Raipur, Dec. 10, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Wire Rope Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
Wire Rope Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- By Industry Type (Crane & Industrial, Oil & gas, Mining, Fishing & Marine, and Structures),
- By Material Type (Steel Rope and Synthetic Rope),
- By End-User Type (OE and Aftermarket),
- By Region (North America, Asia-Pacific, Europe, and Rest of the World)
Wire Rope Market Insights
By Industry Type
The wire rope market is segmented as crane & industrial, oil & gas, mining, fishing & marine, and structures. Crane & industrial is expected to remain the largest and the fastest-growing industry type in the market during the forecast period, owing to the ongoing recovery in shipping, construction, and industrial demand in the post-pandemic business environments. In addition to that, increasing investments in infrastructure development and a trend towards high-rise buildings are likely to give additional impetus to the demand for wire ropes in the segment in the years to come.
By Material Type
The market is segmented into steel ropes and synthetic ropes. Steel rope is expected to remain the dominant as well as the faster-growing material type in the market during the forecast period. As most applications such as hoisting, dragging, towing, rigging, and anchoring require high mechanical strength, steel rope is the preferred material type in these applications owing to its required properties and proven performance over the centuries.
Which region offers the best opportunity and growth?
Asia-Pacific is expected to remain the largest market for wire ropes during the forecast period. China and India are the growth engines of the Asia-Pacific market, driven by huge economic development, rapid urbanization, increasing spending on infrastructure development, preferred manufacturing hub of several industries, and expanding shipping industry. The wire ropes market of the region is highly fragmented, owing to the presence of a large number of local players catering to the diverse needs of industrial customers. North America and Europe are also likely to create sizeable opportunities in the coming five years, driven by an expected rebound in construction, shipping, marine, oil & gas, and infrastructure industries.
COVID-19 Impact on the Wire Rope Market
The outbreak of the Covid-19 pandemic shivered the world economy. Almost every industry was severely impacted by the pandemic's wrath. Shortage of raw materials, partial lockdowns in several countries, supply chain disruption, and reduced demand were some of the major challenges that were faced. Wire ropes market could not escape from such trends and witnessed a nosedive (-11%+ in 2020) amid the pandemic.
To know more about the covid-19 impact, get a free sample report, here:
https://www.stratviewresearch.com/Request-Sample/3005/wire-rope-%20market.html#form
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -
- Bridon-Bekaert (The Ropes Group)
- WireCo World Group
- KISWIRE Ltd.
- Teufelberger-Redaelli
- Usha Martin Limited
What deliverables will you get in this report?
- In-depth analysis of the Wire Rope Market
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
Related reports which might be useful:
- Elevator Wire Rope Market
https://www.stratviewresearch.com/2004/Elevator-Wire-Rope-Market.html
- Synthetic Rope Market
https://www.stratviewresearch.com/153/synthetic-rope-market.html
About us –
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