Synthetic Rope: Introduction
Key Drivers and Restraints of Global Synthetic Rope Market
Superior properties associated with synthetic rope is boosting the global synthetic rope market. Rise in utilization of synthetic rope in oil and gas extraction activities is also boosting the demand for synthetic rope across the globe. Growth in gymnastic sports activities is another factor augmenting the market.
Surge in construction activities across developing and developed regions is propelling the demand for synthetic rope across the globe. Increase in marine and offshore fishing activities is another factor augmenting the global synthetic rope market.
Synthetic Rope: Material Segment
Based on material, the global synthetic rope market can be segmented into polyethylene, polypropylene, polyester, specialty fiber, and polyamide. The polypropylene segment is likely to expand significantly in terms of value and volume in the near future.
Synthetic Rope: End-use Segment
Based on end-use, the global synthetic rope market can be divided into marine & fishing, oil & gas, construction, crane, and others. The crane segment is likely to witness significant growth in terms of value and volume in the near future. Increase in development of high performance ropes for lifting mobile crane is boosting the segment.
COVID-19 Impact on Synthetic Rope Market
On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
Manufacture of various goods such as synthetic rope and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the synthetic rope market.
Asia Pacific to Dominate Synthetic Rope Market
In terms of region, the global synthetic rope market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific is likely to dominate the global synthetic rope market due to the increase in marine offshore anchoring activities and growth of the construction industry in the region. Rise in aquaculture production; and increase in offshore and fishing activities is also triggering the synthetic rope market. North America is likely to emerge as a promising region of the global synthetic rope market in the near future.
Key Manufacturers Operating in Global Synthetic Rope Market
The global synthetic rope market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Manufacturers of synthetic rope are adopting various organic and inorganic growth strategies to expand their product portfolio and geographical reach. Key manufacturers operating in the global synthetic rope market include:
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