PUBLISHER: The Business Research Company | PRODUCT CODE: 1414627
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414627
“Synthetic Rope Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on synthetic rope market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for synthetic rope? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The synthetic rope market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Synthetic rope is a product formed by braiding various synthetic materials together, resulting in a durable and robust rope. These synthetic ropes offer advantages over natural fiber ropes, including increased strength, extended durability, and resistance to UV rays, moisture, and abrasion.
The primary material types for synthetic ropes include polypropylene, polyester, nylon, polyethylene, and specialty fibers. Polypropylene is a thermoplastic addition polymer derived from propylene monomers, widely utilized in textiles, plastic components, and packaging for various consumer goods. The sales channels for synthetic ropes encompass direct sales and distributors, catering to diverse end-user industries such as marine and fishing, oil and gas, sports and leisure, construction, cranes, among others.
The synthetic ropes market research report is one of a series of new reports from The Business Research Company that provides synthetic ropes market statistics, including synthetic ropes industry global market size, regional shares, competitors with a synthetic ropes market share, detailed synthetic ropes market segments, market trends, and opportunities, and any further data you may need to thrive in the synthetic ropes industry. The synthetic ropes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The synthetic rope market size has grown strongly in recent years. It will grow from $1.69 billion in 2023 to $1.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The expansion observed in the historical period can be ascribed to the growth of the maritime industry, the safety and performance benefits offered, exploration activities in offshore oil and gas, the use in sports and recreation, and the substitution of traditional materials.
The synthetic rope market size is expected to see strong growth in the next few years. It will grow to $2.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be ascribed to the development of renewable energy projects, the expansion of the construction industry, advancements in material science, the involvement in search and rescue operations, and the popularity of sports and adventure tourism. Significant trends expected in the forecast period include the demand for high-performance fiber ropes, the substitution of traditional materials in agriculture, the customization of specialty ropes, a focus on safety and durability, and an emphasis on eco-friendly materials.
The anticipated significant increase in the consumption and demand for fish products is set to drive the growth of the synthetic rope market in the future. Fish products encompass various items derived from different fishes and their related components. Within the fishing industry, synthetic ropes are preferred due to their lightweight nature, ease of handling, and buoyancy, leading to reduced downtime and increased operational efficiency. For example, in November 2021, as reported by the European Commission, the executive arm of the European Union, fish consumption in 2020 witnessed a 4% increase in volume and a 7% increase in value in Europe. Hence, the substantial surge in consumption and demand for fish products acts as a driving force for the synthetic rope market.
The growth of the synthetic rope market is expected to be propelled by the increasing construction activities. Construction activities encompass the processes involved in delivering buildings, infrastructure, industrial facilities, and related tasks throughout their lifecycle. Synthetic ropes play a crucial role in the construction industry by providing lightweight, high-strength solutions that enhance lifting and rigging operations, contribute to improved worker safety, and enhance overall efficiency on construction sites. For instance, according to reports from Oxford Economics, a UK-based economic information services company, global construction output reached $10.7 trillion in 2020 and is projected to increase by 42%, or $4.5 trillion, between 2020 and 2030, reaching $15.2 trillion. Therefore, the growth in construction activities is a key driver for the synthetic rope market.
Technological innovations have emerged as a prominent trend in the synthetic rope market, with major companies focusing on introducing cutting-edge products to enhance their market position. For example, in March 2023, Bullplus Polyfils, an India-based manufacturer of premium rope and netting products, unveiled an HDPE nylon rope designed for heavy-duty applications. This state-of-the-art rope, produced using advanced technology and high-quality raw materials, exhibits exceptional durability, making it suitable for outdoor and marine use, even in extreme weather conditions. The HDPE Nylon Rope, a unique blend of high-density polyethylene and nylon fibers, boasts high strength and resistance to abrasion, making it ideal for demanding tasks such as towing, lifting, and securing heavy objects.
Leading companies in the synthetic rope market are intensifying their focus on introducing advanced electric wire rope hoists to gain a competitive advantage. Electric wire rope hoists, powered by electricity, utilize a motor-driven drum to wind a steel cable (wire rope), enabling the vertical movement of heavy loads in various industrial applications. For instance, in February 2023, Verlinde SAS, a France-based lifting equipment company, launched the Eurobloc VF series, a new range of synthetic rope electric hoists available in three models with varying load capacities. These hoists incorporate ultra-resistant synthetic ropes, specifically Dyneema ropes made from polyethylene fiber, known for being up to 15 times stronger than steel and 85% lighter. The ropes feature a 12-strand anti-rotation weave with diameters ranging from 7mm to 12mm, catering to different applications. The hoists offer various features, including traveling speeds from 5 m/min to 20 m/min, and comply with the EN 13001-1 classification.
In October 2023, River Associates Investments, a US-based management-friendly private equity firm, completed the acquisition of I&I Sling and Slingmax for an undisclosed amount. This strategic move positions the combined entities as market leaders in customized synthetic rope solutions and large lift slings, serving sectors such as utility/electric, energy/off-shore, infrastructure/construction, arborist, inland marine, and commercial marine. I&I Sling and Slingmax are US-based companies known for their production of high-performance synthetic ropes and rope systems tailored for critical applications.
Major companies operating in the synthetic rope market report are Cortland Limited, Samson Rope Technologies Inc., WireCo WorldGroup Inc., Southern Ropes Ltd., Marlow Ropes Ltd., Teufelberger GmbH, Bridon-Bekaert The Ropes Group Ltd., LANEX a.s., Bexco LLC, Katradis Marine Ropes Ind. S.A., Atlantic Braids Ltd., Dong Yang Rope Manufacturing Co. Ltd., Unirope Ltd., Touwfabriek Langman, Tufropes Pvt Ltd., CSR Incorporated, Franklin Braid, Atkins & Pearce Inc., Mil-Spec Packaging of GA Inc., Industrial Splicing and Sling, English Braids Limited, Axiom Cordages Limited, Yale Cordage Inc., American Rope Company, Novabraid, Pujiang Hailian Rope Co. Ltd., Jiangsu Xinglong Metal Products Co. Ltd., Jiangsu Poly Fishing Plastic Co. Ltd., Jiangsu Haifeng Rope Technology Co. Ltd.
North America was the largest region in the synthetic rope market in 2023. The regions covered in the synthetic rope market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the synthetic rope market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The synthetic rope market consists of sales of UHMWPE (Ultra High Molecular Weight Polyethylene), aramids, kevlar, twain, Nomex, dacron, and terylene. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.