The global synthetic ropes market is projected to witness a CAGR of 5.9% from 2016 to reach a market size of USD 1.69 Billion by 2021. This growth is mainly driven by the high strength and low weight characteristics along with safety features of synthetic ropes.
Browse 136 market data Tables and 41 Figures spread through 182 Pages and in-depth TOC on "Synthetic Rope Market by Material Type (Polypropylene, Polyester, Nylon, Polyethylene, Specialty Fibers), End-Use Industry (Marine & Fishing, Oil & Gas, Construction, Cranes, Sports & Leisure, Others), and by Region - Global Forecast to 2021"
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Samson Rope Technologies, Cortland, and WireCo World Group were the active players in the global synthetic ropes market in the last five years. Cortland pursued expansions on a large scale, whereas WireCo was more focused on gaining competitive edge through adopting the strategy of mergers & acquisitions. In 2015, Samson expanded its distribution network in Australia, Americas, and Sweden. In the same year, Cortland expanded its new synthetic fiber testing and fabrication facility in Texas that focuses on destructive testing and recertification of synthetic fiber ropes and slings. Samson Rope focused mainly on introducing new products into the market to meet the demands of various end-use industries. It brought innovative crane rope products in the industries that use mobile cranes. Difficult operational conditions in some end-use industries have led to the development of new fabrications of synthetic ropes in the market between 2011 and 2016.
The synthetic rope market also witnessed some major merger & acquisition activities. In 2012, WireCo acquired a key player of the market, Lankhorst Euronete (Netherlands), having a wide product portfolio in synthetic ropes. By adopting these strategies, the market players tried to gain competitive advantages by enhancing their regional footprint.
Other strategies such as partnerships & agreements, joint ventures, and R&D activities were also adopted by the market players to strengthen their existing position in the market and increase market share. In 2015, Samson and United Offshore Services (UOS) (Netherlands) entered into a partnership agreement to supply Samson's high-performance synthetic ropes to Europe.
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The cranes segment projected to witness the highest CAGR in the synthetic ropes market among all the end-use industries during the forecast period
The market for synthetic ropes in the cranes industry is projected to witness the highest CAGR, in terms of value and volume, between 2016 and 2021. The rising development of high performance ropes for lifting mobile cranes is expected to influence the demand for synthetic ropes during the forecast period. Various market leaders are introducing new high performance synthetic ropes for mobile cranes to ease up the operations on the site, which is expected to drive the market growth.
Asia-Pacific projected to witness the highest CAGR between 2016 and 2021
The synthetic ropes market in Asia-Pacific possesses immense potential of growth during the forecast period. Rising marine offshore mooring systems, growing construction industry, and the unexplored offshore oil & gas fields in the region are expected to drive the market in this region. High aquaculture production or fishing activities in the region are also expected to trigger the market growth in the region between 2016 and 2021. China, Japan, and South Korea are some of the key countries in the region contributing to the market growth.
Some of the key participants in the market are WireCo WorldGroup (U.S.), Samson Rope Technologies (U.S.), Cortland Limited (U.S.), Marlow Ropes Ltd. (U.K.), and Bridon International Ltd (U.K.). New product developments and capacity expansions were the major growth strategies adopted by the market players between 2011 and 2016 to enhance their regional footprint and meet the growing demand for synthetic ropes in developing economies.
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