Global Synthetic Ropes Market to Reach US$ 1,974.9 Million by 2027 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--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% over the forecast period (2019â2027).
Key Trends and Analysis of the Global Synthetic Ropes Market:
Synthetic ropes find its application in various end use industries such as mining and marine, owing to properties including high durability, robust spooling capabilities and high strength-to-weight ratio. Benefits offered by using synthetic ropes over steel cables is light weight nature of synthetic material, which is of high importance in crane applications and other applications in the marine sector.
In the marine sector, synthetic ropes finds application in mooring, lifting, and towing, owing to easy handling, floating properties, and light weight nature. The growth of the aquaculture industry coupled with booming fishing activities globally is expected to propel demand for synthetic ropes over the forecast period (2019 to 2027). For instance, according to the Food and Agriculture Organization of the United Nations, world fisheries and aquaculture production increased from 154.0 million tons in 2011 to 170.9 million tons in 2016.
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Various key players are focused on research and development activities and new product launches, in order to strengthen their foothold in the global synthetic ropes market. For instance, in October 2019, Teufelberger Holding AG, launched a limited edition pink drenaLINE climbing rope for arborists. Moreover, in March 2019, WireCo WorldGroup launched TURBOLITE M, a new 8-strand hybrid hoist rope for mining application. The ropeâs plastic-impregnated fiber core is fatigue resistant. Furthermore, in July 2019, Touwfabriek Langman BV added a new rope braiding machine at its facility in Nijkerk, Netherlands. The new machine is capable of making larger diameters and longer lengths of double braided ropes.
Key Market Takeaways:
- The global synthetic ropes market is expected to exhibit a CAGR of 5.0% during the forecast period (2019 â 2027)
- Among regions, Middle East & Africa region is expected to gain major traction in global synthetic ropes market over the forecast period, owing to rising oil & gas exploration activities in Middle East and growth of mining industry in Africa, which in turn is expected to fuel demand of synthetic ropes over the forecast period in the region. For instance, according to the Organization of the Petroleum Exporting Countries (OPEC), as of 2018, 79.4% of the worldâs proven oil reserves are located in OPEC member countries such as Saudi Arabia, Libya and UAE among others, whereas Middle East has majority of the OPEC oil reserves, accounting for 64.5% of the total oil reserves of all OPEC member countries.
- Moreover, according to the âMineral Commodity Summaries 2019â published by U.S. Geological Survey in February 2019, the bauxite resources in the world are estimated to be 55 billion to 75 billion tons, of which Africa accounts the highest share of 32%. According to the same source, global mine production in 2018 was 16,000 thousand metric tons of chromium, 81,000 thousand metric tons of usable iron ore in South Africa, and 90,000 metric tons cobalt in Congo (Kinshasa). Therefore, growth of mining and oil & gas industry in Middle East & Africa is expected to drive growth of the global synthetic ropes market over the forecast period.
- Some of the 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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- Global Synthetic Ropes Market, By Material Type:
- Specialty Fibers
- Global Synthetic Ropes Market, By End Use Industry:
- Oil & Gas
- Transportation & Logistics
- Others (Sports and Others)
- Global Synthetic Ropes Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Middle East
- North America
- Company Profiles
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» Publication Date: 18/11/2019
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