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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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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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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