The global ultra high molecular weight polyethylene (UHMWPE) rope market was valued at US$ 225.7 Million in 2018, according to Global UHMWPE Rope Market Report, by Product Type (3 strands, 8 strands, and 12 strands), by Application (Oil & Gas, Construction, Marine, Military & Aviation, Mining, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by . The global UHMWPE rope market is projected to reach US$ 368.2 Million by 2027, exhibiting a CAGR of 5.7% during the forecast period. Ultra high molecular weight polyethylene (UHMWPE) ropes are majorly used in industries such as marine, oil & gas, and aerospace for efficient and safe lifting and dragging of heavy loads. Growth of end-use industries across the globe is projected to fuel growth of the global ultra-high molecular weight polyethylene ropes market over the forecast period. For instance, according to data released by the Organization of the Petroleum Exporting Countries (OPEC) in June 2019, global crude oil production increased by 1.6% (or by 1.213 million barrels/day (mb/d)) in 2018 when compared to 2017 and reached 75.78 mb/d in 2018. Moreover, according to the same source, global oil demand is expected to reach 104.8 million barrels a day (mb/d) by 2024. However, companies across the globe that manufacture synthetic ropes are opting for other low cost materials such as polyester and propylene. Availability of substitutes is expected to restrain growth of the UHMWPE rope market. To know the latest trends and insights prevalent in this market, click the link below: https://www.coherentmarketinsights.com/market-insight/ultra-high-molecular-weight-polyethylene-rope-market-3088 Browse 24 market data tables* and 19 figures* on "UHMWPE Rope Market” - Global forecast to 2027. Key Trends and Analysis of the Global UHMWPE Rope Market:
- Among product type, 12 strands segment accounted for the largest market share in 2018 in the global UHMWPE rope market. This is owing to properties such as its excellent vibration damping and low friction co-efficient, which makes it popular in shipbuilding, ocean transportation, and military & defense industry. For instance, Katradis Marine Ropes Ind. S.A. Company introduced a new product, NIKA-Siri X-12 ropes, for application of mooring, ship to ship (STS) operation in 2017. NIKA-Siri X-12 are high module UHMWPEE 12 strand ropes, which are cost-effective and over-braided ropes.
- Among application, marine segment is expected to be the fastest growing in global UHMWPE rope during the forecast period. Specific gravity of UHMWPE is less than 1, which allows the rope to float on water easily, which in turn has increased its application in marine industry such as docking and anchoring. Increasing seaborne trade across the globe is expected to increase the demand for UHMWPE rope over the forecast period. For instance, according to United Nations Conference on Trade and Development (UNCTAD), Review of Maritime Transport 2018, the global seaborne trade in terms of volume was pegged at 10,289 million tons in 2016, which increased to 10,702 million tons by 2017. According to the same source, the global seaborne trade, in terms of volume, is expected to increase at a rate of 3.8% from 2018 to 2023.
Key Takeaways of the Market:
- North America accounted for the largest market share of 32.7% in 2018 in the global UHMWPE rope market. This is attributed to growth of various end-use industries such as oil & gas, construction, marine, and others. For instance, according to Associated General Contractors of America, in the U.S., the total construction spending was valued at US$ 1.28 trillion in January 2018, which was 0.3% higher from that of January 2018.
- Key players operating in the global UHMWPE rope market are focused on new product launches in order to strengthen their position in the market. For instance, in 2017, Samson Rope Technologies introduced their new EverSteel-X wire rope line. This is specifically designed for FSRUs (Floating Storage Regasification Units) and other semi-permanent mooring applications. This can be used for mooring operations in the Liquefied Natural Gas (LNG) industry. EverSteel-X is a high strength rope with high durability and is made with ‘Dyneema DM20’, which is an ultra-high molecular weight polyethylene fiber.
- Major players operating in the global UHMWPE rope market include Marlow Ropes Ltd., Yangzhou Hyropes Co., Ltd., Taizhou Hongda Rope&Net Co., Ltd., Katradis Marine Ropes Ind. S.A., Samson Rope Technologies, Inc., Southern Ropes, Dynamica Ropes ApS, Cortland Limited, Teufelberger Holding AG, and Yale Cordage Inc.