The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview

• Recent Growth: The steel wire rope and plastic rope market has experienced robust growth, increasing from $13.14 billion in 2023 to $14.1 billion in 2024 at a CAGR of 7.3%.
• Forecasted Growth: The market is expected to grow further to $18.02 billion in 2028, with a CAGR of 6.3%.
• Historic Drivers: Growth in industrialization, infrastructure development, oil and gas exploration, mining industry expansion, shipping, maritime activities, and automotive manufacturing.

Future Growth Drivers

• Environmental Concerns: Increasing focus on sustainability and eco-friendly practices.
• Marine and Aquaculture Applications: Expanding use in marine environments and aquaculture.
• Lightweight Materials: Preference for lightweight, durable materials in various applications.
• Outdoor Leisure: Growth in outdoor leisure activities such as sports and camping.
• Agriculture: Expansion in agricultural and gardening practices.

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Market Trends

• Material Diversification: Development of ropes using a variety of materials to cater to different industries.
• Industry-Specific Demand: Tailored products for specific industrial needs.
• Innovative Designs: Continuous innovation in rope design for enhanced performance.
• Developing Regions: Market expansion in developing regions driving significant growth.
• Safety and Compliance: Increased focus on safety standards and regulatory compliance.

Fishing Industry Impact

• Demand Increase: The growing fishing industry significantly boosts the steel wire rope and plastic rope market.
• Economic Sector: The fishing industry involves catching, processing, marketing, and selling aquatic resources.
• Application: Steel and plastic ropes are essential in making durable fishing nets.
• Growth Statistics: In 2022, global fish production rose by 1.2% to 184.1 million tonnes, with aquaculture output increasing by 2.6%. Global fish trade revenue surged by 10.7% to USD 193.5 billion.
• Key Players: Companies such as N.V. Bekaert S.A., Cortland Limited, English Braids Ltd., and Samson Rope Technologies Inc.

Innovations in the Market

• Product Innovations: Companies are introducing new products to maintain market positions.
• Example: Marlow Ropes Ltd. launched a sustainable rope line-up in February 2023, featuring firmness and long elongation properties, made from recycled-based content.
• Sustainability: The rope is the first sustainably manufactured fast rope, enhancing Marlow’s market presence.

Strategic Acquisitions

• Ben-Mor Cables Inc.: Acquired Fortune Rope and Metal in January 2023 to expand its footprint in the US.
• Acquisition Impact: Strengthens Ben-Mor’s market reach and service capabilities.
• Fortune Rope and Metal Co.: US-based manufacturer of aircraft cable, wire rope, chain, coated cable, and hardware fittings.

Market Segmentation

• Type of Lay: Regular Lay, Lang Lay
• Material Type: Polypropylene, Polyester, Nylon, HMPE (High Modulus Polyethylene), Specialty Fibers
• Applications: Marine and Fishing, Sports and Leisure, Oil and Gas, Industrial and Crane, Mining, Construction, Other Applications

Regional Insights

• Largest Region: Asia-Pacific was the largest region in the steel wire rope and plastic rope market in 2023.
• Fastest-Growing Region: Expected to continue being the fastest-growing region during the forecast period.

The steel wire rope and plastic rope market is set for sustained growth driven by various industrial and environmental factors. With ongoing innovations and strategic expansions, the market is poised to meet increasing global demands.

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The Steel Wire Rope And Plastic Rope Global Market Report 2024  provides an overview of the steel wire rope and plastic rope market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The steel wire rope and plastic rope market forecast analyzes steel wire rope and plastic rope market size, steel wire rope and plastic rope market share, leading competitor and their market positions.

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