Synthetic Rope Market Preparing for the Future of Market Size Trends and Forecasts for Business Success

A recent report by Allied Market Research titled "Synthetic Rope Market: Global Opportunity Analysis and Industry Forecast, 2018 - 2025" reveals that the global synthetic rope market witnessed significant growth, reaching $1,326.1 million in 2017 and is projected to reach $2,183.2 million by 2025, with a compound annual growth rate (CAGR) of 6.3% from 2018 to 2025. Synthetic ropes are manufactured by twisting or braiding synthetic fibers such as polypropylene, polyester, nylon, polyethylene, and specialty fibers. They offer benefits such as better abrasion resistance, high breaking strength, and a favorable strength-to-weight ratio, leading to increased demand across various industries including oil & gas, construction, and marine & fishing.

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The report highlights the growing adoption of synthetic ropes in oil & gas extraction activities and construction projects, attributing this trend to collaborative approaches among market players to meet the rising demand, particularly in the mining industry. Despite the anticipated growth, the market faces challenges such as the high cost of raw materials, although this is expected to be mitigated by increased awareness among end users and advancements in raw material properties.

Key findings from the report include the dominance of the polypropylene segment, accounting for approximately 26% of the global market share in 2017, and the polyethylene segment projected to exhibit the highest CAGR of 7.0% during the forecast period. Geographically, North America held over 34% of the global synthetic rope market share in 2017.

Major players in the market include WireCo WorldGroup, Actuant Corporation, Bridon-Bekaert Ropes Group, and Southern Ropes (SR), with other notable players such as English Braids Ltd., TEUFELBERGER, Atlantic Braids Ltd., Bexco nv-sa (Bexco), Responsive Industries Ltd., and Touwfabriek Langman B.V. These companies employ strategies such as product launches, expansions, mergers, and partnerships to maintain their market presence and competitiveness. For example, TEUFELBERGER expanded its geographical footprint through the acquisition of fiber rope manufacturer TexTech in 2014, enhancing its offerings in the sailing and yachting segment.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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