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.
Europe maritime and fishing industries are expanding which lead to increase in demand for synthetic ropes. Consequently, Europe acquired $2,836.9 million revenue in the market in 2022. Moreover, the expansion of the construction sector drives the need for steel wire and synthetic rope. According to European Union, building output rose 4.8% in the EU and 4.1% in the euro region in January 2022 compared to January 2021. Additionally, hemp rope, synthetic rope, and jute rope have expanded due to the rise in DIY interior décor and home repair projects across Germany. Some of the factors impacting the market are aquaculture Sector Growth, expanding construction industry, and high raw material costs.
The Food and Agriculture Organization of the United Nations anticipated that 178 million tonnes of aquatic animals would be produced globally in 2020. Approximately 88% of this was utilized for direct or indirect human consumption, with aquaculture output accounting for 49% and capture production for 51% of the total. As a result, during the projection period, the enormous growth of the shipping sector and seaborne trade will also increase the demand for ropes. The amount spent on construction in the United States in April was $1.74 trillion, 0.2 percent and 12.3 percent greater than in April 2021. However, to increase energy efficiency, the Canadian government will provide more than CAD $2 million to three house construction projects in Ontario. Rope demand is fueled by its use in the construction industry.
However, Plastic fibers are very costly and are used to make plastic ropes. Steel is less costly than the raw materials or plastic fibers used to make ropes, such as PE, PP, and nylon. The cost of high-performance specialty fibers like aramid, HMPE, and LCP is higher than that of the aforementioned basic materials. The price increases with the fiber's strength. During the anticipated time, these issues are limiting the expansion of the market.
On the basis of product, the market is segmented into synthetic, steel wire, cotton, and others. The steel wire segment dominated the market with the maximum revenue share in 2022. The mining, oil and gas, maritime, and construction sectors often employ steel wire ropes. It consists of wires, strands, and a steel and fiber core. Twisting the wires—typically constructed of stainless and high carbon steel—creates steel wire ropes. The rope's job is to protect and support the outer strands so they may perform as intended. The strength-to-weight ratio of steel wire rope is more significant, which is a key characteristic for many applications, particularly in the nautical and fishing industries.
Based on end-users, the market is divided into industrial, commercial, and residential. IN 2022, the commercial segment garnered a significant revenue share in the market. Camping, rock climbing, logistics, agriculture, adventure sports, and other purposes are commercial uses for ropes. Ropes, which may be used for bundling, holding, and fastening, are a need on construction sites. They may also have been used for fall protection in specific circumstances. Nylon, hemp, polyester, and polypropylene are a few of the numerous kinds of rope utilized in industry.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 12 Billion |
| Market size forecast in 2030 | USD 19.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6.5% from 2023 to 2030 |
| Number of Pages | 146 |
| Number of Table | 270 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The APAC region held the highest revenue share in the market in 2022. Construction operations for commercial and residential buildings are rising quickly, increasing the need for lightweight, highly strengthened ropes that are waterproof and durable. The expanding infrastructure requirements in developing nations like China and India are driving the need for synthetic ropes. Additionally, twine and rope are widely exported from China, South Korea, and India. The Observatory of Economic Complexity (OEC) estimates that in 2020, more than 36% of the world's export value came from China, India, and South Korea. This is predicted to drive market growth throughout the course of the forecast period.
Free Valuable Insights: Global Rope Market size to reach USD 19.7 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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).
By Product
By End User
By Geography
The Market size is projected to reach USD 19.7 billion by 2030.
The expanding construction industry are driving the Market in coming years, however, High raw material costs restraints the growth of the Market.
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).
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.
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.
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