“The steel wire rope & plastic rope market is projected to register a CAGR of 5.0% during the forecast period.”
The steel wire rope & plastic rope market is expected to grow from USD 11.3 billion in 2019 to USD 14.5 billion by 2024, at a CAGR of 5.0% during the forecast period. New product launches leading to an increased application scope of steel wire rope & plastic rope as well as the growing usage of these products across various end-use industries, including industrial & crane, marine & fishing, construction, and mining are expected to augment the market growth. However, the lack of awareness among the end-use industries about the use of steel wire ropes & plastic ropes is the primary factor restraining the growth of the market.
“Crane is the fastest-growing end-use industry of plastic rope, in terms of value.”
Steel wire rope & plastic rope is gaining importance in the automotive end-use industry. Cranes are relatively an unexplored segment for the market and are projected to register a high CAGR. In the case of cranes, the weight of the rope can form a large part of the whole machine. Therefore, reduction in the weight of rope provides massive benefits, in terms of stability and significant savings in reducing axle loads.
The plastic ropes used in cranes can withstand tough environment during the handling, installation, and maintenance operations. The plastic ropes for mobile cranes are replacing the steel ropes at a rapid pace, as they increase the lifting efficiency, provide extended rope life, and lower the maintenance cost.
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“The polypropylene segment accounted for a major share of the plastic rope market, in terms of value, during the forecast period”
The global plastic rope market is projected to be dominated by the polypropylene segment, in terms of both value and volume during the forecast period. Polypropylene is used on a large scale in manufacturing ropes for marine & fishing industry due to its high strength properties. As it is light in weight, it floats in water. It is found in multifilament fiber form, similar to but slightly thicker than polyester and nylon. It is sometimes found as thicker monofilament resembling straw or bristles, typically 0.1 mm to 0.15 mm diameter. Polypropylene is reasonably economical as compared to HMPE or polyester. It has excellent chemical resistance and is preferred in water-related applications as these float in water.
“APAC is the largest and the fastest-growing steel wire rope & plastic rope market.”
The European region is projected to be the fastest-growing steel wire rope & plastic rope market. This is attributed to the increase in demand for steel wire rope & plastic ropes from marine & fishing, construction, mining, and other industries. Asia-Pacific is one of the key markets for steel wire ropes with large scope for growth in construction, fishing, and mining sectors. The offshore mooring industry in Australia, Malaysia, and China is expected to drive the steel wire rope & plastic ropes market growth during the forecast period.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By Company Type- Tier 1- 35%, Tier 2- 25%, and Tier 3- 40%
- By Designation- C Level- 35%, Director Level- 30%, and Others- 35%
- By Region- APAC- 30%, Europe- 30%, North America- 25%, MEA-10%, Latin America-5%
The report provides a comprehensive analysis of company profiles listed below:
- WireCo WorldGroup Inc. (US)
- Bekaert SA (Belgium)
- Tuefelberger Holding AG (Austria)
- Cortland Limited (US)
- DSR (South Korea)
- Samson Rope (US)
- Usha Martin (India)
- Samson Ropes Technologies Inc. (US)
- Jiangsu Langshan (China)
- Marlow Ropes Ltd. (UK)
- This report covers the global steel wire rope & plastic rope market and forecasts the market size until 2029.
- The report includes the market segmentation - By Type of Lay (Regular Lay, Lang Lay), Material Type (Polypropylene, Polyester, Nylon, HMPE, Specialty Fibers), and Application (Marine & Fishing, Sports & Leisure, Oil & Gas, Industrial & Crane, Mining, Construction), and region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global steel wire rope & plastic rope market.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the global steel wire rope & plastic rope market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses.
- The competitive landscape section includes the competitor ecosystem, new product launches, agreements, contracts, joint ventures, partnerships, expansions, and mergers & acquisitions.
Reasons To Buy the report:
- The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall steel wire rope & plastic rope market and the sub-segments.
- This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.