PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485777
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485777
Ropes Market size was valued at USD 12,980.32 million in 2023, expanding at a CAGR of 6.82% from 2024 to 2032.
As an alternative to natural fibers, synthetic ropes are composed of synthetic fibers, which are man-made textiles produced by introducing chemicals into the manufacturing process. The availability of synthetic fibers has led to a rise in demand for industrial rope, which has popularised its use. Increasing environmental regulations and concerns about the disposal of synthetic ropes could pose challenges for manufacturers. Moreover, there is a growing awareness of environmental issues that are driving demand for eco-friendly ropes made from recycled materials or bio-based fibers.
Ropes Market- Market Dynamics
Increasing need for safety & efficiency in marine operations
There are stringent safety regulations in the maritime industry, requiring vessels to use high-quality ropes that meet specific standards to ensure the safety of crew members and cargo. Maritime companies are increasingly focusing on risk management to minimize accidents and liabilities. High-performance ropes with superior strength, durability, and reliability are crucial for mitigating risks during various marine operations. For instance, the Dyform 36LR PI+ is a compact multi-layer construction rope manufactured by Bridon-Bekaert Ropes Group (BBRG). It has an engineered extruded plastic that spans both the rope core and the 18 outside strands.
Ropes Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.82% over the forecast period (2024-2032)
Based on material type segmentation, synthetic fibres were predicted to show maximum market share in the year 2023
Based on application segmentation, marine & fishing was the leading type in 2023
Based on distribution segmentation, online was the leading type in 2023
based on region, North America was the leading revenue generator in 2023
The Global Ropes Market is segmented based on Material Type, Application, Distribution, End User, and Region.
The market is divided into three categories based on material type: Synthetic fibers are widely used in rope manufacturing due to their strength, durability, and resistance to various environmental factors. Synthetic fibers such as polypropylene, polyester, nylon, and polyethylene are commonly used for making ropes.
The market is divided into seven categories based on application: Ropes are crucial for securing boats and ships to docks or buoys. They provide stability and prevent vessels from drifting away. Ropes are integral components of fishing gear. They are used in various fishing methods like trawling, longlining, and netting.
Ropes Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the Americas, a rise in outdoor pursuits like camping is expected to support demand in both the US and Canada. Tents and sleeping arrangements are anticipated to be put together using ropes. Furthermore, there is a discernible investment in residential buildings taking place in the United States, and this trend is anticipated to continue shortly. Ropes are predicted to be used in therapeutic and recreational activities in Asia Pacific because they have positive effects on mental health. Learning and using different types of knots is seen as a mindfulness and meditation exercise in China, South Korea, and Japan.
The existence of multiple firms is expected to cause rivalry in the fragmented rope market. The industry's leading service providers are always updating their technology to maintain an edge over rivals and to guarantee effectiveness, reliability, and security. To get a competitive advantage over their rivals and take a sizeable portion of the market, these players concentrate on collaboration, product advancements, and partnerships. WireCo WorldGroup, situated in Prairie Village, Missouri, produced crane ropes, giving them access to the $6 billion US market.
In February 2023, EUROBLOC VF, a new line of synthetic rope electric hoists from Verlinde, is designed to lift to 20,000 kg of weight. Verlinde has always been at the forefront of hoisting unit design, and with this new product, it has added several advancements that are covered by 15 patents.
GLOBAL ROPES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Bridon-Bekaert
TEUFELBERGER
WireCo WorldGroup, Inc.
Yale Cordage
Marlow Ropes
MAGENTO, INC. (English Braids Ltd.)
Cortland Limited
Southern Ropes
van Beelen Group BV
Dynamica Ropes
Others