According to the report published by Allied Market Research, the global synthetic rope market garnered $1.33 billion in 2017 and is estimated to reach $2.18 billion by 2025, growing at a CAGR of 6.3% from 2018 to 2025. The research provides a detailed analysis on changing market dynamics, key segments, major market players, and competitive scenario.
Increase in demand for fish-products, surge in seaborne trade activities, and rise in size of cargos drive the growth in the global synthetic rope market. However, varying prices of raw materials hinder the market growth. Contrarily, rapid advancements taking place in synthetic rope manufacturing would provide new opportunities in the future.
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On the basis of raw material, the specialty fibers segment contributed for around one-third of the total market share in 2017 and is estimated to maintain its lead position during the forecast period. This is owing to its characteristics including electrical resistivity, thermal conductivity, and chemical or fuel resistance. However, the polyester segment would grow at the highest CAGR of 7.3% from 2017 to 2025, owing to its characteristics of being as resilient as nylon ropes and superior resistance offered to ultraviolet rays and heat. The research also provides insights on nylon, polypropylene, and polyethylene.
Europe is estimated to grow at the fastest CAGR of 7.1% from 2017 to 2025, owing to rise in usage of synthetic ropes across various countries including Germany, France, Italy, the U.K., and Russia. However, North America accounted for the largest market share in 2017, contributing to more than one-third of the total market share, owing to rise in oil & gas production and increase in exploration activities. The research also analyzes the regions including Asia-Pacific and Latin America, Middle East and Africa (LAMEA).
Key market players highlighted in the research are Actuant Corporation, Atlantic Braids Ltd, Bridon-Bekaert Ropes Group, Bexco NV-SA, English Braids Ltd, Responsive Industries Ltd, Southern Ropes, Teufelberger, Touwfabriek Langman B.V., and Wireco WorldGroup. These market players have implemented various strategies such as partnerships, expansion, new product launches, collaborations, mergers & acquisitions, and others to achieve stronghold in the industry.
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