The global rope market size was valued at USD 1.40 billion in 2020 and is expected to grow USD 2.45 billion at a compound annual growth rate (CAGR) of 8.5% from 2020 to 2027. The market is majorly driven by huge application of ropes across the industrial sector. In addition, enhanced material innovation amplifies the ability of the product to handle heavy materials in the industrial sector, thereby resulting in growing popularity of various types of ropes. Another key growth enabling factor is ongoing trend related to high rise building across the globe. Major countries such as India and China are likely to witness significant growth in the investments in the high rise building construction projects, which is anticipated to result in the demand for elevators, thereby fueling the application of ropes.
With the expansion of the housing and commercial construction activities, the market is bound to witness growth in various utility applications, thereby contributing to the product demand. According to the Global Real Estate report published by HSBC, real estate was valued at USD 228 trillion in 2016, which grew by 5% from 2015. Growing need for new houses as a result of increasing population growth across regions is also expected to boost the market growth with respect to its application in the construction activities. According to the National Association of home Builders, the number of single-family permits in the U.S. has increased by 8.4% in 2018. Thus, these rising developments in the residential household category are expected to drive the need for the application of various types of ropes, thereby resulting in high product demand.
In terms of revenue, synthetic ropes dominated the market with a share of almost 32.0% in 2020 and is expected to witness the fastest growth from 2020 to 2027. This is attributed to the superior properties associated with synthetic rope for industrial usage. Synthetic ropes are made from fibers that are man-made textiles, which are manufactured with the infusion of chemicals and are used as a substitute for natural fibers. Increasing demand for industrial rope has popularized the application of this product owing to the availability of synthetic fibers. These synthetically made ropes are used in the pulley system in order to create mechanical advantage to effectively spread the weight of loads. Therefore, these ropes are widely used in the construction industry in order to weigh down loads and materials. In addition, it is used for the purpose of transportation of items to different sites of working, such as scaffolding.
In terms of revenue, the industrial segment dominated the market with a share of 45.5% in 2020 and is expected to witness the highest growth from 2020 to 2027. This is attributed to the wide usage of ropes across various industries, such as construction, marine and fishing, oil and gas, and mining. Among various types of ropes, synthetic ropes are used widely in the marine and fishing industry on account of their lightweight properties, reduction in knocking up and preparing for downtime, easy handling, floatable, and avoidance of re-lubing. These ropes assist with great insulation capacity, provide resistance in chemically affected environment, prevent absorption, and are made available in different forms and colors. Moreover, these products are used in the fishing industry as fishing nets and twines. These are used in trawling applications on account of better resistance to abrasion, high breaking strength, and high strength-to-weight ratio.
The rope market is segmented on the basis of product, end-use and region. By product the market is divided into Synthetic, Steel, Cotton, Others. By end-use the market is divided into Residential, Commercial, and Industrial.
The Asia Pacific dominated the market with a share of 43.9% in 2020 and is expected to witness the fastest growth from 2020 to 2027. This is attributed to rapidly expanding commercial and residential construction activities that drive the utility of waterproof and durable ropes with lightweight and high strength. Rapid growth of the construction industry as a result of growing urbanization in emerging countries, such as China and India, has widened the scope of the market. In addition, rising infrastructural needs in emerging economies are driving the demand for synthetic ropes. According to the IBEF, the infrastructure industry in India is expected to reach USD 5 billion by the year 2020. Therefore, the region witnesses the highest application of synthetic ropes across various industries, particularly construction industry.
North America and Europe are anticipated to witness substantial growth over the forecast period. Growing marine and fishing businesses across European countries is expected to result in a surge in the demand for synthetic ropes over the forecast period. Moreover, products pertaining to high tensile strength as well as longer durability have managed to replace steel wires in many forms and applications. Therefore, synthetic ropes are a prime choice of rope in the construction, marine, and oil and gas industries. In North America, U.S. accounted for more than 80.0% share of the overall revenue. Rebound in the housing market after the recession in 2008 and growing number of renovation projects in the region will boost the demand further.
WireCo WorldGroup; Cortland Limited; Bridon-Bekaert; Southern Ropes; MAGENTO, INC.; Yale Cordage; LANEX a.s.; Katradis Marine Ropes Ind. S.A.; Dynamica Ropes; Marlow Ropes Ltd.; Van Beelen Industrie en Handel B.V.
Report : Rope Market - By Product (Synthetic, Steel, Cotton, Others), By End-Use (Residential, Commercial, and Industrial) and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027