Synthetic rope refers to a category of ropes made from various synthetic fibers, offering superior strength, durability and resistance to environmental factors compared to natural ropes. Synthetic ropes are ropes manufactured by braiding together one or more different types of synthetic fibers, such as nylon, polyester, polypropylene or high-performance fibers like high modulus polyethylene (HMPE).
The synthetic rope market consists of sales of synthetic rope by entities (organizations, sole traders and partnerships) that are ropes manufactured by braiding together one or more different types of synthetic fibers.
The global synthetic rope market was valued at $1,343.37 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.0%.
Increase In Industrialization Activities
Increase in industrialization activities helped fuel the growth of the synthetic rope market during the historic period. Strong materials were needed more and more as industrialization picked up speed to serve a wide range of applications in sectors like offshore operations, mining, shipping and building. Because of its great tensile strength, longevity and corrosion resistance, synthetic rope became the go-to option for heavy-duty applications. Furthermore, synthetic ropes' adaptability made them essential for anchoring, hoisting and towing tasks in quickly expanding industrial sectors. According to the United Nations Industrial Development Organization (UNIDO), global manufacturing production increased by 9.4% in 2021. Further, according to Goldman Sachs, a US-based investment banking company, the Indian manufacturing sector, for instance, experienced growth of 210% in the fiscal year 2021-2022, compared to the fiscal year 2020-21, as well as a substantial increase in new investment and ordering activity. Compared to 2019-20, the manufacturing sector saw a 460% increase in 2021-22. Therefore, an increase in industrialization activities contributed to the growth of the synthetic rope market.
Launch Of New And Improved Products To Meet Industry Demand
Companies in the synthetic rope market are focusing on offering new and improved synthetic rope products to strengthen their position in the market. These novel products frequently have superior formulations and performance attributes when compared to traditional ropes or steel wires. For instance, in September 2023, BRADEN, a US-based air handling and noise emissions control systems manufacturing company, launched the new TRS Synthetic Rope, which is meticulously designed and rigorously tested to complement the TR Series of Planetary Recovery Winches, featuring rated line pulls ranging from 12,000 to 30,000 lb (pounds) (5,443 to 13,608 kg (kilograms)). Tailored to fit specific winch drum sizes, the twelve TRS options provide a straightforward solution, eliminating the uncertainty involved in choosing a synthetic alternative to wire rope. Additionally, in March 2023, WireCo WorldGroup, a US-based wire rope manufacturing company, launched its brand-new high-performance crane ropes in the USA. These ropes made of steel and other materials, such as synthetic fibers, are designed to meet the growing demands of the lifting market, which include higher breaking strength, greater flexibility, better rotation resistance and extended rope life.
The global synthetic rope market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 9.58% of the total market in 2023.
Synthetic Rope Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global synthetic rope market as it emerges from the COVID-19 shut down.
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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 history and forecasts market growth by geography. It places the market within the context of the wider synthetic rope market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by material type, by sales channel type and by end-user industry.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the synthetic rope market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by material type, by sales channel type and by end-user industry in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for synthetic rope providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Material Type: Polypropylene; Polyester; Nylon; Polyethylene; Specialty Fibers
- 2) By Sales Channel Type: Direct Sales; Distributors
- 3) By End User Industry: Marine; Fishing; Oil; Gas; Sports; Leisure; Construction; Other End-Users
- Companies Mentioned: Honeywell International Inc.; WireCo WorldGroup Inc.; Bridon-Bekaert Ropes Group Ltd.; Lankhorst Ropes; Hampidjan Group
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; synthetic rope indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.