According to a new report, published by KBV research, The Global Rope Market size is expected to reach $19.7 billion by 2030, rising at a market growth of 6.5% CAGR during the forecast period.
The Synthetic segment is showcasing a CAGR of 7% during (2023 - 2030). In place of natural fibers, synthetic ropes are produced from man-made textile fibers that have undergone chemical augmentation. Additionally, synthetic rope is increasingly used in cranes because of qualities including a high strength-to-weight ratio, good spooling capabilities, and bend fatigue durability. Because they are lighter than steel cables, synthetic ropes offer an added advantage, making them a preferred product in cranes and other marine sector applications.
The Industrial segment is generating the highest revenue share in the Global Rope Market by End User in 2022 thereby, achieving a market value of $11.1 billion by 2030. Due to their lightweight, low preparation time, easy handling, and lack of re-lubrication requirements, ropes are extensively utilized in various sectors, including construction, nautical and fishing, oil and gas, and mining. Additionally, synthetic rope is one of the most popular types of rope in the fishing and nautical sectors.
The Asia Pacific market dominated the Global Rope Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9 billion by 2030. The Europe market is exhibiting a CAGR of 6.2% during (2023 - 2030). Additionally, The North America market would showcase a CAGR of 6.1% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/rope-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Bridon-Bekaert Ropes Group (Bekaert Group), Cortland Limited (Enerpac Tool Group), Marlow Ropes Ltd., WireCo WorldGroup, Inc., Yale Cordage, TEUFELBERGER Holding AG, English Braids Ltd., Southern Ropes, van Beelen Group BV and Dynamica Ropes ApS (Netmark Holding).
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