Steel Wire Rope & Plastic Rope Market worth $17.5 billion by 2026 | Key players Cortland Limited (US), WireCo WorldGroup Inc., (US), Samson Rope Technologies (US), Southern Ropes (South Africa).

According to recent market research the "Steel Wire Rope & Plastic Rope Market by Type of Lay (Regular Lay, Lang Lay), Material Type (PP, PET, Nylon, HMPE, Specialty fibres), Application (Marine & Fishing, Sports & Leisure, Oil & Gas, Industrial & Crane) Region - Global Forecast to 2026", size is expected to grow from USD 11.9 billion in 2021 to USD 17.5 billion by 2026, at a CAGR of 8.0% during the forecast period. Steel wire ropes & plastic ropes are extensively being used in marine & fishing, sports & leisure, oil & gas, industrial & crane, mining, construction, and other end-use applications.

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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.

The Polypropylene material type Plastic Ropes accounts for the largest market share in the global plastic rope market during the forecasted period in terms of value and volume Polypropylene is the most common material found in ropes used in the marine & fishing industry. As it is low in weight, it floats in water. It is found in multifilament fiber form, like but slightly thicker than polyester and nylon. It is sometimes found as thicker monofilament resembling straw or bristles, typically 0.1 mm to 0.15 mm diameter. Polypropylene is reasonably economical as compared to HMPE or polyester. It has good chemical resistance and is preferred in water-related applications, as it floats in water. Polypropylene ropes are used as water-ski ropes and are also used for utilitarian purposes. Polypropylene has some limitations pertaining to high-stress conditions and UV radiations, due to which polypropylene ropes are not recommended to be used as safety ropes. It is sometimes added to ropes in combination with other fibers to add strength.

The COVID-19 pandemic has resulted in reduced demand for plastic ropes from major applications such as marine & fishing, and sports & leisure. These factors have reduced the demand for polypropylene plastic ropes in 2020. The plastic ropes consumption is expected to recover post the pandemic.

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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.

The key players in the steel wire rope & plastic rope market include Cortland Limited (US), WireCo WorldGroup Inc., (US), Samson Rope Technologies (US), Southern Ropes (South Africa) and English Braids Ltd. (UK), are some of the key players in the steel wire rope & plastic rope market. Marlow Ropes (UK), Teufelberger Holding AG (Austria), Bekaert SA (Belgium), Usha Martin (India) and Gustav Wolf (Germany) are among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the steel wire rope & plastic rope market. These players have taken different organic and inorganic developmental strategies over the past five years.

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Cortland Limited (US) works through its subsidiaries: Cortland Cable (US), Cortland Puget Sound Rope (US), Cortland Fibron BX (UK), and Cortland Selantic (Norway). Cortland Limited operates as a subsidiary of Actuant Corporation (US), a diversified industrial company with operations in more than 30 countries worldwide. The company provides custom solutions and offers its products to various industries such as oil & gas, marine, aerospace & defense, and medical. Its product line is categorized into synthetic rope & strength members, lifting slings & tethers, umbilical, electro-optical-mechanical cables, and medical textile & strength members.

WireCo WorldGroup Inc., (US) is one of the leading manufacturers of steel wire & synthetic ropes, fabricated products, specialty steel wires, synthetic yarns, and electromechanical cables. It has three business segments-ropes, specialty wires, and engineered products. The company markets its products under multiple brands: Union, MacWhyte, Casar, Camesa, Oliveira, Wireline Works, Phillystran, Lankhorst Ropes and Yarns, Drumet, and US Reel.

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