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NEW YORK, April 7, 2021 /PRNewswire/ The global sprockets market is expected to post significant gains through 2021 and beyond, with major applications across the automotive and construction industries respectively. With the recessionary impact of the COVID-19 subsiding, these industries are expected to make a gradual recovery, thereby preparing the stage for a strong expansion trajectory for sprockets in the long-run.
According to Fact.MR s projections, the global sprockets market is likely to expand at over 7% CAGR from 2021 to 2031, reaching nearly US$ 9 billion by the end of the said forecast period. Historical projections point out that growth trajectory remained moderate between 2016 and 2020, registering a 3% growth, owing to a general slowdown in the construction and automotive sectors. Prospects further dipped through 2020, registering a nearly 6% downswing in Q4 2020.
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