Synthetic Rope Market Overview:
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. Synthetic ropes are made from synthetic fibers such as polypropylene, polyester, nylon, polyethylene, and specialty fibers. These ropes are lighter in weight than the metal ropes and significantly stronger than the natural fiber ropes. They possess properties such as high tensile strength, resistance to abrasion, and superior flexibility.
Global synthetic rope market is witnessing considerable growth over the past few years and is expected to grow significantly during the forecast period, due to superior properties associated with synthetic rope that led to their improved capability to handle larger weight. Additionally, marine & fishing segment is the traditional consumer of synthetic rope, however, surge in construction activities across the developing economies drives the growth of the global market. Apart from this, growth in awareness regarding sports and rise in gymnasium population are expected to fuel the growth of the global market. On the contrary, instability in raw material’s prices is anticipated to restrain the market growth. Furthermore, increase in demand for crude oil and rise in oil and gas extraction activities are expected to provide lucrative opportunities for the growth of the global 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.
The major companies operating in the global synthetic rope market 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.
North America accounts for the major share in the global synthetic rope market due to increase in oil & gas production and rise in exploration activities. Synthetic ropes are majorly preferred during the oil well digging operations and processing activities.
Based on raw material, specialty fibers segment dominated the market in 2017 due to their properties such as thermal conductivity; electrical resistivity; and structural features such as chemical or fuel resistance, hydrophilic, absorbent, and resistance to UV light. Specialty fibers include a range of fibers such as acetate & triacetate, acrylic & modacrylic, aramid & polyimide, elastomeric, fluoropolymer, polybenzimidazole (PBI), poly-p-phenylenebenzobisoxazole (PBO), polyphenylene sulfide (PPS), rayon, styrene acrylonitrile (SAN), and polyvinyl chloride (PVC).
Based on end use, the construction industry contributed the highest share to the global market in 2017. Constriction projects involve applications such as lifting & lowering and logging & movement of material around the site for which synthetic ropes are highly preferred. Surge in residential and commercial construction projects drive the growth of the global market.
Key Benefits for Synthetic Rope Market:
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future scenario of the market from 2017 to 2025 to understand the prevailing opportunities and potential investment pockets.
- Major countries in each region have been mapped according to their individual revenue contribution to the global/regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are elucidated in the study.
- The profiles of key players along with their key strategic developments are enlisted in the report.
Synthetic Rope Market Report Highlights
By Row Material
By End Use Industry
Key Market Players
TEUFELBERGER, WIRECO WORLDGROUP, BEXCO NV-SA, TOUWFABRIEK LANGMAN B.V., RESPONSIVE INDUSTRIES LTD., ATLANTIC BRAIDS LTD., BRIDON-BEKAERT ROPES GROUP, ENGLISH BRAIDS LTD., ACTUANT CORPORATION, SOUTHERN ROPES
According to the insights of the CXOs leading companies in the market, synthetic ropes are expected to witness high adoption rate due to increase in demand from several end-user verticals such as oil & gas, marine & fishing, and others. Numerous synthetic rope manufacturers have adopted the collaboration strategy to develop synthetic ropes. Therefore, Applied Fiber, WireCo WorldGroup, and DSM Dyneema collaborated to deliver synthetic fiber dragline & rope shovel pendants to the global mining industry. Applied Fiber is one of the leading companies known for offering synthetic fiber tension systems across the globe. On the other hand, WireCo WorldGroup’s products are recognized and are widely used in applications such as surface and underground mining, oil & gas exploration, maritime, fishing, construction, and specialty lifting and suspension applications.
DSM Dyneema is manufacturer of ultrahigh molecular weight polyethylene (UHMWPE) fiber. These companies collaborated to develop Lankhorst synthetic rope for the demanding application. The product is lighter, easier to handle during installation, and offers increased service life over conventional technology.