Synthetic Ropes Market – Insights
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, 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 among others.
Among material type, polyester segment accounted for the largest revenue share in global synthetic ropes market in 2018, owing to its benefits such as light weight nature, UV resistance, abrasion resistance, chemical resistance, and water resistance, among others. Polyester segment is expected to hold significant market share in the global synthetic ropes market over the forecast period due to its properties and increasing applications such as polyester is used in manufacturing halyard rope for boats.
Moreover, North America is expected to hold significant market share over forecast period. This can be attributed to presence of key players operating in the countries of North America such as Cortland Limited (U.S), Unirope Ltd. (Canada), Samson Rope Technologies (U.S), and WireCo WorldGroup (U.S.).
Furthermore, 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.
However, fluctuating prices of raw materials such as polyethylene, polypropylene, and polyester among others are expected to hamper growth of global synthetic ropes market over the forecast period. The fluctuating prices of raw materials is expected to result in unsteady prices of synthetic ropes. For instance, according to the UN Comtrade, average globe price of polyester was US$ 3,350 per ton in 2017, and increased to US$ 3,370 per ton in 2018. Therefore, fluctuations in price of raw materials is expected to have negative impact in the final cost of synthetic rope, which in turn is expected hamper synthetic ropes market growth over the forecast period.
According to the Coherent Market Insights, the global synthetic ropes market was valued at US$ 1,281.3 million in 2018, and is expected to exhibit a CAGR of 5.0% in terms of revenue, over the forecast period (2019–2027), to reach US$ 1,974.9 million by 2027.
Figure 1. Global Synthetic Ropes Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
According to Coherent Market Insights, 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 has taken initiatives in 2015 such as ‘Housing for All’ and ‘Smart city Mission’. This is expected to drive growth of the construction industry in India and facilitate demand for synthetic ropes over the forecast period in the region, and thereby expected to fuel growth of the global synthetic ropes market.
Figure 2. Global Synthetic Ropes Market Share (%), By Material Type, 2018
Source: Coherent Market Insights, 2018-19
Moreover, key players operating in the global synthetic ropes market are adopting various growth strategies such as mergers and acquisitions, and capacity expansion, in order to expand their product portfolio and strengthen their market presence. For instance, in 2016, Teufelberger Holding AG acquired Mammut, a Sweden-based leading climbing rope manufacturer. This acquisition is expected to expand and strengthen Teufelberger’s product portfolio of ropes.
Major players operating in the global synthetic ropes 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 includes nylon, polyester, polypropylene, or high performance fibers such as high modulus polyethylene (HMPE) and are used in the manufacture of synthetic ropes to suit different applications in end-use industries such as oil & gas, mining, construction, fishing, and 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 light weight.
Demand for synthetic ropes from end-use industries such as oil & gas and marine across the globe is expected to fuel growth of global synthetic ropes market over the forecast period, owing to the properties they offer such as high strength, heat & wear resistance, and better grip while handling. In the oil & gas industry, it is 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 growth of the synthetic ropes market over the forecast period. For instance, according to the International Energy Agency, in 2016, the global oil demand was pegged at 96.3 mb/d (million barrels per day), which increased to 97.8 mb/d by the end of 2017. Therefore, growing demand from oil & gas industry is expected to facilitate production of synthetic ropes, and expected to drive growth of the global synthetic ropes market over the forecast period.
Moreover, Europe held a significant market share in the global synthetic ropes market in 2018, owing to growth of transportation and logistics industry in the region. For instance, according to the data released by Federal Ministry of Transport and Digital Infrastructure of Germany in November 2016, turnover of logistics sector is about US$ 288.20 billion annually, which makes logistics a third largest sector in Germany. According to the same source, about 4.3 billion tons of goods are transported from Germany through roads, railways, and waterways every year.
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“*” marked represents similar segmentation in other categories in the respective section.
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