Synthetic Rope Market Report 2024 - Market Share Analysis And Trends

"The Business Research Company recently released a comprehensive report on the Global Synthetic Rope Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The synthetic rope market size has grown strongly in recent years. It will grow from $1.69 billion in 2023 to $1.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to maritime industry growth, safety and performance advantages, offshore oil and gas exploration, sports and recreation, replacement of traditional materials.

The synthetic rope market size is expected to see strong growth in the next few years. It will grow to $2.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to renewable energy projects, construction industry expansion, advancements in material science, search and rescue operations, sports and adventure tourism. Major trends in the forecast period include demand for high-performance fiber ropes, replacement of traditional materials in agriculture, customization and specialty ropes, emphasis on safety and durability, focus on eco-friendly materials.

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Market Drivers and Trends:

A significant rise in consumption and demand for fish products is expected to propel the growth of the synthetic rope market going forward. Fish products refer to the products that are made out of various fishes and related sub components. Synthetic ropes are preferred in the fishing industry as they are lightweight, easy to handle, and floatable, which reduces downtime and enhances efficiency. For instance, in November 2021, according to the European Commission, Europe's politically independent executive arm, fish consumption in 2020 increased by 4% in volume and by 7% in value. Therefore, a significant rise in consumption and demand for fish products is driving the synthetic rope market.

Technological innovations are a key trend gaining popularity in the synthetic rope market. Major companies operating in the synthetic rope market are introducing innovative products to strengthen their position in the market. For instance, in March 2023, Bullplus Polyfils, an India-based manufacturer of superior rope and netting items, launched HDPE nylon rope for heavy-duty applications. This innovative rope is made using cutting-edge technology and superior-quality raw materials. The rope's ability to withstand extreme weather makes it perfect for usage in outdoor and marine settings. The HDPE Nylon Rope is a unique blend of high-density polyethylene and nylon fibers, making it highly robust and abrasion-resistant. The rope is made to withstand extreme weather, making it excellent for marine and outdoor use. Because of its increased strength, it is ideal for heavy-duty tasks such as towing, lifting, and securing heavy things.

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Major Key Players of the Market:

Cortland Limited; Samson Rope Technologies Inc.; WireCo WorldGroup Inc.; Southern Ropes Ltd.; Marlow Ropes Ltd.; Teufelberger GmbH; Bridon-Bekaert The Ropes Group Ltd.; LANEX a.s.; Bexco LLC; Katradis Marine Ropes Ind. S.A.; Atlantic Braids Ltd.; Dong Yang Rope Manufacturing Co. Ltd.; Unirope Ltd.; Touwfabriek Langman; Tufropes Pvt Ltd.; CSR Incorporated; Franklin Braid; Atkins & Pearce Inc.; Mil-Spec Packaging of GA Inc.; Industrial Splicing and Sling; English Braids Limited; Axiom Cordages Limited; Yale Cordage Inc.; American Rope Company; Novabraid; Pujiang Hailian Rope Co. Ltd.; Jiangsu Xinglong Metal Products Co. Ltd.; Jiangsu Poly Fishing Plastic Co. Ltd.; Jiangsu Haifeng Rope Technology Co. Ltd.

Synthetic Rope Market 2024 Key Insights:

• The synthetic rope market will grow to $2.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Rising Fish Consumption Drives Demand For Efficient Solutions
• Technological Advancements Drive The Synthetic Rope Market Going Forward
• North America was the largest region in the synthetic rope market in 2023

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