A patio umbrella pulley is a typical component of wood market umbrellas, and an important patio umbrella part. As seen in the above photo, the rope goes up to and around the pulley(s), and then connects to the runner hub (to which the ribs are attached). Thus allowing the canopy to be easily opened by pulling down on the rope. This is easier than lifting the umbrella by hand, but with smaller patio umbrellas the hand method works fine too.
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Most umbrellas count a pulley among their patio umbrella parts. When a pulley breaks, it is typically not easy to find the exact design or style of pulley online. Perhaps because umbrella pulleys don’t often break.
One option is to remove the pulley and find a close approximation to it at your local hardware store or online such as the examples shown on this page. Though finding a size, color, and material match for a wood pulley might not be easy. Something just close might have to due.