According to a new report published by Allied Market Research, titled,"Synthetic Rope Market by Type and End Use: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global synthetic rope market accounted for $1,326.1 million in 2017 and is anticipated to reach $2,183.2 million by 2025, registering a CAGR of 6.3% from 2018 to 2025. A synthetic rope is made by twisting or braiding synthetic fibers such as polypropylene, polyester, nylon, polyethylene, and specialty fibers. The demand for synthetic rope has increased significantly in industries such as oil & gas, construction, and marine & fishing due to its benefits such as better abrasion resistance, high breaking strength, and good strength-to-weight ratio.
The global synthetic rope market is expected to experience rapid growth over the forecast period due to rise in consumption of synthetic fibers in oil & gas, construction, and marine & fishing industries. On the contrary, high cost of raw materials is expected to hamper the growth of the global market. However, the market is expected to overcome this restraint during the forecast period, owing to increase in awareness about such products among end users. Furthermore, advancements in the properties of raw materials used for manufacturing synthetic rope are expected to provide lucrative growth opportunities for the global synthetic rope market.
The global synthetic rope market is segmented based on raw material, end use, and region. Based on raw material, the market is segmented into polypropylene, polyester, nylon, polyethylene, and specialty fibers. Based on end use, it is divided into marine & fishing, oil & gas, sports & leisure, construction, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the Synthetic Rope Market:
- The polypropylene segment accounted for a share of nearly 26% in the global synthetic rope market in 2017.
- The polyethylene segment is anticipated to grow with the highest CAGR of 7.0% throughout the forecast period.
- North America accounted for more than 34% of the global synthetic rope market in 2017.
The major companies profiled in the report include WireCo WorldGroup, Actuant Corporation, Bridon-Bekaert Ropes Group, and Southern Ropes (SR). The other prominent players in the market include English Braids Ltd., TEUFELBERGER, Atlantic Braids Ltd., Bexco nv-sa (Bexco), Responsive Industries Ltd., and Touwfabriek Langman B.V. These key players are adopting different strategies such as product launch, expansion, merger, and partnership to sustain in the market. For instance, TEUFELBERGER acquired fiber rope manufacturer TexTech in 2014, which reinforced the geographical presence of the company. TexTech Cord is a Thailand-based fiber rope manufacturer of polypropylene, nylon, and polyester, intended especially for applications in the sailing and yachting segment.