Synthetic Rope Market Revenue That Will Boost Overall Industry Growth by 2025 | 6.3% CAGR

According to a new report by Allied Market Research titled "Synthetic Rope Market by Type and End Use: Global Opportunity Analysis and Industry Forecast, 2018 - 2025", the global synthetic rope market was valued at $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% during the forecast period. Synthetic ropes, made by twisting or braiding synthetic fibers such as polypropylene, polyester, nylon, polyethylene, and specialty fibers, have seen a surge in demand across key industries like oil & gas, construction, and marine & fishing due to their high abrasion resistance, superior breaking strength, and excellent strength-to-weight ratio.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/1585

Key Drivers of Market Growth:

Rising Applications in Key Industries:

Synthetic ropes are experiencing increased usage in oil & gas extraction, construction, and marine & fishing industries due to their enhanced performance over traditional materials. The oil & gas sector, in particular, is driving demand due to the ropes' ability to withstand harsh environments and heavy loads.

Collaborative Industry Trends:

Market players are increasingly adopting collaborative approaches to meet the evolving needs, particularly in mining and other heavy industries, further boosting synthetic rope demand.

Challenges and Opportunities:

Raw Material Costs:

While the synthetic rope market faces challenges due to the high cost of raw materials, this is expected to be offset by growing awareness and product advancements, particularly in the development of better-performing materials.

Technological Advancements:

Ongoing innovations in synthetic fiber technology will create lucrative opportunities, enhancing the durability and performance of these ropes, making them more attractive to end users.

Market Insights:

Key Findings:

- The polypropylene segment held a 26% share of the global market in 2017.
- The polyethylene segment is expected to grow at the highest CAGR of 7.0% throughout the forecast period.
- North America dominated the market in 2017, accounting for over 34% of the total share.

Top Industry Players:

Leading companies in the synthetic rope market include WireCo WorldGroup, Actuant Corporation, Bridon-Bekaert Ropes Group, and Southern Ropes. Other prominent players include English Braids Ltd., TEUFELBERGER, Atlantic Braids Ltd., Bexco nv-sa (Bexco), Responsive Industries Ltd., and Touwfabriek Langman B.V.

TEUFELBERGER's acquisition of TexTech, a Thailand-based fiber rope manufacturer specializing in polypropylene, nylon, and polyester, highlights the ongoing industry consolidation and geographic expansion efforts aimed at strengthening market positions.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/synthetic-rope-market

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About Us

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.

This release was published on openPR.