Persistence Market Research’s newly published market report titled “Synthetic Rope Market: Global Industry Analysis and Forecast, 2018 – 2026” examines the synthetic rope market and offers crucial market insights for the next eight years. According to the report, the marine and fishing segment on the basis of application in the synthetic rope market is expected to dominate the market, accounting for around a 38.9% share of the overall market value by 2026 end, while registering a CAGR of 3.9% during the forecast period (2018 – 2026). The estimated value of the global synthetic rope market in 2018 is expected to be US$ 1,548.7 Mn and the market is projected to reach US$ 2,157.6 Mn by the end of 2026.
The global synthetic rope market is estimated to be driven by the increase in the fleet of ships as well as emerging oil and gas industry. At a globe level, steady growth is expected in the oil industry, owing to the demand for gasoline and fuel in the market. Moreover, urbanization is leading to new construction activities across the globe, which is expected to boost the demand for synthetic rope in cranes and construction markets over the forecast period. Further, notable properties of synthetic rope, such as better strength, long life, light weight and water resistance, make them the preferred choice in a multitude of applications. These applications include various end-use sectors such as shipping & marine, port trust & dock yards, fishing, construction, transport and defense. For instance, marine, shipping and maritime transport facilitate distinct characteristics, which suit a particular application. These advantageous properties of synthetic rope have been leading the increased application and growth of the synthetic rope market during the forecast period.
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The fishery sector is constantly evolving, predominantly due to developments in aquaculture industries. Besides this, the Food and Agriculture Organization (FAO) has been collaborating with member countries to build a sustainable fisheries and aquaculture sector through the execution of a code of conduct for responsible fisheries. As a result, increasing fish catches which will raise the demand for synthetic rope over the forecast period.
Market insights suggest that the global synthetic rope market is dominated by the marine and fishing segment, which will expand with a healthy CAGR over the forecast period. In recent times, increased focus on a healthy diet & wholesome nutrition, a part of which is chiefly derived from fish, is boosting the demand for fish. In 2014, the total capture of fisheries was around 93.4 million tons owing to the high nutrition consumption. Manufacturers have been focusing on using eco-friendly raw materials such as synthetic fibers for the manufacturing of synthetic rope, thereby reducing the environmental footprint considerably. This, in turn, has been translating into reduced performance penalty at a competitive cost, which has been encouraging synthetic rope manufacturers to increase their production capacity to cater to the rising customer demand, which in turn, is driving the market growth. Attributing to this, the polyester segment is stipulated to hold a significant volume share of the synthetic rope market during the projected period.
Regional Market Projections
On the basis of region, North America is anticipated to dominate the global synthetic rope market throughout the forecast period. The region’s synthetic rope market is expected to expand at a CAGR of around 3.4% during the forecast period. South East Asia is anticipated to register a relatively higher CAGR during the forecast period in the global synthetic rope market. These two regions, coupled with Europe, are expected to register attractive growth rates in the global synthetic rope market during the forecast period. Japan is expected to witness moderate growth as compared to the rest of the regions, owing to the relatively low construction and oil and gas related activities.
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Global Synthetic Rope Market: Competitive Landscape
Some of the players reported in this study on the global synthetic rope market include WireCo WorldGroup Inc., English Braids Limited, Samson Rope Technologies Inc., Teufelberger Holding AG, Lanex AS, Axiom Cordages Limited., Touwfabriek Langman BV, Yale Cordage Inc., Bexco NV-SA., Atlantic Braids Ltd., Unirope Ltd., Dong Yang Rope Mfg. Co., Ltd., Cortland Limited and others.