Summary
Major players in the caster wheels market are Bestway Casters & Wheels Ltd., Brauer Ltd., CASCOO Europe GmbH, DH Casters Inc., Hamilton Caster & Mfg Co., Muvtons Castors Pvt Ltd., STEINCO Paul vom Stein GmbH, TENTE International GmbH, Bharat Industrial Corporation, Comfort Casters Global, Hengshui Yu Tong Metalwork Co. Ltd., RWM Casters, H Varley Ltd., Industrial Caster and Wheel Co. and R&K Industrial Wheels.
The global caster wheel market is expected to grow from $8.22 billion in 2022 to $8.68 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The caster wheel market is expected to reach $10.77 billion in 2027 at a CAGR of 5.5%.
The caster wheel market consists of sales of semi-steel caster wheels, ferrous caster wheels, flanged caster wheels, ductile steel caster wheels, glass-filled nylon caster wheels, and hard rubber caster wheels.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A caster wheel is a non-powered wheel that is mounted on the bottom of a larger object to allow it to be moved.In addition to its strong, corrosion-resistant, water-resistant, and weather-resistant properties, it is an excellent mobility enabler.
The advantage of casters is that they can handle a lot of weight without breaking.
North America was the largest region in the caster wheel market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of caster wheels are swivel caster, rigid or fixed caster, ball bearing caster, and kingpin caster.A swivel caster is a particular kind of caster that has an extra swivel joint above the fork, which enables the fork to freely revolve around 360 degrees and allows the wheel to roll in any direction.
It is made from a material including forged steel, cast iron, ductile iron, polyurethane, mold on rubber, phenolic resin, and other materials for use in shopping carts, office chairs, toy wagons, hospital beds, and material handling equipment. Its end users are automotive, aerospace, food industry, medical, textile industry, and other end users.
The expansion of the hospitals is expected to propel the caster wheel market going forward.Hospitals refer to an institution that provides medical treatment and helps patients to cure their diseases.
In hospitals, caster wheels are commonly employed in applications such as hospital beds, equipment carts, surgery tables, and IV poles. For instance, in December 2022, according to Texas Health & Human Services Commission, a government agency, the Texas Legislature and Governor Greg Abbott approved $282.5 million for the expansion and construction design of a new hospital in Dallas-Fort Worth. The hospital would feature 296 beds, 200 for adults and up to 96 for pediatric patients. Similarly, in 2022, according to CNN, a US-based media company, in the US, more than 80% of hospital beds are in use, which was up by 8% point compared to the last two weeks. Thus, the expansion of the hospitals is driving the caster wheel market.
The development of new formulations and materials is a key trend gaining popularity in the caster wheel market.Major players in the castor wheel market are employing anti-microbial wheels to sustain their position in the market.
In January 2021, Colson Casters, a US-based global manufacturer of casters and wheels launched a new antimicrobial soft wheel for high-temp steam sterilization and wash-down applications.It is particularly created for use on equipment that is routinely subjected to high-temperature sterilization chambers and repeated cart wash treatments.
To receive all of the high-temp benefits for your carts or equipment, this sterilizer wheel is connected to MedCaster, a freshly enhanced SX Series swivel, rigid, complete lock, or direction lock caster option. The MedCaster Sterilizer Wheel is an excellent choice for case carts, sterilizer carts, test cages, lab equipment, and operating room equipment.
In March 2021, Blue Wolf Capital Partners LLC, a US-based private equity firm acquired Colson Group for an undisclosed amount.Through this acquisition, Blue Wolf Capital Partners LLC would offer the funds and resources needed to generate long-term development possibilities for the Colson Group firm and its clients and expand on Colson Group’s rich tradition of product solutions and long-standing commercial connection.
Colson Casters is a US-based global manufacturer of casters and wheels.
The countries covered in the caster wheel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The caster wheels market research report is one of a series of new reports that provides caster wheels market statistics, including caster wheels industry global market size, regional shares, competitors with a caster wheels market share, detailed caster wheels market segments, market trends, and opportunities, and any further data you may need to thrive in the caster wheels industry. This caster wheels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
