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
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 $64/bbl. Therefore, fluctuation in the cost of raw material and dearth of awareness about synthetic rope is expected to hamper the market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 1,349.6 Mn |
| Historical Data for: | 2017-2021 | Forecast Period: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 5.9% | Forecast Period: | 2022-2030 |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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 |
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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
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
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
Synthetic fibers are man-made fibers, which include nylon, polyester, polypropylene, or high-performance fibers such as high modulus polyethylene (HMPE). They are used in the manufacturing of synthetic ropes to suit different applications in end-use industries such as oil & gas, mining, and construction, as well as in fishing. They are also used as mooring ropes in ocean liners. End users prefer synthetic ropes over wired ropes, owing to the benefits offered by synthetic ropes, such as superior flexibility, high strength, and lightweight.
Market Dynamics
Increasing demand for synthetic ropes from end-use industries such as oil & gas and marine across the globe is expected to fuel the growth of the global synthetic ropes market over the forecast period. This is also attributed to the properties they offer, such as high strength, heat & wear resistance, and better grip while handling. In the oil & gas industry, synthetic ropes are used in anchor lines, drilling lines, tubing lines, and marine riser tensioner lines. Increasing oil & gas exploration activities across the globe is expected to drive the growth of the synthetic ropes market over the forecast period. For instance, according to the International Energy Agency, in 2021, the global oil demand was pegged at 5.5 mb/d (million barrels per day), which increased to 3.3 mb/d by the end of 2017. Therefore, growing the demand from oil & gas industry is expected to facilitate the production of synthetic ropes and drive the global synthetic ropes market growth over the forecast period.
Moreover, Europe held a significant market share in the global synthetic ropes market in 2021, owing to the growth of transportation and logistics industry in the region. Increasing marine and fishing business across European countries is anticipated to result in increased demand for synthetic ropes over the forecast period. Moreover, products pertaining to high tensile strength as well as longer durability have managed to replace steel wires in many forms and applications. Therefore, synthetic ropes are a prime choice in the construction, marine, and oil and gas industries.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
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