Steel Wire Rope and Plastic Rope Global Market Report 2024

The steel wire rope and plastic rope market has grown strongly in recent years. It will grow from $13.14 billion in 2023 to $14.1 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The expansion in the historical period can be ascribed to the processes of industrialization and infrastructure development, the exploration of oil and gas, the growth of the mining industry, activities related to shipping and maritime endeavors, and the manufacturing of automotive products.

The steel wire rope and plastic rope market is expected to see strong growth in the next few years. It will grow to $18.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The expansion anticipated in the forecast period can be linked to the increasing awareness of environmental issues, the applications of ropes in marine and aquaculture settings, the inclination toward lightweight materials, the growth of outdoor leisure activities, and the practices related to agriculture and gardening. Notable trends expected in the forecast period encompass diversification of materials, industry-specific demand considerations, innovations in rope design, the extension of market reach into developing regions, and an emphasis on safety and compliance.

The growth of the steel wire rope and plastic rope market is expected to be propelled by the increasing fishing job and industry. The fishing industry, involving the catching, processing, marketing, and selling of aquatic resources, such as fish, crustaceans, mollusks, and seaweed, utilizes steel wire ropes and plastic ropes extensively in net production due to their high strength and durability. In 2022, the Food and Agriculture Organization of the United Nations reported a 1.2% global fish production increase to 184.1 million tonnes compared to 2018, with a 2.6% rise in aquaculture output. The global fish trade revenue also saw a year-on-year increase of 10.7% to USD 193.5 billion. Consequently, the growing fishing industry is a key driver for the steel wire rope and plastic rope market.

The growth of the steel wire rope and plastic rope market is expected to be fueled by the expanding oil and gas industry. Encompassing the exploration, extraction, refining, and distribution of petroleum and natural gas resources, this industry utilizes steel wire ropes for heavy-duty lifting and towing, benefiting from their high strength and durability. Plastic ropes are employed for lighter tasks, offering corrosion resistance and reduced weight, enhancing operational flexibility and safety. Notably, in December 2022, the National Statistics of the UK reported a significant increase in total government revenues from UK Oil and Gas production, reaching £1.4 billion in the tax year 2021 to 2022 compared to £0.3 billion in the previous year, signifying a £1.1 billion rise. Hence, the expanding oil and gas industry is a significant contributor to the growth of the steel wire rope and plastic rope market.

A prominent trend in the steel wire rope and plastic rope market is the increasing adoption of product innovations. Leading companies within the market are introducing inventive products, such as Marlow's sustainable rope, to maintain their market standing. In February 2023, Marlow Ropes Ltd., a UK-based manufacturer specializing in rope assemblies, launched its sustainable rope line. This product retains key features from previous offerings, including firmness and long elongation properties. What sets this product apart is its distinction as the world's first sustainably manufactured fast rope, utilizing recycled-based content (BCF RPA).

Major players in the steel wire rope and plastic rope markets are strategically prioritizing product innovation, exemplified by the introduction of nylon ropes, to address evolving industry requirements for heightened durability, strength, and versatile applications across various sectors. HDPE (High-Density Polyethylene) Nylon Rope, a type of rope composed of a blend of HDPE and nylon fibers, combines the robustness and strength of nylon with the weather-resistant and versatile properties of HDPE. For instance, in March 2023, Bullplus Polyfils, an India-based manufacturer of premium ropes and netting products, launched an innovative HDPE nylon rope designed for heavy-duty applications. Manufactured with cutting-edge technology and superior-quality raw materials, the rope ensures maximum strength and durability. The unique blend of high-density polyethylene and nylon fibers makes it exceptionally strong and abrasion-resistant, suitable for harsh weather conditions and ideal for marine and outdoor use. Its superior strength makes it well-suited for demanding applications such as towing, lifting, and securing heavy objects.

In January 2023, Ben-Mor Cables Inc., a Canada-based manufacturer of slings and cable assemblies, completed the acquisition of Fortune Rope and Metal for an undisclosed amount. This strategic move expands Ben-Mor's presence across the United States, enhancing its ability to serve a broader customer base. Fortune Rope and Metal Co. LLC, based in the US, specializes in manufacturing aircraft cable, wire rope, chain, coated cable, stainless steel, galvanized chain, and hardware fittings for a diverse range of industrial and commercial customers.

Major companies operating in the steel wire rope and plastic rope market report are N.V. Bekaert S.A., Cortland Limited, English Braids Ltd., Jiangsu Langshan Wire Rope Co. Ltd., Marlow Ropes Ltd., Samson Rope Technologies Inc., Southern Ropes Pty Ltd., Teufelberger Holding AG, Usha Martin Ltd., Sandin Manufacturing Inc., Bergen Cable Technology Inc., Strand Products Inc., Guizhou Wire Rope Incorporated Company, Ver Sales Inc., Dunamis Wire Ropes Mfg. LLP, Bekaert SA, WireCo WorldGroup Inc., Gustav Wolf, Wire Rope Industries, Bridon-Bekaert Ropes Group, Tokyo Rope Mfg. Co. Ltd., Kiswire Ltd., Shinko Wire Company Ltd., DSR Corporation, Alps Wire Rope Corporation, Jiangsu Nantong Jianghai Steel Wire Rope Co. Ltd., Jiangsu Fasten Steel Cable Co. Ltd., Jiangsu Bright Industry Co. Ltd., Pfeifer Drako Drahtseilwerk GmbH, Bharat Wire Ropes Limited, Tianjin Metallurgical Cable Co. Ltd., Loos & Co. Inc.

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 countries covered in the steel wire rope and plastic rope market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary lay types associated with steel wire rope and plastic rope are regular lay and lang lay. Regular lay rope entails a twisted construction wherein individual strands are twisted in one direction, and the resulting strands are then twisted together in the opposite direction to yield the final rope. Materials utilized include polypropylene, polyester, nylon, HMPE (high modulus polyethylene), and specialty fibers tailored for diverse applications in marine and fishing, sports and leisure, oil and gas, industrial and crane operations, mining, construction, and various other sectors.

The steel wire rope and plastic rope market research report provides steel wire rope and plastic rope market statistics, including the steel wire rope and plastic rope industry's global market size, regional shares, competitors with a steel wire rope and plastic rope market share, detailed steel wire rope and plastic rope market segments, market trends, and opportunities, and any further data you may need to thrive in the steel wire rope and plastic rope industry. This steel wire rope and plastic rope market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The steel wire rope and plastic rope market consists of sales of galvanized wire rope and coated wire rope. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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