According to the new market research report “Steel Wire Rope & Plastic Rope Market by Type of Lay (Regular Lay, Lang Lay), Material Type (PP, PET, Nylon, HMPE, Specialty Fibers), Application (Marine & Fishing, Sports & Leisure, Oil & Gas, Industrial & Crane), and Region – Global Forecast to 2024″, The steel wire rope & plastic rope market is expected to grow from USD 11.3 billion in 2019 to USD 14.5 billion by 2024, at a CAGR of 5.0% during the forecast period.
These ropes have excellent impact resistance, flexibility, high strength, and lightweight due to which they are preferred in these applications. The steel wire rope & plastic rope industry is growing due to its increasing demand from the marine & fishing, oil & gas, industrial & crane, and construction applications.
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The steel wire rope & plastic rope market size is estimated to be USD 11.3 billion in 2019 and is projected to reach USD 14.5 billion by 2024, at a CAGR of 5.0% during the forecast period. The new developments across the steel wire rope & plastic rope value chain, such as the expansion of production capacity by various players, new product launches, and agreements are bolstering the market, globally.
This growth is attributed to the developing construction sector and increasing applicability of plastic ropes in fishing, marine offshore mooring, and offshore oil & gas industry. A large number of offshore mooring and offshore oil & gas reserves are coming up, which is driving the steel wire rope and plastic rope market growth.
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The high modulus of steel wire rope & plastic ropes has resulted in its widespread use across numerous industries, including aerospace, automotive, sports, energy, and marine. The increasing penetration of steel wire rope & plastic rope as a replacement to traditional materials in these industries, coupled with the advancement of these industries, is set to result in the significant demand for steel wire rope & plastic rope over the next few years. The steel wire rope & plastic rope market is expected to grow from USD 11.3 billion in 2019 to USD 14.5 billion by 2024, at a CAGR of 5.0% during the forecast period.
Over the past few years, companies have strengthened their position in the global steel wire rope & plastic rope market by adopting strategies such as new product launch, expansion & agreement, partnership, and merger & acquisition. From 2014 to 2019, expansion and new product launch were the key strategies adopted by the market players to maintain growth in the global steel wire rope & plastic rope market. These strategies accounted for 26% and 37%, respectively, of the overall strategy adopted between 2014 and 2019. The market players concentrated mainly on consolidation through new product launch and expansion with the focus on increasing their market shares and enhancing their sustainability.
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The major manufacturers profiled in this report are, WireCo WorldGroup Inc. (US), Bekaert SA (Belgium), Tuefelberger Holding AG (Austria), Cortland Limited (US), DSR (South Korea), Samson Rope (US), Usha Martin (India), Samson Ropes Technologies Inc. (US), Jiangsu Langshan (China), and Marlow Ropes Ltd. (UK). These companies have adopted various organic and inorganic growth strategies. Some companies are also involved in the manufacturing of both steel wire rope & plastic ropes. For instance, WireCo WorldGroup Inc. has an extensive product portfolio where it provides both steel wire ropes and plastic ropes.
WireCo WorldGroup Inc. (US), Tuefelberger Holding AG (Austria), and Cortland Limited (US) are the major players in the steel wire rope & plastic rope market. WireCo WorldGroup Inc. (US) is one of the leading companies and the largest contributor to the growth of the global steel wire rope & plastic rope market. It accounted for largest number of development activities undertaken in the global market between 2014 and 2019. As a part of its growth strategy, the company focused on agreements, and acquisitions to meet the requirements of end-use industries, globally. For instance, in June 2019, the company entered into an agreement to supply the replacement hangers for the George Washington Bridge. The company will be supplying its patented High-Temperature Socketing material.
Tuefelberger Holding AG (Austria) is another major player in the steel wire rope & plastic rope market. The company is involved in improving its position in the value chain with particular emphasis on innovation, high value-added products, and services. As a part of its growth strategy, the company focused on acquisitions, mergers, and expansions to meet the requirements of end-use industries, globally. For instance, in April 2019, the company expanded its wire rope production line at its Trieste plant. It helped the company manufacture a broader and more comprehensive range of wire rope.
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