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The rope market size is estimated to grow at a CAGR of 5.57% between 2022 and 2027. The market size is forecast to increase by USD 4,150.05 million. The growth of the market depends on several factors, including increasing investment in infrastructure, an increase in demand from the oil and gas industry, and excellent properties of synthetic rope.
This rope 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.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing investment in infrastructure is the key trend in the global rope market. The demand for construction projects is rising owing to the increasing investment in infrastructure projects across the world. Countries across the world are rise their investment in the development of sports infrastructure and complexes. For instance, the 2022 FIFA World Cup held in Qatar supported a raise 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 for rope which will drive the during the forecast period.
New product launches is the primary trend in the global rope market. Major product innovations and launches by key vendors are expected to attract more end-users and help vendors rise their consumer reach. The key players in the global market are making more efforts to replace conventional raw materials used in rope 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 rope market. The US and other major economies globally have been undergoing slow growth and unprecedented volatility, which harms the industry. although, 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 rapidly FDI 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 Rope Market Customer Landscape
Vendors 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 vendors, 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 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 rope is made by bonding the strands around a central core. Steel wire ropes 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 ropes are lightweight and easy to install.
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The steel wire segment was the largest segment and was valued at USD 8,757.15 million. 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 ropes are preferred by end-users for various applications. Additionally, raised investments in the construction and mining sectors are influencing the growth of the global rope 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 rope market during the forecast period.
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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 the manufacturing of ropes. 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 rope 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 of rope 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 rope market during the forecast period.
In 2020, the COVID-19 pandemic has negatively affected economic growth across APAC. The governments of India, China, Australia, Japan, Indonesia, Vietnam, and other countries imposed stringent lockdown restrictions to limit the spread of the disease. However, with the lifting of lockdowns in the second half of 2020, due to the implementation of large-scale COVID-19 vaccination programs across APAC countries by their respective governments, operations in end-user industries, such as construction, mining, and others resumed in the first half of 2021. Hence, the rising use of these online platforms by vendors of rope will drive the growth of the regional market further during the forecast period.
The rope market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Rope Market Scope |
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Report Coverage |
Details |
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Page number |
151 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.57% |
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Market growth 2023-2027 |
USD 4,150.05 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.58 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 51% |
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Key countries |
US, Canada, China, India, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, 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. |
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Customization purview |
If our 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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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