Rockville , March 01, 2024 (GLOBE NEWSWIRE) -- The global synthetic rope market, estimated at US$ 2.04 billion in 2024, is forecasted to expand at a CAGR of 4.3% from 2024 to 2034. Market expansion is being primarily driven by increasing demand from the offshore oil and gas industry. Compared to conventional steel ropes, synthetic ropes are lighter, more flexible, and more resistant to abrasion and corrosion. They can support heavier loads for longer periods because they are more durable than steel ropes.
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Ropes made from braiding together one or more different kinds of synthetic fiber are known as synthetic ropes. Typically, synthetic fibers like polyester, nylon, and polypropylene are used to make these ropes. Compared to conventional ropes made of natural fibers, synthetic ropes provide several advantages. Furthermore, they can continue to be strong and long even when loaded with a lot of weight.
Global demand for synthetic ropes is being driven by the construction sector’s increasing usage of mining resources. In addition, the industry's top players provide cutting-edge goods that optimize fleet production and efficiency by lowering pulley wear, increasing abrasion resistance, and improving performance. The market is expected to grow as a result in the coming years.
- For example, in June 2022, the Bridon-Bekaert Ropes Group (BBRG) created the Dyform 36LR PI+, a compact multi-layer construction rope with a tailored extruded plastic spanning the 18 outer strands of the rope and the rope core.
| Report Attribute | Details |
| Value Projection (2034) | US$ 3.1 Billion |
| Growth Rate (2024-2034) | 4.3% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Key Takeaways from Market Study
- In 2024, the global synthetic rope market is estimated to be valued at US $2.04 billion globally.
- From 2024 to 2034, demand for synthetic ropes is projected to increase at a CAGR of 4.3%.
- By the end of 2034, the global market is projected to reach US$ 3.1 billion.
- Through 2034, the East Asian market is forecasted to expand at a CAGR of 4.8%.
- Over the next ten years, synthetic rope demand for use in cranes is forecasted to rise at a CAGR of 4%.
- By 2024, North America is projected to account for 28.6% of global market share.
“Synergy between the growing demand for mining materials in the construction sector and advancements in synthetic rope production is creating a robust market environment. The development of stronger, more durable, and efficient synthetic ropes is projected to enhance productivity and efficiency across multiple sectors, thereby driving market growth in the foreseeable future,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Cortland Limited
- Bridon-Bekaert
- Southern Ropes
- Magento, Inc.
- Marlow Ropes
- Teufelberger
- Yale Cordage
- LANEX a.s.
- Katradis Marine Ropes Ind. S.A.
Extensive Utilization of Synthetic Ropes in Aquaculture Operations and Oil and Gas Extraction
Global fish sales are being driven by increasing awareness of the health benefits of eating seafood, which include heart health promotion and the reduction of arthritis symptoms. This is one of the main factors driving the aquaculture industry's need for synthetic ropes.
As the world's population continues to rise and worries about food security grow, governments around the world are implementing a range of measures to improve the efficiency of aquaculture operations. Consequently, this is bolstering the market's expansion. In addition, the oil and gas sector is using synthetic ropes extensively due to the growing number of offshore oil production sites and the soaring energy demand.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the synthetic rope market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on material (polyethylene, polypropylene, polyesters, specialty fibers, polyamides) and application (marine & fishing, oil & gas, construction, cranes), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
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