The global synthetic ropes market was valued at US$ 1,281.3 million in 2018, according to Global Synthetic Ropes Market Report, by Material Type (Polyethylene, Polypropylene, Polyester, Nylon, UHMWPE, Aramids, and Specialty Fibers), by End Use Industry (Oil & Gas, Transportation & Logistics, Mining, Construction, Marine, Defense, and Others (Sports and Others)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by .

The global synthetic ropes market is expected to reach US$ 1,974.9 million by 2027, exhibiting a CAGR of 5.0% during the forecast period. Increasing demand for high quality and high performance ropes from end-use industries such as oil & gas and marine is expected to propel demand for synthetic ropes and thereby expected to fuel growth of the global synthetic ropes market over the forecast period. Steel wired cables, which are mainly used in these end-use industries for dragging loads and anchoring purposes develops kinks, rust, crimps, and broken strands of steel over time, whereas synthetic cable can sustain considerable damage in the long run for its higher strength and light weight compared to steel ropes.

However, fluctuating price of raw materials are expected to have a negative impact on the final cost of synthetic ropes. The raw material required for manufacturing synthetic ropes such as polyethylene and polyester, is produced from crude oil. Therefore, fluctuations in the price of crude oil is expected to negatively affect prices of raw materials, which in turn is expected to pose challenges to global synthetic ropes market growth. According to Macro Trends Statistics on crude oil, the prices of crude oil was US$ 53.72 per barrel on December 30, 2016, increased to US$ 75.30 per barrel on October 1, 2018.

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https://www.coherentmarketinsights.com/ongoing-insight/synthetic-rope-market-316

Browse 45 market data tables* and 40 figures* on "Synthetic Ropes Market” - Global forecast to 2027.

Key Trends and Analysis of the Global Synthetic Ropes Market:

  • The companies operating in the market are focused on various growth strategies such as new product development for various end use industries including marine, aerospace, offshore oil, military, and medical industries, in order to maintain their market position. Moreover, key players operating in the synthetic ropes market are focused on sustainable production methods in order to attract consumer base. For instance, in November 2018, Touwfabriek Langman BV launched a new line of ropes called rPet-Line. The product is made using yarn made from recycled PET bottles.

Key Takeaways of the Market:

  • Among regions, Asia Pacific is expected to hold dominant position in the market over the forecast period, owing to increasing urbanization and industrialization in the region, which in turn have led growth of the logistics industries in the region. This is expected to drive growth of synthetic ropes market in the region over the forecast period. For instance, according to data released by the India Brand Equity Foundation (IBEF) in September 2019, the logistics sector in India is exhibiting a CAGR of 10.5% annually, and is expected to reach US$ 215 billion in 2020.
  • Moreover, key players operating in the synthetic ropes markets are focused on adopting various growth strategies such as new product development, in order to gain strong foothold in the global synthetic ropes market. For instance, in November 2018, Samson Rope Technologies, Inc. introduced a new climbing line, 'Mercury' using nylon and polyester fibers, which offers better strength and durability
  • 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

 

 

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