The Synthetic Rope Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Synthetic Rope Global Market Report 2024, 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.
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.
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The synthetic rope market covered in this report is segmented –
1) By Material Type: Polypropylene, Polyester, Nylon, Polyethylene, Specialty Fibers
2) By Sales Channel Type: Direct Sales, Distributors
3) By End- User Industry: Marine and Fishing, Oil And Gas, Sports And Leisure, Construction, Cranes, Other End-Users
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.
The synthetic rope market report table of contents includes:
1. Executive Summary
- Synthetic Rope Market Characteristics
- Synthetic Rope Market Trends And Strategies
- Synthetic Rope Market – Macro Economic Scenario
- Global Synthetic Rope Market Size and Growth
. - Global Synthetic Rope Market Competitive Benchmarking
- Global Synthetic Rope Market Competitive Dashboard
- Key Mergers And Acquisitions In The Synthetic Rope Market
- Synthetic Rope Market Future Outlook and Potential Analysis
- Appendix
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