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Steel Wire Rope And Plastic Rope Market Report 2024 - Steel Wire Rope Market Size, Growth, And Analysis
Steel Wire Rope And Plastic Rope Market
According to The Business Research Company's, The steel wire rope and plastic rope market size has grown strongly in recent years. It will grow from $13.14 billion in 2023 to $14.1 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to industrialization and infrastructure development, oil and gas exploration, mining industry expansion, shipping and maritime activities, automotive manufacturing.
The steel wire rope and plastic rope market size is expected to see strong growth in the next few years. It will grow to $18.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rising environmental concerns, marine and aquaculture applications, preference for lightweight materials, expansion of outdoor leisure activities, agricultural and gardening practices. Major trends in the forecast period include material diversification, industry-specific demand, innovation in rope design, market expansion in developing regions, focus on safety and compliance.
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Market Drivers and Trends:
The increasing fishing job and industry is expected to propel the growth of the steel wire rope and plastic rope market forward. The fishing industry refers to the economic sector that involves the catching, processing, marketing, and selling of fish and other aquatic resources, such as crustaceans, mollusks, and seaweed. Steel wire ropes and plastic ropes are widely used in the fishing industry for making nets due to their high strength and durability. For instance, in 2022, according to the Food and Agriculture Organization of the United Nations, an Italy-based organization working to finish world hunger issues and for improving food quality and security, global fish production increased by 1.2% to 184.1 million tonnes as compared to 2018. The aquaculture output increased by 2.6%. Global fish trade revenue increased by 10.7% year-on-year to USD 193.5 billion. As a result, the increasing fishing jobs and industry is driving the growth of the steel wire rope and plastic rope market.
Product innovations are a key trend gaining popularity in the steel wire rope and plastic rope market. Major companies in the market are introducing innovative products such as Marlow sustainable rope to sustain their position in the market. For instance, in February 2023, Marlow Ropes Ltd. an England-based manufacturer of specialty rope assemblies launched its sustainable rope line-up. The rope has characteristic features of previous products such as firmness with long elongation properties. The uniqueness of the product is that it is the world's first sustainably manufactured fast rope that is manufactured using recycled-based content (BCF RPA).
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
N.V. Bekaert S.A.; Cortland Limited; English Braids Ltd.; Jiangsu Langshan Wire Rope Co. Ltd.; Marlow Ropes Ltd.; Samson Rope Technologies Inc.; Southern Ropes Pty Ltd.; Teufelberger Holding AG; Usha Martin Ltd.; Sandin Manufacturing Inc.; Bergen Cable Technology Inc.; Strand Products Inc.; Guizhou Wire Rope Incorporated Company; Ver Sales Inc.; Dunamis Wire Ropes Mfg. LLP; Bekaert SA; WireCo WorldGroup Inc.; Gustav Wolf; Wire Rope Industries; Bridon-Bekaert Ropes Group; Tokyo Rope Mfg. Co. Ltd.; Kiswire Ltd.; Shinko Wire Company Ltd.; DSR Corporation; Alps Wire Rope Corporation; Jiangsu Nantong Jianghai Steel Wire Rope Co. Ltd.; Jiangsu Fasten Steel Cable Co. Ltd.; Jiangsu Bright Industry Co. Ltd.; Pfeifer Drako Drahtseilwerk GmbH; Bharat Wire Ropes Limited; Tianjin Metallurgical Cable Co. Ltd.; Loos & Co. Inc.
Steel Wire Rope And Plastic Rope Market 2024 Key Insights:
• The steel wire rope and plastic rope market will grow to $18.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rising Fishing Industry Drives Demand For Steel Wire Rope And Plastic Rope Market
• Innovative Advancements Enhance Steel Wire Rope And Plastic Rope Market Presence
• Asia-Pacific was the largest region in the steel wire rope and plastic rope market in 2023 and is expected to be the fastest-growing region in the global steel wire rope and plastic rope market report forecast period
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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