The synthetic ropes market is projected to witness a CAGR of 5.9% from 2016 to reach a market size of USD 1.69 billion by 2021. The growth of the market is attributed to the excellent strength of synthetic ropes and their low weight. Another prime driver for the market is the safety aspects of synthetic ropes, when used under harsh operational conditions.“Marine & fishing is projected to remain the largest end-use industry of synthetic ropes during the forecast period.”
The marine industry uses synthetic ropes on a large scale. Due to the use of these ropes, marine mooring lines, ship-assist ropes, inland towing lines, and hoisting lines become stronger, lighter, more buoyant, and less susceptible to abrasion. Moreover, the emergence of marine renewable energy (MRE) has become a major contributor to the rise in the use of synthetic ropes in the marine & fishing industry.
“North America to remain the largest regional segment in the synthetic ropes market during the forecast period”
The synthetic ropes market in North America is well established and the region has a vast distribution network of synthetic ropes. Canada and Mexico are projected to drive the market in the region owing to the large number of offshore oil & gas reserves that may use synthetic ropes instead of the heavy steel wire ropes. Mexico is projected to witness the highest CAGR in the North American market during the forecast period.
Breakdown of Primary Interviews
Market sizes estimated in this study are validated through primary interviews conducted with various industry experts, globally. These primary sources are divided under three categories: By Company Type; By Designation; and By Region.
- By Company Type - Tier 1 - 22%, Tier 2 - 33%, and Tier 3 - 45%
- By Designation - C Level - 11%, Director Level - 30%, and Others - 59%
- By Region - North America - 22%, Europe - 11%, Asia-Pacific - 56%, and RoW - 11%
This study will help the market leaders/new entrants in this market in the following ways:
- This report segments the synthetic ropes market comprehensively and provides the closest approximations for the overall market size and subsegments across different verticals and regions.
- This report will help stakeholders to better understand the competitors and gain more insights about the business. The competitive landscape section includes competitor ecosystem, capacity expansions, new product developments, partnerships & agreements, joint ventures, R&D, and mergers & acquisitions