Global synthetic ropes market is estimated to be valued at US$ 1,349.6 Million in 2021, according to the 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 Coherent Market Insights.
Global synthetic ropes market was valued at US$ 1,349.6 Million in 2021. Synthetic rope market is expected to register a CAGR of 5.9% over the forecast period (2022–2030). Increasing demand for high-quality and high-performance ropes from end-use industries such as oil & gas and marine is expected to propel the demand for synthetic ropes and in turn fuel the 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, develop kinks, rust, crimps, and broken strands of steel over time. Synthetic cables, on the other hand, can sustain considerable damage in the long run for its higher strength and light weight compared to steel ropes.
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Browse 50 market data tables* and 40 figures* on "Global Synthetic Ropes Market” - Forecast to 2030
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 to maintain their market position. Moreover, key players operating in the synthetic ropes market are focused on sustainable production methods in order to attract new consumer base. For instance, in November 2018, Touwfabriek Langman BV is one of the oldest rope making companies in Europe launched a new line of ropes called Pet-Line. The product is made using yarn made from recycled PET bottles.
Key Takeaways of the Global Synthetic Ropes Market:
- Among regions, Asia Pacific is expected to hold a dominant position in the market over the forecast period, owing to increasing urbanization and industrialization in the region, leading to the growth of the logistics industry in the region. For instance, according to data released by the India Brand Equity Foundation (IBEF) the logistics sector in India is was valued at US$ 215 billion in 2020.
- Moreover, key players operating in the synthetic ropes market 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. Samson Rope Technologies, Inc. develops, manufactures, and sells ropes. introduced a new climbing line, 'Mercury' using nylon and polyester fibers, which offer better strength and durability
- New product launches, merger & acquisitions, strategic partnership, expansion, and research & development activities are key strategies adopted by players in the global synthetic ropes market
