Caster wheel is an assembly consisting of a wheel and mounting mechanism. Caster wheels are primarily used in carts, dollies, racks, and other material handling equipment to facilitate their movement. They are largely employed in hotels, hospitals, warehouses, textile mills, and manufacturing plants for automobiles and aerospace equipment.
The global caster wheels market is projected to grow at a decent pace during the forecast period, owing to the expansion of hospitality, medical, and textile industries; rise in sale of material handling equipment such as carts; and launch of new innovative products such as kingpin casters. Furthermore, the availability of customized services in caster wheel design and manufacturing by specialist players is likely to drive the global market. The market is also being driven by the growth of hospitality, healthcare, and textile industries, which is leading to an increase in caster wheel applications in these industries.
The prevailing trend in the caster wheels market is the rise of kingpin caster wheels, wherein threaded nut and bolt or staked component, which holds the swivel assembly together is used for lesser swivel ability in high torque applications. The threaded nut can also be adjusted as the swivel section wears, resulting in longer life of the caster wheel. Therefore, caster wheels suppliers are increasing the availability of swivel caster wheels and rigid caster wheels with new designs to meet the requirements of end users.
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The plate mounted caster wheel segment is estimated to dominate the global caster wheels market during the forecast period due to the significant demand for caster wheels in hospitality, food processing, and medical sectors. Plate mounted caster wheels offer additional stability to the equipment to which they are attached. These wheels are highly suitable for high load applications such as material handling.
Demand for caster wheels is rising in rapidly growing markets such as Asia Pacific due to the diversification of automobile and textile industries; rise in tourism, which is leading to an increase in number of hotels; and the booming medical/healthcare industry. This has led to a significant increase in demand for plate mounted caster wheels.
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Growth of Tourism, Manufacturing, and Medical Industries to Augment Caster Wheels Market
The Mediterranean and Switzerland in Europe, ASEAN in Asia Pacific, and the U.S., Mexico, and the Caribbean in North America attract large numbers of international tourists. Therefore, several hospitability establishments such as hotels and resorts have come up in these regions. This is projected to drive the market for caster wheels during the forecast period.
The COVID-19 pandemic accelerated the demand for hospital supplies, including hospital beds, carts, and stretchers, which rely on caster wheels for their movement. This has also provided a major boost to the caster wheels market. A shift toward kingpin casters in caster wheels services, due to their suitability for high torque applications such as aerospace, automotive, and textile, is also fuelling the caster wheels market.
Regional Outlook of Global Caster Wheels Market
In terms of volume, Asia Pacific held prominent share of the global caster wheels market in 2021. This was primarily ascribed to the presence of a large number of manufacturers for caster wheels as well as well-developed manufacturing industries such as automotive and textile in the region. Moreover, hospitality and medical industries are key sectors in Asia Pacific. These industries generate large demand for caster wheels. China accounts for slightly less than 50% share of the caster wheels market in Asia Pacific.
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Anti-corrosion Properties and High Durability Attributes Bolstering Demand for Stainless Steel Caster Wheels
In terms of material, the global caster wheels market has been split into rubber (soft and hard rubber), steel, polyurethane, thermoplastic rubber (TPR), and others (polyolefin, etc.). The steel segment dominated the global caster wheels market in 2021 due to the superior anti-corrosion properties, good esthetic appearance, and higher durability offered by stainless steel caster wheels, which make them highly suitable for usage in the manufacturing environment.
The rubber segment is expected to grow at a rapid pace during the forecast period. Rubber casters are dependable, require very low maintenance, and provide greater efficiency in manual operations. This is estimated to contribute to the rapid growth of the rubber segment. Manufacturers are introducing new rubber caster wheel designs with brakes and shock absorbers to suit demanding applications in various end-use industries.
Analysis of Key Players in Global Caster Wheels Market
The global caster wheels market is fairly fragmented, with local and regional players controlling a majority of the share in their home markets. Most of the firms are spending significantly on offering customized value-added services in addition to the regular caster wheel manufacturing. Diversification of service offerings and organic expansion are the key strategies adopted by key players. Bestway Casters & Wheels Ltd., Bharat Industrial Corporation, Brauer Ltd., Cascoo Europe GmbH, Colson Casters, Comfort Casters, DH Casters, Inc., Hamilton Caster & Mfg. Co., Muvtons Castors Pvt. Ltd, Rhombus Rollen Holding GmbH, STEINCO Paul vom Stein GmbH, TENTE International GmbH, Veekay Impex, and YT Casters are prominent companies operating in the global caster wheels market.
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