Synthetic Ropes Market Key Manufacturers And Manufacturing Cost Forecast by 2017-2022

The synthetic rope market is expected to grow at a considerable CAGR over the forecast period. Key drivers for this market are high tensile strength, non-conductive nature, high strength to weight ratio, and safe operation due to fatigue resistance, high corrosion resistance, weather and chemical resistance, and lightweight. Synthetic rope has applications in different industry verticals like construction, fishing & marine, oil & gas, and sports industry.

Synthetic rope market is segmented based on raw material type, end user industry, and the geographical region. The raw materials include polyethylene, nylon, polyester, polypropylene, and specialty fibers. The end user industries are oil& gas, marine & fishing, sports & leisure, cranes, construction, and others. The geographical regions for this market are Asia-Pacific, Europe, North America, South America, and Middle East & Africa.

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Applications of synthetic ropes include ship-assist ropes, hoisting lines, inland towing lines, and in marine renewable energy. It is thus a horizontal market that diversifies into various downstream verticals. It is rapidly replacing steel ropes due to superior characteristics, and has a huge demand in the emerging markets in Asia-Pacific region. On the other hand, steeply priced raw materials and the requirement for regular maintenance are restraining market growth. Lack of the latest know-how in end-user industries is also leaving many opportunities untapped and hence is a challenge that needs to be overcome. The market ecosystem consists of raw material suppliers, manufacturers, distributors, and finally the end users.

Amongst the segments based on raw material type, polypropylene is expected to lead the market over the forecast period; followed by specialty fibers. Polypropylene resists wetting, is tough and abrasion resistant, resistant to chemicals, floats, and is priced reasonably. Marine & fishing industry has the largest share in current market, particularly in the Asia Pacific region; but is expected to be outrun by the cranes industry in the forecast period. Hoist synthetic ropes have the highest demand in the mining industry. This can be attributed to the extensive R&D in high performance synthetic ropes used in hoists and cranes. North America currently holds the largest market share, and is deemed to dominate in the forecast period too. The market in Americas is fragmented, with Canada and Mexico being on the forefront.

This can be attributed to the prolific use of synthetic ropes instead of heavy steel wire ropes in the large number of offshore oil & gas reserves. It is closely followed by Europe wherein Germany aces the market. On the other hand, Asia-Pacific region is expected to reach the high water mark in terms of CAGR in the forecast period, with India being on the forefront. China would trail India to have the second highest market share. Burgeoning construction industry, marine offshore mooring systems, and offshore oil & gas fields exploration will bolster the market growth in near future. High number of fishing activities in China, Japan, and South Korea will further augment the synthetic ropes market.

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Key players in the synthetic ropes market are Yale Cordage Inc, Southern Ropes, Lanex AS, Cortland Ltd, Marlow Ropes Ltd, Wireco Worldgroup Inc, Teufelberger Holding Co, Bridon International Ltd, Samson Rope Technologies Inc, Teufelberger Holding AG., and Applied Fiber.

The synthetic ropes market has grown organically so far. Amongst the M&A activity by prominent players, Yale Cordage acquired Wall Rope in 2006, acquisition of Marlow Ropes and ScanRope from the Parker Hannifin Corporation by steel & wire ropes giant Bridon in 2006, Drumet by WireCo Worldgroup Inc, Cortland acquired Jeyco PTY Ltd, Lanex AS took over Raveltik, Houston Wire & Cable Co acquired Southern Ropes, Wind River Holdings acquired Samson Rope Technologies.