PORTLAND, Oregon, Feb. 28, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Synthetic Rope Market by Raw Material (Polypropylene, Polyester, Nylon, Polyethylene, and Specialty Fibers) and End Use (Marine & Fishing, Oil & Gas, Sports & Leisure, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2018 – 2025." The report offers an in-depth analysis of key market players and their strategies, dynamic market trends, major segments, market size & estimations, and overall business landscape. According to the report, the global synthetic rope market accounted for $1.33 billion in 2017 and is anticipated to reach $2.18 billion by 2025, registering a CAGR of 6.3% from 2018 to 2025.
Surge in consumption and demand for fish-products, rise in seaborne trade, and increased size of cargo have boosted the growth of the global synthetic rope market. However, fluctuating prices of raw materials restrain market growth. On the other hand, rapid advancements in synthetic rope manufacturing are expected to create lucrative opportunities in the near future.
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Specialty Fibers remains to be a profitable and lucrative segment
Based on raw material, specialty fibers segment accounted for nearly one-third of the total market share in 2017 and is expected to lead in terms of revenue throughout the forecast period. This is attributed to its robust and long-lasting properties such as thermal conductivity, electrical resistivity, and chemical or fuel resistance. On the other hand, the polyester segment is expected to register the highest growth with a CAGR of 7.3% from 2017 to 2025, owing to its properties that are as good as nylon ropes and it offers superior resistance to heat and UV rays. The research also offers insights on polypropylene, nylon, and polyethylene.
Construction to maintain its top status by 2025
Based on end-user industry, the construction segment accounted for about two-fifths of the total market share in 2017 and is expected to maintain its leadership status throughout the forecast period. This is attributed to increased urbanization and rise in the modern construction activities and surge in the infrastructural needs in the emerging economies. However, the marine & fishing segment is expected to register the highest CAGR of 7.2% through 2025, owing to rise in aquaculture production and fishing activities across the world. The report also includes other segments such as oil & gas, sports & leisure, and others.
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Europe to grow at the fastest rate by 2025
Europe is expected to register the fastest CAGR of 7.1% from 2017 to 2025, owing to growing use of synthetic ropes across several countries such as France, Germany, UK, Italy, and Russia. However, North America holds the largest market share, accounting for more than one-third of the total share in 2017, owing to the increase in oil & gas production and rise in exploration activities. The report includes analysis of other regions such as Asia-Pacific and Latin America, Middle East and Africa (LAMEA).
Key market players
Key market players highlighted in the research are Actuant Corporation, Atlantic Braids Ltd, Bridon-Bekaert Ropes Group, Bexco NV-SA, English Braids Ltd, Responsive Industries Ltd, Southern Ropes, Teufelberger, Touwfabriek Langman B.V., and Wireco WorldGroup.
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