Dublin, Aug. 20, 2024 (GLOBE NEWSWIRE) -- The "Synthetic Rope Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global synthetic rope market reached a value of nearly $1.6 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.88% since 2018. The market is expected to grow from $1.6 billion in 2023 to $2.2 billion in 2028 at a rate of 6.70%. The market is then expected to grow at a CAGR of 7.19% from 2028 and reach $3.2 billion in 2033.
Growth in the historic period resulted from the increase in industrialization activities, growth in the sports and leisure sector, increase in demand and consumption of fish products and increasing demand for renewable energy. Factors that negatively affected growth in the historic period were challenges associated with recycling and disposal of synthetic ropes.
Going forward, the increasing population density and urbanization, growth in residential and commercial construction activities, strong economic growth in emerging markets, increasing demand from the offshore oil and gas industry and government initiatives will drive the market. Factors that could hinder the growth of the synthetic rope market in the future include competition from alternative materials.
The synthetic rope market is segmented by material type into polypropylene, polyester, nylon, polyethylene and specialty fibers. The polypropylene market was the largest segment of the synthetic rope market segmented by material type, accounting for 30.5% or $495.28 million of the total in 2023. Going forward, the specialty fibers segment is expected to be the fastest growing segment in the synthetic rope market segmented by material type, at a CAGR of 8.03% during 2023-2028.
The synthetic rope market is segmented by sales channel type into direct sales and distributors. The distributors market was the largest segment of the synthetic rope market segmented by sales channel type, accounting for 67.7% or $1.1 billion of the total in 2023. Going forward, the direct sales segment is expected to be the fastest growing segment in the synthetic rope market segmented by sales channel type, at a CAGR of 7.14% during 2023-2028.
The synthetic rope market is segmented by end-user industry into marine and fishing, oil and gas, sports and leisure, construction and other end-users. The construction market was the largest segment of the synthetic rope market segmented by end-user industry, accounting for 41.6% or $676.27 million of the total in 2023. Going forward, the marine and fishing segment is expected to be the fastest growing segment in the synthetic rope market segmented by end-user industry, at a CAGR of 7.58% during 2023-2028.
The top opportunities in the synthetic rope market segmented by material type will arise in the specialty fibers segment, which will gain $206 million of global annual sales by 2028. The top opportunities in the synthetic rope market segmented by sales channel type will arise in the distributors segment, which will gain $405.7 million of global annual sales by 2028. The top opportunities in the synthetic rope market segmented by end-user industry will arise in the construction segment, which will gain $261.8 million of global annual sales by 2028. The synthetic rope market size will gain the most in the USA at $127.8 million.
Market-trend-based strategies for the synthetic rope market include focusing on offering new and improved synthetic rope products, strategic partnerships and collaborations and acquisitions, increasing investments in new manufacturing facilities, focusing on launching a new range of hoists with synthetic ropes and focusing on introducing new, innovative nylon ropes made of HDPE (high-density polyethylene) designed specifically for heavy-duty applications.
To take advantage of the opportunities, the analyst recommends the synthetic rope companies to focus on innovation in synthetic rope products, focus on synthetic rope hoists for innovative lifting solutions, focus on innovative HDPE nylon ropes for heavy-duty applications, focus on specialty fibers segment, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations, focus on facility expansion, provide competitively priced offerings, focus on competitive pricing strategies, focus on targeted digital marketing campaigns, emphasize value-added services and solutions and focus on marine and fishing, and construction end-use sectors.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 267 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $1.6 Billion |
| Forecasted Market Value (USD) by 2033 | $3.2 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
Key Topics Covered:
1 Executive Summary
1.1 Synthetic Rope - Market Attractiveness and Macro Economic Landscape
2 Table of Contents
3 List of Tables
4 List of Figures
5 Report Structure
6 Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 Synthetic Rope Market Definition and Segmentation
6.4 Market Segmentation by Material Type
6.4.1 Polypropylene
6.4.2 Polyester
6.4.3 Nylon
6.4.4 Polyethylene
6.4.5 Specialty Fibers
6.5 Market Segmentation by Sales Channel Type
6.5.1 Direct Sales
6.5.2 Distributors
6.6 Market Segmentation by End-User Industry
6.6.1 Marine and Fishing
6.6.2 Oil and Gas
6.6.3 Sports and Leisure
6.6.4 Construction
6.6.5 Other End-Users
7 Major Market Trends
7.1 Launch of New and Improved Products to Meet Industry Demand
7.2 Strategic Partnerships and Collaborations Among Market Players
7.3 Investment in Manufacturing Facilities to Expand Production Capabilities
7.4 Focus on Launching a New Range of Hoists with Synthetic Ropes
7.5 Introduction of New Innovative HDPE Nylon Ropes for Heavy-Duty Applications
8 Synthetic Rope Market - Macro Economic Scenario
9 Global Market Size and Growth
9.1 Market Size
9.2 Historic Market Growth, 2018-2023, Value ($ Million)
9.3 Forecast Market Growth, 2023-2028, 2033F Value ($ Million)
10 Global Synthetic Rope Market Segmentation
10.1 Global Synthetic Rope Market, Segmentation by Material Type, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
10.2 Global Synthetic Rope Market, Segmentation by Sales Channel Type, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
10.3 Global Synthetic Rope Market, Segmentation by End-User Industry, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
11 Synthetic Rope Market, Regional and Country Analysis
11.1 Global Synthetic Rope Market, by Region, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
11.2 Global Synthetic Rope Market, by Country, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Key Mergers and Acquisitions
20.1 Tufropes Acquired Cortland Industrial
20.2 River Associates Investments Acquired I&I Sling, Inc and Slingmax
20.3 Ascent Lifting Acquired CERTEX USA
20.4 Aimia Acquired Tufropes
20.5 Samson Rope Acquired Folch Ropes
20.6 Exmar Acquired BEXCO
20.7 Agilent Technologies Acquired Polymer Standards Service
Companies Profiled:
- Honeywell International
- WireCo WorldGroup
- Bridon-Bekaert Ropes Group Ltd.
- Lankhorst Ropes
- Hampidjan Group
- Southern Ropes
- Yale Cordage
- Donaghys Ltd.
- Teufelberger
- Samson Rope Technologies Inc
- Orion Ropes
- Tufropes
- Bullplus Polyfils
- Toray Industries Inc
- Hainan Baling Chemical New Material Co., Ltd
- Shandong Haidai Intelligent Machinery Co., Ltd
- Zhejiang Tianfeng Plastic Machinery Co
- Yasheng Rope
- Wire Co
- Shanghai Jinli Special Rope Co., Ltd
- Polymer Standards Service GmbH (PSS)
- Tractel
- Marlow Ropes Ltd
- Agilent Technologies Inc
- Island Ropes
- Verlinde SAS
- Rope Source UK
- Ropes Direct
- Novatec Braids, Ltd
- Yale Cordage
- Aimia Inc
- Pelican Rope Works
- ATLANTIC BRAIDS
- Langman Ropes
- Cortland Limited
- Phillystran, Inc
- Wire Rope Industries, Ltd
- Lankhorst Euronete
- Cotesi Marine
- Gulf Rope & Plastic Products
- RedAnt Agricultural Eng. Solutions Company
- Rope World
- Knittex
For more information about this report visit https://www.researchandmarkets.com/r/47nke0
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