Global Steel Wire Rope and Plastic Rope Market - Industry Trends and Forecast to 2030

Steel Wire Rope and Plastic Rope Market Analysis and Size  

The developing mining industry and advancement in different industrial sectors cater to better market growth. Increasing fishing jobs and industry require these elements to execute their task. Apart from these, the anti-corrosion feature of plastic and the sturdiness of steel is expected to boost market growth. However, the rusting and corrosion of steel wire due to its nature and high-end cost input in its maintenance are some factors expected to restrain the market growth. Similarly, plastic ropes do not corrode though but they require high maintenance and advanced raw materials in the production of such kind of rope. These factors are expected to hamper the market growth in the projected timeframe.

Data Bridge Market Research analyzes that the global steel wire rope and plastic rope market, which was USD 13.25 million in 2022, would rocket up to USD 19.72 million by 2030, and is expected to undergo a CAGR of 5.1% during the forecast period of 2023 to 2030. “Regular Lay” dominates the type of lay segment due to its wide end-user applications.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Steel Wire Rope and Plastic Rope Market Scope and Segmentation

Market Definition

Steel wire rope & plastic rope are knitted and long spun fibers collection. They exhibit an ultimate durability quotient, tensile strength, and endurance. These ropes are widely required to execute heavy-duty work, such as mining, fishing, marines, and in cargos. They are basically required for pulling, lifting, or transporting.

Global Steel Wire Rope and Plastic Rope Market Dynamics

Drivers

• Growing demand in mining and manufacturing industries

The mining and manufacturing sectors extensively utilize steel wire ropes and plastic ropes for applications such as hoisting, hauling, and material handling. With the expected growth in these industries globally, driven by industrialization and economic development, the demand for ropes is likely to increase, providing growth opportunities.

• Growing demand in the oil and gas industry

The oil and gas industry relies heavily on steel wire ropes and plastic ropes for drilling operations, offshore platforms, and pipeline installations. The ongoing exploration and production activities, especially in emerging markets, offer significant growth opportunities for the market.

• Expanding marine and fishing industry

The marine and fishing industries rely on steel wire ropes and plastic ropes for various applications, including mooring, towing, and netting. The growth in marine trade, fishing activities, and offshore exploration presents opportunities for market growth.

Restraints

• Volatility in raw material prices

Steel wire rope and plastic rope manufacturing require raw materials such as steel, polymers, and additives. Fluctuations in the prices of these raw materials can impact the profitability and competitiveness of rope manufacturers. Sudden price increases or supply chain disruptions may restrict market growth.

• Easy substitution by alternative materials

The market faces potential challenges from the substitution of ropes with alternative materials or technologies. For instance, the increasing use of synthetic fibers or composite materials in certain applications can pose a threat to traditional steel wire ropes and plastic ropes. Technological advancements and evolving customer preferences can drive the adoption of alternative solutions, affecting the demand for ropes.

Opportunities

• Increasing technological advancements and product innovations

Continuous advancements in rope manufacturing technologies and materials contribute to market growth. Manufacturers are investing in R&D activities to enhance the characteristics of steel wire ropes and plastic ropes regarding strength, durability, and performance. Innovations such as high-performance synthetic fibers, improved coatings, and customized rope solutions cater to specific industry requirements, creating growth opportunities.

• Expansion of the renewable energy sector

The global shift towards renewable energy sources, such as wind and solar power, requires steel wire ropes for wind turbine installations and plastic ropes for solar panel installations. The increasing adoption of renewable energy systems globally provides a growth avenue for the steel wire rope and plastic rope market.

Challenge

• Growing intense competition among market players and market saturation

The steel wire rope and plastic rope market is highly competitive, with the presence of numerous manufacturers and suppliers globally. This intense competition puts pressure on pricing and profit margins, making it challenging for companies to maintain profitability. Increased competition can lead to price wars and commoditization of products, thereby impacting the overall market growth.

The global steel wire rope and plastic rope market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on this market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you make an informed market decision to achieve market growth.

Recent Development

• In January 2020, BIOGEARS, an innovative project funded by the European Union under the European Maritime and Fisheries Fund, aims to revolutionize the offshore aquaculture sector by developing biobased gear solutions and creating eco-friendly value chains. The project addresses the existing gap in biobased ropes for offshore aquaculture, which are currently manufactured using non-recyclable plastics. By adopting an Integrated Multi-Trophic Aquaculture (IMTA) approach that combines seaweed and mussel production, BIOGEARS seeks to enhance marketable aquaculture products.

Global Steel Wire Rope and Plastic Rope Market Scope

The global steel wire rope and plastic rope market is segmented into three notable segments based on type of lay, material type, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type of Lay

• Regular Lay
• Lang Lay

Material Type

• Polypropylene
• Polyester
• Nylon
• HMPE
• Specialty Fibers

Application

• Marine & Fishing
• Sports & Leisure
• Oil & Gas
• Industrial & Crane
• Mining
• Construction
• Others

Global Steel Wire Rope and Plastic Rope Market Regional Analysis/Insights

The global steel wire rope and plastic rope market is analyzed and market size insights and trends are provided by type of lay, material type, and application as referenced above. The countries covered in this market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa.

Asia-Pacific is expected to dominate the market and is expected to be the fastest-growing market during the forecast period of 2023 to 2030 due to its wide application in the major industrial and manufacturing sectors in the region. All the marine, fishing, and cargo industries utilize steel and plastic rope, having the busiest ports globally,

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Steel Wire Rope and Plastic Rope Market Share Analysis

The global steel wire rope and plastic rope market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the steel wire rope and plastic rope market are:

• Trelleborg (Sweden)
• Shin-Etsu Chemical Co., Ltd. (Japan)
• Dow (United States)
• The Chemours Company (U.S.)
• Momentive (U.S.)
• Saint-Gobain Performance Plastics (France)
• Solvay (Belgium)
• LANXESS (Germany)
• Esterline Technologies Corporation (U.S.)
• 3M (U.S.)
• Holland Shielding Systems BV (Netherlands)
• Jonal Laboratories Inc. (U.S.)
• PolyMod Technologies (U.S.)
• CHT R. Beitlich GmbH (Germany)
• Rogers Corporation (U.S.)
• Seal Science, Inc. (U.S.)
• Transdigm Group, Inc. (U.S.)
• TECHNETICS GROUP (U.S.)
• Zeon Chemicals L.P. (U.S.)
• PARKER HANNIFIN CORP (U.S.)

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