Enjoy complimentary customisation on priority with our Enterprise License!
The rope market size is estimated to increase by USD 4.15 billion and grow at a CAGR of 5.57% between 2022 and 2027. Rising infrastructure investments and heightened demand from the oil and gas sector drive growth in the synthetic rope market. The exceptional properties of synthetic ones further bolster this expansion. However, uncertain macroeconomic conditions pose challenges. Volatility in raw material prices used in production adds to the complexity. Additionally, a shortage of labor in the rope-making sector hampers production rates, presenting obstacles to growth. Despite these hurdles, the market demonstrates resilience, propelled by the indispensable role of synthetic ones in various industries. As stakeholders navigate through economic uncertainties and supply chain disruptions, strategic investments in technology and workforce development become imperative to sustain growth and meet evolving market demands.
To learn more about this report, View Report Sample
This market report extensively covers market segmentation by product (steel wire, synthetic, cotton, and others), end-user (industrial, commercial, and residential), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The steel wire segment is estimated to witness significant growth during the forecast period. Numerous features of thin steel wires are bonded together to create steel wire ropes. The final steel wire variant is made by bonding the strands around a central core. Steel wire ones are majorly used for supporting and moving a load or structure. Owing to their features, such as a higher strength-to-weight ratio, these steel wire variants are lightweight and easy to install.
Get a glance at the market contribution of various segments View the PDF Sample
The steel wire segment was the largest segment and was valued at USD 8.75 billion in 2017. When choosing these steel wire ropes, end-users must have to consider their load-bearing capacity and lifespan. Mainly high-carbon steel wire variants are preferred by end-users for various applications. Additionally, raised investments in the construction and mining sectors are influencing the growth of the global market. Major rope vendors are investing rapidly in advanced manufacturing technologies and accouterments to stay in the competition. Thus, these factors are driving the steel wire segment, which is expected to dominate the global market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Countries such as China, Japan, South Korea, and India are the major countries in this market. Owing to the presence of a large end-user base in these countries, APAC is a key region for manufacturing driven by factors such as rapid industrialization, urbanization, and a thriving construction industry are the key reasons for the growth in this region.
Moreover, one of the primary factors in the growth of the market in APAC is the rising demand for synthetic ropes from the residential construction segment. In APAC, countries such as China, South Korea, and India are the main exporters across the world. Increasing awareness regarding sports and the safety aspects of synthetic ropes raises the demand for synthetic ropes. Hence, the rising demand for synthetic ropes from various end-user industries will result in regional market growth, which will drive the growth of the global market during the forecast period.
In the realm of rope technology, diverse applications and materials cater to a myriad of industries and activities. From the marine and fisheries sector to the nautical industry, ropes serve critical roles in mooring, inland towing, and hoisting lines. Materials range from traditional options like nylon, hemp, and polyester to advanced polyolefin fibre and plastic fibers, ensuring versatility and durability. Steel wire ropes dominate in industrial and crane operations, mining, and transportation, showcasing their robustness and reliability. Additionally, synthetic ropes offer enhanced performance in various settings, from camping and rock climbing to maritime and fishing endeavors. With innovations like waterproof and high-performance ropes, the industry continues to evolve, meeting the diverse needs of its users while ensuring safety and efficiency in every application. In the nautical sector and beyond, ropes crafted from a variety of materials like nylon ropes, hemp rope, polyester rope, and polypropylene rope are indispensable. These versatile fibers, including man-made textile fibers such as polyolefin, serve myriad purposes, from hoisting loads and materials to powering intricate pulley system. Furthermore, in emerging technologies, like rope robots, these materials play a crucial role, ensuring robustness and reliability in various applications. Whether navigating treacherous waters or supporting heavy loads, ropes made from these fibers prove essential, offering durability, strength, and versatility to meet the diverse needs of industries and activities on land and at sea.
Increasing investment in infrastructure is the key trend in the global market. The demand for construction projects is rising owing to the increasing investment in infrastructure projects across the world. Countries across the world are raising their investment in the development of sports infrastructure and complexes. For instance, the 2022 FIFA World Cup held in Qatar supported a rise in construction spending in the Middle Eastern region. Some construction projects are on hold due to the COVID-19 pandemic. However, globally, governments were compelled to invest in healthcare infrastructure like hospitals to deal with the rise in the number of COVID-19 patients.
Furthermore, in March 2021, the Indian government funds nearly USD 31,153 million to improve the transportation infrastructure. Additionally, an expenditure of USD 8.8 billion was allocated over six years to make the capacities of primary, secondary, and tertiary care and healthcare systems. These actions taken by governments to improve infrastructure are notably driving the growth of the global construction market during the forecast period. Hence, the increasing investments in infrastructure will grow the demand which will drive the during the forecast period.
New product launches is the primary trend in the global market. Major product innovations and launches by key vendors are expected to attract more end-users and help vendors increase their consumer reach. The key players in the global market are making more efforts to replace conventional raw materials used in manufacturing with cutting-edge options that have no adverse impact on the environment during the manufacturing process.
Moreover, for instance, the Euro bloc VF series of hoists use Dyneema ropes, a superlight polyethylene fiber that is up to 15 times stronger compared to steel. These have high energy absorption, very low stretchability, and are highly resistant to abrasion, moisture, UV rays, and chemicals. Additionally, it offers a wide operating temperature range of -10 degrees C to 40 degrees C. Moreover, the expansion of the company activities is playing a major role in driving the growth of the global rope market during the forecast period. For instance, V.E.P., a member of the KATRADIS Group, has added its operations to facilitate compliance with the needs of port authorities and marinas. Hence, the growing advancements and new launches of rope are the growing trends that are expected to drive the growth of the market during the forecast period.
Uncertain macroeconomic conditions is the key challenge for the growth of the global market. The US and other major economies globally have been undergoing slow growth and unprecedented volatility, which harms the industry. However, subsequent uncertainty over the prevailing economic conditions will have a negative impact on the construction industry and will continue to create a risk as customers may delay spending in response to tighter credit, declines in income, and negative financial news. However, rising uncertainty over economic growth has FDI rapidly and delayed government subsidies, which has forced to delay construction projects.
Moreover, the global construction market is characterized by being overstretched and over-reliant. With the commodity market revenue on the edge of recovery in 2022, the market is expected to remain constantly overstretched due to the shortage of skilled laborers but is predicted to sustain for the current year. In addition, regions such as Asia and Africa that have a rich supply of low-cost and skilled labor have reported a lack of skilled labor in major cities, including Bangalore (India), Johannesburg (South Africa), and Kigali (Rwanda), where construction activities are in increasing demand. Hence, the uncertain macroeconomic conditions can be a challenge to the growth of the global rope market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Cortland Ltd.: The company offers ropes such as polyester double-braid, and spun polyester double-braid ropes.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
The market thrives on diverse applications across industrial, marine, and commercial sectors, driven by the global construction sector and demand from marine industries and logistics. From heavy-duty applications in industrial and crane operations to mooring and inland towing in marine transportation, ropes play a vital role. Steel wire rope, nylon, hemp, and polypropylene are among the popular choices, offering durability and corrosion resistance. With spooling capabilities and pulley systems, ropes facilitate tasks in agriculture, rock climbing, and adventure sports. Synthetic fibers like polyester and aramid ensure high-performance and endurance, catering to residential end-users and the shipping sector alike. As demand surges for UV-resistant and waterproof ropes, the market continues to innovate, meeting the stringent requirements of roads, railways, airports, and ports worldwide.
In the realm of ropes, applications span across various sectors, from industrial to marine and beyond. Robust and versatile, ropes are essential for lifting, hauling, and suspension tasks in the industrial segment, marine and fishing industries, and commercial endeavors. They come in a variety of materials, including durable options like hemp, jute, and polyolefin fiber, catering to specific needs in camping, restoration initiatives, and outdoor cafes. With a focus on durability and tensile strength, ropes withstand environmental factors such as UV radiation, rain, and snow, ensuring reliable performance in diverse conditions. From hoisting lines to pulley systems, ropes facilitate critical operations in drilling, exploration, and extraction, showcasing their significance in high-performance applications and demanding environments. Whether it's for maritime activities, nautical ventures, or industrial tasks, ropes remain indispensable, providing essential support across a wide spectrum of activities.
Rope Market Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.57% |
Market growth 2023-2027 |
USD 4.15 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.58 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 51% |
Key countries |
US, Canada, China, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
BRIDON INTERNATIONAL GmbH, Cortland Ltd., CSR Inc., Donaghys Ltd., English Braids Ltd., Erin Rope Corp., Gottifredi Maffioli Srl, Hampidjan Group, Katradis Marine Ropes Ind SA, Marlow Ropes Ltd., Novatec Braids Ltd., ROPENET, Samson Rope Technologies Inc., Southern Ropes, Teufelberger Holding AG, Touwfabriek Langman B.V., Usha Martin Ltd., van Beelen Group BV, WireCo, and Yale Cordage Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our Market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.