Comprehensive Steel Wire Rope And Plastic Rope Market Analysis 2024: Size, Share, And Key Trends
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What is the Expected Growth Rate of the Steel Wire Rope And Plastic Rope Market from 2024 to 2033?
In recent times, the market size for steel wire rope and plastic rope has experienced significant growth. There is a projected increase from a worth of $13.14 billion in 2023 to a value of $14.1 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.3%. The upward trajectory during the historical period can be credited to factors such as industrial development and infrastructure expansion, oil and gas discovery, the flourishing mining industry, and a rise in shipping, maritime and automotive manufacturing activities.
Anticipations are high for the steel wire and plastic rope industry as it is slated to see robust expansion in the coming years. By 2028, the market will have enlarged to a worth of $18.02 billion, with a commendable compound annual growth rate (CAGR) of 6.3%. Factors contributing to growth during this projected period include an increase in environmental mindfulness, use in Marine and aquaculture sectors, preference for materials of lesser weight, growth of outdoor recreational activities, and adoption in agriculture and horticultural practices. Foreseen market trends in the forecast period encompass diversification of materials, industry-specific demand, creative rope designs, market growth in burgeoning regions, and an emphasized adherence to safety and regulatory compliance.
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What Key Factors Are Fueling the Growth of the steel wire rope and plastic rope Market?
The escalation of the fishing occupation and sector is projected to thrust the advancement of the steel wire rope and plastic rope market onward. The sector is associated with the catching, processing, trade, and sale of fish and other marine resources, like crustaceans, mollusks, and seaweed. The fishing sector prominently uses steel wire ropes and plastic ropes for creating nets due to their superior strength and longevity. For instance, in 2022, as per the Food and Agriculture Organization of the United Nations, a body based in Italy that endeavors to eradicate global hunger and enhance food quality and safety, the worldwide fish production saw an increase of 1.2% reaching 184.1 million tons as compared to 2018. The output of aquaculture rose by 2.6%. Global fish trade revenue witnessed an elevation of 10.7% annually to USD 193.5 billion. Consequently, the escalating fishing vocation and sector is pushing the growth of the steel wire rope and plastic rope market.
What Are the Major Segments of the Steel Wire Rope And Plastic Rope Market?
1) By Type Of Lay: Regular Lay, Lang Lay
2) By Material Type: Polypropylene, Polyester, Nylon, HMPE (High Modulus Polyethylene), Specialty Fibers
3) By Application: Marine And Fishing, Sports And Leisure, Oil And Gas, Industrial And Crane, Mining, Construction, Other Applications
What New Trends Are Transforming the Steel Wire Rope And Plastic Rope Market?
The emergence of product innovations is becoming an increasing trend in the steel wire rope and plastic rope market. Leading organisations are unveiling innovative products like the Marlow sustainable rope to maintain their market presence. For example, in February 2023, Marlow Ropes Ltd, a specialty rope assembly manufacturer based in England, introduced its sustainable rope range. The rope maintains the signature features of their past products, including firmness with elongated properties. What sets this product apart is that it’s the first ever sustainably produced fast rope in the world, made from recycled-based content (BCF RPA).
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Which Regions Are Driving Growth in the Steel Wire Rope And Plastic Rope Market?
Asia-Pacific was the largest region in the steel wire rope and plastic rope market in 2023 and is expected to be the fastest-growing region in the global steel wire rope and plastic rope market report forecast period. The regions covered in the steel wire rope and plastic rope market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Steel Wire Rope And Plastic Rope Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the steel wire rope and plastic rope market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Steel Wire Rope And Plastic Rope Market Include
1. Steel Wire Rope And Plastic Rope Market Executive Summary
2. Steel Wire Rope And Plastic Rope Market Segments
3. Steel Wire Rope And Plastic Rope Market Size And Template Market Growth Rate
4. Key Steel Wire Rope And Plastic Rope Market Trends
5. Major Steel Wire Rope And Plastic Rope Market Drivers
……
25. Key Mergers And Acquisitions In The Steel Wire Rope And Plastic Rope Market
26. Top Steel Wire Rope And Plastic Rope Companies
27. Steel Wire Rope And Plastic Rope Market Opportunities And Strategies
28. Steel Wire Rope And Plastic Rope Market, Conclusions And Recommendations
29. Appendix
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