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Marine shackle is a U-shaped device connected to an anchor chain or a rope to secure and lift loads designed to be used by a removable pin. It is used in several load securement and rigging applications to connect different lifting slings, ropes, or chains. Marine shackles are constructed from 316 stainless steel to provide maximum corrosion resistance in saline water. It is predominantly used for lifting heavy objects and rigging equipment in the marine environment.
The rapid and continuous expansion of seaborne trade and rising maritime tourism will surge the demand for marine shackles over the forecast period. As per the International Chamber of Shipping, the international shipping industry accounts for 90% of global trade. Such trends will increase the demand for heavy duty shackles for hoisting, pulling, lifting objects, and securing chains or ropes from different angles.
Rise in marine and coastal tourism, owing to growing expenditure on recreational activities will increase the demand for marine vessels. As per the report published by the National Marine Manufacturers Association, fishing and recreational boating remained the leading outdoor recreational activities in the U.S., and the sale of powerboats in the U.S. surpassed 300,000 units in 2021. The rise in marine recreational activities, in turn, will increase the demand for marine shackles owing to their versatile applications in securing multiple chains and ropes. Furthermore, stringent government regulations to strengthen safety level related to the attachment of shackles on boats will support the demand for marine shackles over the forecast period.
High maintenance cost is one the major challenges in the marine shackle market. Shackles must be inspected regularly for any signs of fatigue, general wear, and tear. Any potential points of damage for all marine shackle types can occur in the pin, body, or pin holes; hence, it becomes important to monitor and inspect these areas closely to prevent failures. Any signs of warping, bending, or stretching indicate that the shackle is not functioning well with the load being placed on it, which can ultimately lead to fatalities, and should be replaced immediately.
The COVID-19 pandemic adversely impacted the marine industry, owing to global lockdown, social-distancing, and stay-at-home orders. Supply chain disruptions, business closures, restriction on international shipping activities, and reduced leisure activities impacted the sales of marine equipment. Closure of factories and manufacturing units during the lockdown impacted the revenue of shackles manufacturers. Declines were concentrated among businesses providing onsite technical services, crewing services, and services that catered to marine businesses. However, the marine industry has been recovering rapidly post-lockdown due to surge in boat and ship equipment sales as consumers are spending on outdoor recreational activities.
The report will cover the following key insights:
Bow shackles held the highest marine shackle market share in 2021. Bow shackles are the most commonly used shackles for connecting chains to anchors. They link different equipment together in rigging systems and can be attached & removed easily, catering to most vehicle weights. Bow shackles offer more space in its rounded body for chains and straps, allowing ships and boats to be recovered easily. A larger bow shape enables shackles to be side loaded or used at different angles without developing a bend.
In 2021, the stainless steel segment contributed to the highest market share, owing to its wider usage in the construction and transportation sectors. Stainless steel holds a unique edge over carbon and alloy steel due to its properties such as corrosion resistance, greater strength, durability, high product life cycle, and low maintenance cost. Its high corrosion resistance properties and durability make it ideal for marine applications. Varying grades of stainless steel protect the shackle against chemical environments or salt water.
The 1/2’’ segment is anticipated to hold a high CAGR over the forecast period. 1/2’’ marine shackles are associated with higher load-lifting capacity and heavy-duty applications. They are usually made of stainless steel and forged for greater reliability and strength. A rise in seaborne trade, fishing activities, and marine tourism will drive the segment growth over the forecast period.
The aftermarket segment is anticipated to register a higher CAGR over the forecast period owing to growing OEM expansion into aftermarket services to provide enhanced customer services. Several market players are investing in optimizing customers’ experiences by introducing differentiated aftermarket services to retain old customers and attract newer ones.
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Europe held the highest market share in the marine shackle market. The regional market growth can be contributed to rise in consumer expenditure on leisure boating and fishing activities. A significant rise in fishing activities, nautical tourism along with rising investment in the shipping industry will drive the regional growth.
As per the British Marine’s report 2022, the marine industry revenue is anticipated to increase by 11% in 2021-22, spurred by equipment sales and domestic boating tourism. Furthermore, government authorities are launching several projects to promote recreational boating activities, which will surge the demand for marine shackles in the region.
The key players in the market include CMP Group Ltd (Canada), LE BÉON MANUFACTURING (France), Kesteloo Stainless Steel Fittings (New Zealand), Indian Steel Company (India), Mazzella Companies (U.S.), Cargo Lift USA, LLC (U.S.), James Fisher and Sons plc (U.K.), Sea Linkers Pvt. Ltd. (India), Sotra Anchor & Chains AS (Norway), Columbus McKinnon Corporation (U.S.), Suncor Stainless Inc., (U.S.), and Qingdao Sail Rigging Co, Ltd. (China)
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