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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