Global Synthetic Rope Market Size to Cross $1466.7 Bn Growth by 2030, Exhibit a CAGR of 6.80%

Salt Lake City, UT, April 20, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Synthetic Rope Market By End-User (Transportation & Logistics, Oil & Gas, Mining, Defense, Marine, And Construction), By Type (Nylon, Polyethylene, Polyester, Polypropylene, UHMWPE, Specialty Fibers, And Aramids), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Synthetic Rope Market size & share in terms of revenue was valued at USD 877.5 Million in 2022 and it is expected to surpass around USD 1466.7 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.80% during the forecast period 2023 to 2030.”

What is Synthetic Rope? How big is the Synthetic Rope Industry?

Report Overview:

The production, distribution, and consumption of ropes that are manufactured from synthetic materials such as nylon, polypropylene, polyester, and other similar materials are the primary focuses of the synthetic rope industry. These ropes are useful in a wide variety of end-user verticals, including as offshore, construction, and industrial operations, amongst others. The numerous benefits that synthetic ropes provide in comparison to their naturally-derived analogues are the primary drivers that are driving the increased demand for synthetic ropes. They often have a longer lifespan, greater resistance to abrasion, and a substantial strength-to-weight ratio, all of which contribute to their overall durability. In addition, synthetic ropes are less likely to become damaged by mildew, rot, or any other sort of quality deterioration, which makes them an excellent option for deployment in outdoor settings. The various companies in the sector can anticipate an increase in demand over the next few years as a result of the growing demand in the various end-user verticals in addition to consistent product innovation and improvement.

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Global Synthetic Rope Market: Growth Dynamics

It is projected that the global synthetic rope market would experience consistent expansion as a result of the growing emphasis placed on the dependability and safety of products used in various end-user verticals. When compared to traditional ropes, synthetic ropes have a lower risk of breaking under unexpected circumstances. Synthetic ropes are preferred by customers because of their longer lifespan and greater reliability. Any commercial endeavor, but notably those that take place in settings that are more prone to accidents, places a greater premium on giving a product's safety index the attention and priority it deserves.

For example, marine activities and events that take place at sea. It is anticipated that there will be more of a need for synthetic rope as businesses place a greater emphasis on the protection of the individuals who will be utilizing their products. In addition to this, there is a growing need for materials that are both high-strength and lightweight, which may generate additional momentum. This is applicable to the automobile business as well as the aviation sector, both of which place a great emphasis on the weight of the products utilized in their operations.

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Report Scope

Synthetic Rope Market: Segmentation Analysis

Based on end-user, Transportation and logistics, oil and gas, mining, defense and marine, and construction are the categories that make up the global market. Synthetic ropes offer a wide variety of uses in the marine and offshore industries, which is one reason why the marine and offshore sectors are currently contributing significantly to industrial growth. They are utilized for tasks such as towing, anchoring, and lifting, all of which are extremely common operations that take place in each and every maritime unit. The construction business is the second largest revenue generator for the companies in the industry. Synthetic ropes are essential to operations like scaffolding and hauling heavy weights in the construction industry. As a result of continuously shifting business requirements, the mining and oil and gas sector is anticipated to expand at a high compound annual growth rate (CAGR) during the period covered by the forecast. The International Nylon Study Group (INS) estimates that by the year 2020, the global production of nylon filaments and fibers would have surpassed 7.8 million metric tonnes.

Based on type, the worldwide synthetic rope industry segments are nylon, polyethylene, polyester, polypropylene, UHMWPE, speciality fibers, and aramids. Polypropylene now dominates the global industrial expansion thanks to the various advantages of the material. For instance, propylene is minimal in cost and can float on water. It is very lightweight making it perfect for fishing purposes. Ropes composed of nylon offer extreme durability and resistance to abrasion. Ultra-high molecular weight polyethylene (UHMWPE) demonstrates low stretch and great strength whereas speciality fibers such Vectran, Spectra, and Dyneema that can tolerate high temperatures and little creep. As to a 2019 report, fishing gear accounts for nearly 10% of the globe’s plastic garbage in the ocean.

The global Synthetic Rope market is segmented as follows:

By End-User

• Transportation & Logistics
• Oil & Gas
• Mining
• Defense
• Marine
• Construction

By Type

• Nylon
• Polyethylene
• Polyester
• Polypropylene
• UHMWPE
• Specialty Fibers
• Aramids

Browse the full “Synthetic Rope Market By End-User (Transportation & Logistics, Oil & Gas, Mining, Defense, Marine, And Construction), By Type (Nylon, Polyethylene, Polyester, Polypropylene, UHMWPE, Specialty Fibers, And Aramids), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/synthetic-rope-market

Competitive Landscape

Some of the main competitors dominating the global Synthetic Rope market include - 

• Samson Rope Technologies Inc.
• WireCo WorldGroup Inc.
• Yale Cordage Inc.
• Bridon-Bekaert Ropes Group
• Lanex a.s.
• Southern Ropes
• Teufelberger Holding AG
• Atlantic Braids Ltd.
• Touwfabriek Langman B.V.
• Cortland Limited
• Jiangsu Xinglong Metal Products Co. Ltd.
• Marlow Ropes Ltd.
• Katradis Marine Ropes Ind. S.A.
• Novabraid
• Phillystran Inc.
• English Braids Ltd.
• Bridco Australia Pty Ltd. amongst others.

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global synthetic rope market is estimated to grow annually at a CAGR of around 6.80% over the forecast period (2023-2030)
• In terms of revenue, the global synthetic rope market size was valued at around USD 877.5 million in 2022 and is projected to reach USD 1466.7 million, by 2030.
• The market is projected to grow at a significant rate due to the growing focus on reliability and safety
• Based on type segmentation, polypropylene was predicted to show maximum market share in the year 2022
• Based on end-user segmentation, the marine was the leading vertical in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Key questions answered in this report:

• What is the market size and growth rate forecast for Synthetic Rope industry?
• What are the main driving factors propelling the Synthetic Rope Market forward?
• What are the leading companies in the Synthetic Rope Industry?
• What segments does the Synthetic Rope Market cover?
• How can I receive a free copy of the Synthetic Rope Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By End-User, By Type, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The global synthetic rope market is anticipated to have the largest growth in North America, mostly due to the presence of important market players in the United States who have a global presence and are continually searching for measures to increase their footprint. This is predicted to be the case. The country already has an enticing infrastructure in place, and increasing investments are being made towards future technical developments, which both work in favour of regional prosperity. Alongside this, the nation is also seeing a rise in the number of research and development activities. This is due to the fact that established players are continually adding new product lines that have improved functionality. In addition to this, the participation of new players contributes to the intensification of the competition within the region. The expanding use of synthetic ropes in a variety of offshore and marine activities, in addition to their employment in the production of renewable energy, may be the primary factor driving expansion in Europe.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

In March 2023, Verlinde, a France-based maker of industrial products, announced the launch of a new range of synthetic ropes electric hoists that are available in 3 models. EUROBLOC VF can be used for loads weighing up to 20,000 kg and makes use of Dyneema® ropes, which are known to be 15 times stronger than steel

In March 2023, WireCo, a leading provider of mission-critical synthetic rope, wire rope, electromechanical cable, and netting, launched Made in the USA crane ropes that are high in performance. The launch is in regard to the company’s investment of USD 30 million directed toward the production of high-quality ropes

In August 2022, WireCo announced the launch of Union Gladiator pendants which are expected to assist in improving shovel service life by at least 10 to 15 times as compared to other technologies. The product is made of synthetic fibers

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/synthetic-rope-market

FREQUENTLY ASKED QUESTIONS

• What is the synthetic rope market?
• Which key factors will influence synthetic rope market growth over 2023-2030?
• What will be the value of the synthetic rope market during 2023-2030?
• What will be the CAGR value of the synthetic rope market during 2023-2030?
• Which region will contribute notably towards the synthetic rope market value?
• Which are the major players leveraging the synthetic rope market growth?

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