SYNTHETIC ROPES MARKET ANALYSIS

Ropes are made from synthetic fibers or materials produced from metals such as steel. The raw materials used for synthetic ropes are petrochemicals-based synthetic fibers such as polyethylene, polypropylene, polyester, nylon, Ultra-high-molecular-weight polyethylene UHMWPE, aramids, and specialty fibers. Synthetic ropes are widely used in crane applications, owing to properties such as high strength, high durability, high strength-to-weight ratio, and robust spooling capabilities.

The global synthetic rope market was valued at US$ 1,349.6 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.9% during the forecast period (2022 to 2030).

Drivers

Synthetic ropes are made from fibers that are man-made textiles which are manufactured with the infusion of chemicals and are used as a substitute to natural fibers. Increasing demand for industrial rope have popularized the application of this product owing to the availability of synthetic fibers. These products are used in the pulley system in order to create a mechanical advantage to effectively spread the weight of loads. Therefore, these ropes are widely used in the construction industry to weigh down loads and materials. In addition, it is used for the transportation of items to different sites of working, such as scaffolding.

According to Coherent Market Insights’ analysis, Asia Pacific is expected to gain significant traction over the forecast period. This can be attributed to increasing government initiatives in the region. For instance, according to the data released by India Brand Equity Foundation (IBEF) in September 2019, the Government of India allocated US$ 63.20 billion for the infrastructure sector in the 2019-20 Union Budget of India, and had taken initiatives in 2015 such as ‘Housing for All’ and ‘Smart City Mission’. This is expected to drive the growth of the construction industry in India and facilitate the demand for synthetic ropes over the forecast period in the region, and thereby expected to fuel growth of the global synthetic ropes market.

Figure 1. Global Synthetic Rope Market Value Share (%), By Region, 2021

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Market Restraint

The raw materials used for synthetic ropes are petrochemicals-based on synthetic fibers such as polyethylene, polypropylene, polyester, nylon, UHMWPE, aramids and specialty fibers. Synthetic ropes are used in various applications due to properties such as high strength, high endurance, high strength-to-weight ratio and robust spooling capabilities, among others. According to BP statistics, in 2018, the average crude oil price increased to US$ 71/ bbl from US$ 54/bbl in 2017. However, in 2019, the price decreased to $64/bbl. Therefore, fluctuation in the cost of raw material and dearth of awareness about synthetic rope is expected to hamper the market growth.

Market Trends

Players operating in North America are focused on growth strategies such as product launches, in order to strengthen their market presence. For instance, Samson Rope Technologies, a global market leader in synthetic ropes headquartered in Washington, U.S., launched its synthetic ropes product line in January 2019. This product line includes three double braid running rigging lines manufactured for marine applications, namely XLS3, MLX3, and the elite racer GPX. XLS3 is a polyester/polyester double braid rope, whereas MLX3 is made of blended-HMPE (high molecular weight polyethylene) with polyester core having a 24-strand polyester cover. GPX is a blend of polyester and technora, a UV-protected fiber, which provides heat resistance and superior grip.

Figure 2. Global Synthetic Rope Market Value Share (%), By Material Type, 2021

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Among material type, the polyester segment accounted for the largest revenue share in the global synthetic rope market in 2021, owing to its benefits such as light weight nature, UV resistance, abrasion resistance, chemical resistance, water resistance, and others. The polyester segment is expected to hold a significant market share in the global synthetic ropes market over the forecast period, due to its properties and increasing applications such as in manufacturing halyard rope for boats.

Recent Developments

• In October 2021, in India, Jogani Reinforcement Manufacturer of Concrete Fiber, Concrete Reinforcement Fibers & Construction Fibre introduced polyfiber 3S, a new generation concrete and construction fiber designed for long-lasting, crack-free infrastructure
• In September 2021, for naval warships and support vessels, Permali Permali. Industrial Machinery Manufacturing. Delivering leading composite & TPU material solutions across Defence, Aerospace, Rail and Automotive markets designs and manufactures high-strength, glass fiber-reinforced (GRP) composite stanchions, guardrails, deck safety net frames, and ladder systems
• On November 17, 2021,  Samson AG and Ocean Technologies Group (OTG), a global learning and operational technology company serving the maritime industry, had collaborated to provide seafarers with on-demand access to Samson’s comprehensive set of online courses in rope handling, inspection, fabrication, and installation. Through this collaboration, Samson AG rope will provide real-world 24 hours training to their personnel to keep informed and briefed on the latest best practices, which helps minimize accidents.

Competitive Section

Major players operating in the global synthetic rope market include Lanex AS, Samson Rope Technologies Inc., Teufelberger Holding AG, Unirope Ltd., WireCo WorldGroup Inc., Touwfabriek Langman BV, Dong Yang Rope Mfg. Co., Ltd., Cortland Limited, Yale Cordage Inc., and Bexco NV-SA