What Has Been The Historical And Current Growth Of The Steel Wire Rope And Plastic Rope Market?
The steel wire rope and plastic rope market has seen considerable growth due to a variety of factors.
•The market for steel wire rope and plastic rope has significantly expanded in the recent past. The market worth will escalate from $14.1 billion in 2024 to $15.08 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%.
The historic market growth is resultant of factors such as industrialization, infrastructure enhancements, endeavors in oil and gas exploration, growth in the mining industry, and activities in shipping and maritime sectors along with automotive production.
What Is The Forecast For The Steel Wire Rope And Plastic Rope Market By 2029?
The steel wire rope and plastic rope market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, we predict a notable expansion in the steel wire rope and plastic rope market, with it set to reach "$19.3 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 6.4%.
Key factors contributing to this growth during the forecasted period include increasing environmental awareness, marine and aquaculture utilisation, preference towards light-weight materials, the proliferation of outdoor recreational activities, and evolving agricultural and gardening practices. The forecasted period will also see a trend in material diversification, specific industrial needs, innovative strides in rope design, extension of the market into emerging regions, and an increased emphasis on safety and compliance measures.
What Are The Essential Drivers Behind The Growth Of The Steel Wire Rope And Plastic Rope Market?
The burgeoning fishing profession and sector is anticipated to boost the growth of the steel wire rope and plastic rope market. The fishing sector pertains to the economic division that encompasses the capture, treatment, marketing, and distribution of fish and other sea-based resources such as crustaceans, mollusks, and seaweed. Steel wire ropes and plastic ropes are frequently used in the fishing sector to create nets owing to their superior strength and longevity. As per the data released by the Food and Agriculture Organization of the United Nations, situated in Italy and devoted to alleviating global hunger and enhancing food quality and safety, the worldwide fish production in 2022 saw an increase of 1.2% reaching 184.1 million tonnes compared to 2018. In the same period, Aquaculture production saw a rise of 2.6%. The global revenue from fish trade augmented 10.7% year-on-year, reaching a staggering USD 193.5 billion. Consequently, the escalating fishing occupations and sector are fueling the growth of the steel wire rope and plastic rope market.
How Is The Global Steel Wire Rope And Plastic Rope Market Divided Into Key Segments?
The steel wire rope and plastic rope market covered in this report is segmented –
1) By Type Of Lay: Regular Lay, Lang Lay
2) By Material Type: Polypropylene, Polyester, Nylon, HMPE (High Modulus Polyethylene), Specialty Fibers
3) By Application: Marine And Fishing, Sports And Leisure, Oil And Gas, Industrial And Crane, Mining, Construction, Other Applications
Subsegments:
1) By Regular Lay: Right Regular Lay, Left Regular Lay
2) By Lang Lay: Right Lang Lay, Left Lang Lay
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What Trends Are Reshaping The Future Of The Steel Wire Rope And Plastic Rope Market?
One of the leading trends in the steel wire rope and plastic rope market is the emergence of product innovations. To maintain their market positioning, large corporations are deploying new offerings like Marlow sustainable rope. For example, Marlow Ropes Ltd., a manufacturer from England specializing in specialty rope assemblies, unveiled its sustainable rope line in February 2023. The rope retains the essential features of former products, like hardness and extensive elongation capabilities. However, the product's distinctiveness lies in it being the world's initial sustainably produced fast rope made from recycled-based content (BCF RPA).
Who Are the Key Players in the Steel Wire Rope And Plastic Rope Market?
Major companies operating in the steel wire rope and plastic rope market include:
• N.V. Bekaert S.A.
• Cortland Limited
• English Braids Ltd.
• Jiangsu Langshan Wire Rope Co. Ltd.
• Marlow Ropes Ltd.
• Samson Rope Technologies Inc.
• Southern Ropes Pty Ltd.
• Teufelberger Holding AG
• Usha Martin Ltd.
• Sandin Manufacturing Inc.
• Bergen Cable Technology Inc.
• Strand Products Inc.
• Guizhou Wire Rope Incorporated Company
• Ver Sales Inc.
• Dunamis Wire Ropes Mfg. LLP
• Bekaert SA
• WireCo WorldGroup Inc.
• Gustav Wolf
• Wire Rope Industries
• Bridon-Bekaert Ropes Group
• Tokyo Rope Mfg. Co. Ltd.
• Kiswire Ltd.
• Shinko Wire Company Ltd.
• DSR Corporation
• Alps Wire Rope Corporation
• Jiangsu Nantong Jianghai Steel Wire Rope Co. Ltd.
• Jiangsu Fasten Steel Cable Co. Ltd.
• Jiangsu Bright Industry Co. Ltd.
• Pfeifer Drako Drahtseilwerk GmbH
• Bharat Wire Ropes Limited
• Tianjin Metallurgical Cable Co. Ltd.
• Loos & Co. Inc.
What are the Regional Insights into the Steel Wire Rope And Plastic Rope Market?
Asia-Pacific was the largest region in the steel wire rope and plastic rope market in 2024 and is expected to be the fastest-growing region in the global steel wire rope and plastic rope market report forecast period. The regions covered in the steel wire rope and plastic rope market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
