Synthetic Rope: Introduction
- Growth of the construction industry, increase in demand for oil and gas, and rise in offshore activities are some of the key factors propelling the demand for the synthetic rope. Besides this, increase in demand for safety features and high tensile strength and lightweight properties of synthetic rope are boosting the global synthetic rope market. Synthetic ropes are light weight, and possess higher resistance to corrosion and chemicals. Therefore, they are preferred in various end-use industries.
- On the other hand, fluctuation in the cost of synthetic rope is one of the key factors hampering the global synthetic rope market
Key Drivers and Restraints of Global Synthetic Rope Market
- Superior properties associated with synthetic rope is boosting the global synthetic rope market. Rise in utilization of synthetic rope in oil and gas extraction activities is also boosting the demand for synthetic rope across the globe. Growth in gymnastic sports activities is another factor augmenting the market.
- Surge in construction activities across developing and developed regions is propelling the demand for synthetic rope across the globe. Increase in marine and offshore fishing activities is another factor augmenting the global synthetic rope market.
Synthetic Rope: Material Segment
- Based on material, the global synthetic rope market can be segmented into polyethylene, polypropylene, polyester, specialty fiber, and polyamide. The polypropylene segment is likely to expand significantly in terms of value and volume in the near future.
Synthetic Rope: End-use Segment
- Based on end-use, the global synthetic rope market can be divided into marine & fishing, oil & gas, construction, crane, and others. The crane segment is likely to witness significant growth in terms of value and volume in the near future. Increase in development of high performance ropes for lifting mobile crane is boosting the segment.
COVID-19 Impact on Synthetic Rope Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various goods such as synthetic rope and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the synthetic rope market.
Asia Pacific to Dominate Synthetic Rope Market
- In terms of region, the global synthetic rope market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is likely to dominate the global synthetic rope market due to the increase in marine offshore anchoring activities and growth of the construction industry in the region. Rise in aquaculture production; and increase in offshore and fishing activities is also triggering the synthetic rope market. North America is likely to emerge as a promising region of the global synthetic rope market in the near future.
Key Manufacturers Operating in Global Synthetic Rope Market
The global synthetic rope market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Manufacturers of synthetic rope are adopting various organic and inorganic growth strategies to expand their product portfolio and geographical reach. Key manufacturers operating in the global synthetic rope market include:
- Bridon International Limited
- Honeywell International Inc.
- Samson Rope Technologies
- Marlow Ropes
- WireCo World Group
Global Synthetic Rope Market: Research Scope
Global Synthetic Rope Market, by Material
- Specialty Fiber
Global Synthetic Rope Market, by End-use
- Marine & Fishing
- Oil & Gas
Global Synthetic Rope Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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