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“The steel wire rope & plastic rope market is projected to register a CAGR of 8.0% during the forecast period.”
The global steel wire rope & plastic rope market size is projected to grow from USD 11.9 billion in 2021 to USD 17.5 billion by 2026, at a CAGR of 8.0% between 2021 and 2026. Steel wire ropes and plastic ropes are demanded in various applications including marine & fishing, sports & leisure, oil & gas, industrial & crane, mining, construction, and others; due to its advantages properties such as high durability, temperature resistance, extremely lightweight, and highly stiff and good strength. However, global pandemic disease COVID-19 has disrupted the operations of various end-use applications which has decrease the demand for steel wire rope & plastic rope in 2020.
“Regular Type of Lay is the fastest-growing type of lay for steel wires, in terms of value.”
Regular lay ropes are more resistant to crushing forces, more naturally rotation-resistant, and spool better in a drum than lang lay ropes. They are used for various applications, such as industrial & crane, mining, oil & gas, construction, and fishing & marine.
“Polyester material type is the fastest-growing material type of plastic ropes, in terms of value.”
Polyester ropes are widely used for boat lines and sailing applications as they provide good strength, durability, relatively low stretch, and reasonable prices. Polyester ropes have good UV resistance, and unlike nylon, they retain their strength under wet conditions. Unlike nylon or polypropylene, polyester is not stretchy. It is usually used as an outside coating to a rope having a Kevlar core, which is UV-sensitive. Some of the disadvantages of polyester ropes are that these are not suitable if the load is subject to jerking. They do not provide strength like the nylon ropes. For several applications, polyester might only be used as the outside protective layer, as it has excellent abrasion resistance. Polyester ropes are often used for winches, capstans, and block & tackles. They have low stretch and low creep
“Sports & Leisure is the fastest-growing application of steel wire ropes & plastic ropes, in terms of value.”
In sports & leisure application, plastic ropes are used in racing cars, exercise machines, camera flying rigs, static lines, stunt rigging, tie-downs, and accessory cords. Tent shinning line made of HMPE fiber, glider lines, kite surfing line, safety rope lines, climbing ropes, fitness ropes, parachute cords, and camping ropes are some of the other types of plastic ropes used in this industry. Various plastic ropes are used that are made of polypropylene, polyester, nylon, and others. They are also used in the filmmaking industry for controlling the camera lines. The market in this application has growth potential during the forecast period, as the ropes also help in rescue and safety operations during any sports activity.
“APAC is the fastest-growing steel wire rope & plastic rope market.”
APAC is projected to register the highest CAGR in terms of value in the global steel wire rope & plastic rope market during the forecast period. The growth of the steel wire rope & plastic rope industry in this region is supported by the recovery in end-use industries, the advancement of industrial technology solutions. The steel wire rope market in APAC is driven by the increasing consumption in the industrial & crane, mining, and construction sectors. The increased urbanization and industrial development in countries such as China, India, and Japan are also driving the market in the region.
Due to COVID-19, numerous industries and companies have halted their production sites across various countries that has led to reduced demand for steel wire ropes & plastic ropes in APAC countries. The recovery in the end-use applications with restoration in the supply chain would drive the steel wire ropes & plastic ropes demand during the forecast period.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
- By Designation- C Level- 50%, Director Level- 20%, and Others- 30%
- By Region- North America- 20%, Europe- 50%, APAC- 15%, Latin America-5%, MEA-10%,
The report provides a comprehensive analysis of company profiles listed below:
- Cortland Limited (US)
- WireCo WorldGroup Inc., (US)
- Samson Rope Technologies (US)
- Southern Ropes (South Africa)
- English Braids Ltd. (UK)
- Marlow Ropes (UK)
- Teufelberger Holding AG (Austria)
- Bekaert SA (Belgium)
- Usha Martin (India)
- Gustav Wolf (Germany)
Research Coverage
This report covers the global steel wire rope & plastic rope market and forecasts the market size until 2026. The report includes the market segmentation –Steel wire ropes; By type of Lay (Regular lay & Lang lay), Plastic rope; By Material Type (Polypropylene, Polyester, Nylon, HMPE, and Specialty fibers), Application (Marine & Fishing, Sports & Leisure, Oil & Gas, Industrial & Crane, Mining, Construction, and Others) and Region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. steel wire rope & plastic rope
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the global steel wire rope & plastic rope market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the steel wire rope & plastic rope market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.
Reasons to buy the report:
The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall steel wire rope & plastic rope market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.