lifter Size, Share, Growth, and Industry Analysis, By Type (Thin Sheet Metal Magnetic Plate Lifter & Permanent Magnet Magnetic Plate Lifter), By Application (Machining & Tooling Manufacturing) and Regional Forecast to 2032

Updated On: 25 November 2024

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MAGNETIC PLATE LIFTER MARKET REPORT OVERVIEW

The Magnetic Plate Lifter Market Size was US$ 73 Mn in 2023 and is projected to touch US$ 134.03 Mn By 2032, Exhibiting a CAGR of 6.2% During the Forecast Period.

The market for Magnetic Plate Lifters is experiencing fairly steady growth, thanks to the upswing in demand, especially in the manufacturing, automotive, and construction industries. Magnetic plates are an internal component that is used primarily for lifting and moving flat and massive metallic parts. They make use of magnetic fields, whereby they employ powerful magnets, to ensure they get a vigorous hold of ferromagnetic materials with ease for transportation and positioning. These devices are appreciated because of their endurance, noncomplex operation, and, most importantly, the potential to reduce the impacts of handling on workers. The major focus today’s industries have on attaining efficiency and safety makes the Magnetic Plate Lifter market expand more in the years to come.

COVID-19 Impact: Market Growth RestrainedDuring Pandemic Due to Reduced demand

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

With the onset of the COVID-19 pandemic, it was observed that the market for Magnetic Plate Lifters was affected mainly because of a halt in production and some shifting action disruptions. Restrictions and lockdown measures that were implemented imposed a lower undertaking of construction projects as well as a slowdown of industrial activities, which in turn lowered the usage of magnetic lifting equipment. Volatility and economic insecurity added to this deterioration by limiting businesses’ cash flow; they delayed purchases of new equipment. However, the market has been somewhat stable, with slow signs of improvement as economies all over the world recover from the pandemic effects and industries get back to work.

LATEST TRENDS

"IoT integration drives market growth in industry"

New trends that are apparent in the current Magnetic Plate Lifter industry are that manufacturers are being driven to devise IoT-integrated plate lifting systems. These advanced systems incorporate sensors, connectivity, and possibilities to improve conditions and safety. Most prominent is the general trend toward IoT incorporation, as the lift system can be monitored in real-time and has the possibility to predict equipment failures and provide data-driven analytics on the equipment’s performance. This innovation not only enhances productivity but also decreases work stoppages and expenses, making IoT-enabled magnetic lifters one of the trends in the global market

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MAGNETIC PLATE LIFTER MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Thin Sheet Metal Magnetic Plate Lifter & Permanent Magnet Magnetic Plate Lifter.

• Thin Sheet Metal Magnetic Plate Lifter: Born out of a heritage of innovation, this patented piece of equipment is called the Thin Sheet Metal Magnetic Plate Lifter.In general, thin sheet metal Magnetic Plate Lifters are produced solely for handling some of the slender metal sheets without bending them or even causing them to dent. They apply a force of magnetism to the sheet so that the force is constant all over the sheet and the articles do not slide when being moved or assembled on the sheet. These lifters are very essential in the automotive, electronics, and sign-making industries, where such thin metals are used and are supposed to be handled gently.

• Permanent Magnet Magnetic Plate Lifter: Permanent Magnet Magnetic Plate LifterThe most utilized and preferred type of Magnetic Plate Lifters is the permanent magnet Magnetic Plate Lifters because, in their functioning, they do not use any external source of power, the major lifting tool being the permanent magnet only. It provides a reliable and cheap way of lifting ferromagnetic objects in several areas of industry. These lifters are very dependable, simple to operate, and can offer the clients a strong grip on the material they are moving on, even in testing situations; thus, they are ideal for heavy usage activities.

By Application

Based on application the market can be categorized into Machining & Tooling Manufacturing

• Machining: For the Magnetic Plate Lifter market, the machining application entails the use of magnetic lifters for handling heavy metal parts during milling, drilling, and g estimates. These lifters safely clamp the workpieces in place to allow for accurate machining without any possibility of the workpieces moving around. Ideally, they improve efficiency since they provide fast and convenient movement of material between the machining centers and the workstations.

• Tooling Manufacturing: Magnetic Plate Lifters are indispensable in tooling manufacturing as they are used to move such items as molds, dies, and hefty tooling parts. These lifters also play the role of transporting the tooling pieces and placing them in strategic positions when used in manufacturing. Essentially, they rationalize working processes by eliminating manual handling efforts, which in general enhances productivity in the tool and die manufacturing industries.

DRIVING FACTORS

"Prefabrication and modular construction drive market growth for magnetic lifters"

The growth of prefabricated materials and modular constructions in the construction sector are the primary factors that are pushing the requirement for handling heavy steel plates and beams, thus driving the market for Magnetic Plate Lifters. These devices ensure comfort and safety whenever larger metal constituents are to be lifted and set in their appropriate positions, which adds to shortened construction durations and a less expensive workforce.

"Increasing workplace safety regulations drive market growth "

Workplace protection ordinances are increasing in popularity worldwide, making corporations around the world turn to safer vertical pulling devices such as Magnetic Plate Lifters. These devices protect against potential mishaps linked with managing dense metals; they comply with safety guidelines and would lead to a decrease in workplace accidents and workers’ compensations and resulting growth of Magnetic Plate Lifter market.

RESTRAINING FACTOR

"High initial costs hinder market growth for advanced Magnetic Plate Lifters"

A raw influence of the Magnetic Plate Lifter market is the high cost of investments in the initial stages of lifting equipment acquisition and implementation. Lifters with enhanced magnetic plates and IOT compatibility that also have high carrying capacity for loads can also be an added expense, which may be prohibitive for SMEs and any organization that does not have a large budget. Prospective buyers are discouraged by the initial costs, even though life-cycle costs for safer and more efficient structures are higher in the long run.

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MAGNETIC PLATE LIFTER MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America leads market growth due to industrialization"

North America holds the largest Magnetic Plate Lifter market  share because of the increased industrialization process across the manufacturing, automobile, and space industries. The need for efficient and optimal lifting solutions is ignited by the region’s emphasis on technological enhancements and safety standards’ compliance. Thus, continued and strong infrastructure implementation and high automation usage strengthen Magnetic Plate Lifter market positions in North America.

KEY INDUSTRY PLAYERS

"Industry leaders drive market growth through innovation and global expansion strategies"

Some of the significant industry players possess enormous influence in fostering Magnetic Plate Lifter market development by introducing new product designs and technologies. The companies allocate resources to research and develop technologies to increase lifting power and incorporate safety features and IoT. Furthermore, connections, growth, and cooperation with other players forecast these players to increase their market presence throughout the world. Thus, meeting customer needs and observing the legislation remain the priorities of outstanding performers, which define the market’s further development

LIST OF MARKET PLAYERS PROFILED

• Armstrong Magnetics ( US )
• Magnetica Torri (Italy)
• Braillon Magnetics (France)
• Carl Stahl (Germany)
• AGAB Press automation (Switzerland)

INDUSTRIAL DEVELOPMENT

2024: Magnasco, a recognized lifting equipment manufacturer, have introduced a new line of Magnetic Plate Lifters with built-in load-balancing technology. This technology offers improved safety and stability by ensuring even weight distribution during steel plate handling.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Magnetic Plate Lifterfrom multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.