Structure Ropes Market Size, Share, Trend, Dynamics, Forecast, & Growth Analysis- 2023-2028

Market Highlights

The Structure Ropes Market is likely to grow at a significant CAGR of 2.7%, in the long run, to reach US$ 442.6 Million in 2028.

What are Structure Ropes?

Structure ropes are mainly used to support the structure and evenly distribute the loads. Wire ropes are widely used in cable bridges, stadium roofs, and specialized structures such as telecommunication masts, and amusement park ferry wheels. Ropes used in structural applications usually have a lifespan of 20-100 years, depending on the application.

Increasing investments in infrastructure projects (bridges and telecommunications), especially in emerging economies, rapid urbanization, the growing sports industry, and other factors are all contributing to the growth of the structure ropes market. The expected recovery in the economy combined with substantial investments in infrastructure, is expected to unlock a multitude of opportunities for structure ropes. Moreover, the expanding adoption of 5G networks and the rapidly growing sports industry are anticipated to drive the market's growth.

Covid-19 Impact

The COVID-19 pandemic resulted in a significant downturn in the construction industry, leading to reduced investments and activities. Consequently, the structure ropes market was expected to experience a slower growth rate than anticipated in the foreseeable future. However, as the impact of the pandemic lessened in 2021, the market demand for structure ropes started to recover and eventually reached its pre-COVID levels in the first half of 2022.

Market Segments’ Analysis

The structure ropes market is segmented into bridges, roof structures, stayed masts and towers, and specialized structural projects. Bridge applications are expected to generate the maximum demand for structure ropes during the forecast period. Wire rope is a preferred lifting device for bridges, especially in the case of suspension bridges as the structure of the rope provides strength, flexibility, and the ability to handle bending stresses.

The structure ropes market is segmented into steel ropes and synthetic ropes. Steel ropes dominated the market in 2022 and are likely to grow at a healthy rate during the forecast period. They are stiffer and can withstand greater stress as compared to their synthetic counterparts, which has led to their widespread usage in the industry. Synthetic rope has gained some popularity in structure applications in recent years, but it is expected to hold a minor share of the market during the forecast period.

In terms of regions, North America is expected to remain the largest market for structure ropes during the forecast period. The USA leads the North American structure ropes market, owing to its massive infrastructure spending on both new construction and repair. Europe holds the second-leading position in the market and is expected to maintain its position over the forecast period. Owing to rapid urbanization, expanding 5G infrastructure, and increasing investments in basic infrastructure requirements such as bridges and stadiums, Asia-Pacific is expected to witness the highest growth in the coming years.

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the structure ropes market.

• Teufelberger-Redaelli
• Kiswire Group
• WireCo WorldGroup
• Bridon-Bekaert The Ropes Group
• ArcelorMittal S.A.
• Bharat Wire Ropes Ltd.
• Fasten Group
• Fatzer AG
• Guizhao Wire Rope Incorporated
• Usha Martin Ltd

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Research Methodology

This strategic assessment report provides a comprehensive analysis that reflects today’s structure ropes market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with the analyst's internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. The analyst conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.