Synthetic Rope Global Market Opportunities and Strategies to 2033

This report describes and explains the synthetic rope market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global synthetic rope market reached a value of nearly $1.6 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.88% since 2018. The market is expected to grow from $1.6 billion in 2023 to $2.2 billion in 2028 at a rate of 6.70%. The market is then expected to grow at a CAGR of 7.19% from 2028 and reach $3.2 billion in 2033.

Growth in the historic period resulted from the increase in industrialization activities, growth in the sports and leisure sector, increase in demand and consumption of fish products and increasing demand for renewable energy. Factors that negatively affected growth in the historic period were challenges associated with recycling and disposal of synthetic ropes.

Going forward, the increasing population density and urbanization, growth in residential and commercial construction activities, strong economic growth in emerging markets, increasing demand from the offshore oil and gas industry and government initiatives will drive the market. Factors that could hinder the growth of the synthetic rope market in the future include competition from alternative materials.

The synthetic rope market is segmented by material type into polypropylene, polyester, nylon, polyethylene and specialty fibers. The polypropylene market was the largest segment of the synthetic rope market segmented by material type, accounting for 30.5% or $495.28 million of the total in 2023. Going forward, the specialty fibers segment is expected to be the fastest growing segment in the synthetic rope market segmented by material type, at a CAGR of 8.03% during 2023-2028.

The synthetic rope market is segmented by sales channel type into direct sales and distributors. The distributors market was the largest segment of the synthetic rope market segmented by sales channel type, accounting for 67.7% or $1.1 billion of the total in 2023. Going forward, the direct sales segment is expected to be the fastest growing segment in the synthetic rope market segmented by sales channel type, at a CAGR of 7.14% during 2023-2028.

The synthetic rope market is segmented by end-user industry into marine and fishing, oil and gas, sports and leisure, construction and other end-users. The construction market was the largest segment of the synthetic rope market segmented by end-user industry, accounting for 41.6% or $676.27 million of the total in 2023. Going forward, the marine and fishing segment is expected to be the fastest growing segment in the synthetic rope market segmented by end-user industry, at a CAGR of 7.58% during 2023-2028.

Asia-Pacific was the largest region in the synthetic rope market, accounting for 34.5% or $560.3 million of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the synthetic rope market will be Western Europe and Asia-Pacific, where growth will be at CAGRs of 8% and 7.2% respectively. These will be followed by North America and South America, where the markets are expected to grow at CAGRs of 6.3% and 6% respectively.

The global synthetic rope market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 9.58% of the total market in 2023. The market fragmentation can be attributed to the presence of a large number of small players in different geographies. Honeywell International Inc. was the largest competitor with a 5.64% share of the market, followed by WireCo WorldGroup Inc. with 1.46%, Bridon-Bekaert Ropes Group Ltd. with 0.76%, Lankhorst Ropes with 0.54%, Hampidjan Group with 0.38%, Southern Ropes Ltd. with 0.30%, Yale Cordage Inc. with 0.15%, Donaghys Ltd. with 0.14%, Teufelberger GmbH with 0.13% and Samson Rope Technologies Inc. with 0.08%.

The top opportunities in the synthetic rope market segmented by material type will arise in the specialty fibers segment, which will gain $206 million of global annual sales by 2028. The top opportunities in the synthetic rope market segmented by sales channel type will arise in the distributors segment, which will gain $405.7 million of global annual sales by 2028. The top opportunities in the synthetic rope market segmented by end-user industry will arise in the construction segment, which will gain $261.8 million of global annual sales by 2028. The synthetic rope market size will gain the most in the USA at $127.8 million.

Market-trend-based strategies for the synthetic rope market include focusing on offering new and improved synthetic rope products, strategic partnerships and collaborations and acquisitions, increasing investments in new manufacturing facilities, focusing on launching a new range of hoists with synthetic ropes and focusing on introducing new, innovative nylon ropes made of HDPE (high-density polyethylene) designed specifically for heavy-duty applications.

Player-adopted strategies in the synthetic rope market include focus on new product launches to develop business expertise and focus on expanding operational capabilities through new product developments.

To take advantage of the opportunities, the analyst recommends the synthetic rope companies to focus on innovation in synthetic rope products, focus on synthetic rope hoists for innovative lifting solutions, focus on innovative HDPE nylon ropes for heavy-duty applications, focus on specialty fibers segment, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations, focus on facility expansion, provide competitively priced offerings, focus on competitive pricing strategies, focus on targeted digital marketing campaigns, emphasize value-added services and solutions and focus on marine and fishing, and construction end-use sectors.