Global Synthetic Ropes Market to Reach US$ 1,974.9 Million by 2027 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--Nov 18, 2019--
The global synthetic ropes market was valued at US$ 1,281.3 million in 2018, and is expected to exhibit a CAGR of 5.0% over the forecast period (2019–2027).
Key Trends and Analysis of the Global Synthetic Ropes Market:
Synthetic ropes find its application in various end use industries such as mining and marine, owing to properties including high durability, robust spooling capabilities and high strength-to-weight ratio. Benefits offered by using synthetic ropes over steel cables is light weight nature of synthetic material, which is of high importance in crane applications and other applications in the marine sector.
In the marine sector, synthetic ropes finds application in mooring, lifting, and towing, owing to easy handling, floating properties, and light weight nature. The growth of the aquaculture industry coupled with booming fishing activities globally is expected to propel demand for synthetic ropes over the forecast period (2019 to 2027). For instance, according to the Food and Agriculture Organization of the United Nations, world fisheries and aquaculture production increased from 154.0 million tons in 2011 to 170.9 million tons in 2016.
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Various key players are focused on research and development activities and new product launches, in order to strengthen their foothold in the global synthetic ropes market. For instance, in October 2019, Teufelberger Holding AG, launched a limited edition pink drenaLINE climbing rope for arborists. Moreover, in March 2019, WireCo WorldGroup launched TURBOLITE M, a new 8-strand hybrid hoist rope for mining application. The rope’s plastic-impregnated fiber core is fatigue resistant. Furthermore, in July 2019, Touwfabriek Langman BV added a new rope braiding machine at its facility in Nijkerk, Netherlands. The new machine is capable of making larger diameters and longer lengths of double braided ropes.
Key Market Takeaways:
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PUB: 11/18/2019 11:02 AM/DISC: 11/18/2019 11:02 AM