Global Steel Wire Rope & Plastic Rope Market to 2024: Infrastructural Development, Increased Industrial Activity, and Growth in the Mining Industry

DUBLIN, Aug. 14, 2019 /PRNewswire/ -- The "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) & Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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%

New product launches leading to an increased application scope of steel wire rope & plastic rope as well as the growing usage of these products across various end-use industries, including industrial & crane, marine & fishing, construction, and mining are expected to augment the market growth. However, the lack of awareness among the end-use industries about the use of steel wire ropes & plastic ropes is the primary factor restraining the growth of the market.

Crane is the fastest-growing end-use industry of plastic rope, in terms of value.

Steel wire rope & plastic rope is gaining importance in the automotive end-use industry. Cranes are relatively an unexplored segment for the market and are projected to register a high CAGR. In the case of cranes, the weight of the rope can form a large part of the whole machine. Therefore, reduction in the weight of rope provides massive benefits, in terms of stability and significant savings in reducing axle loads.

The plastic ropes used in cranes can withstand tough environment during the handling, installation, and maintenance operations. The plastic ropes for mobile cranes are replacing the steel ropes at a rapid pace, as they increase the lifting efficiency, provide extended rope life, and lower the maintenance cost.

The polypropylene segment accounted for a major share of the plastic rope market, in terms of value, during the forecast period.

The global plastic rope market is projected to be dominated by the polypropylene segment, in terms of both value and volume during the forecast period. Polypropylene is used on a large scale in manufacturing ropes for marine & fishing industry due to its high strength properties. As it is light in weight, it floats in water. It is found in multifilament fiber form, similar to but slightly thicker than polyester and nylon. It is sometimes found as thicker monofilament resembling straw or bristles, typically 0.1 mm to 0.15 mm diameter. Polypropylene is reasonably economical as compared to HMPE or polyester. It has excellent chemical resistance and is preferred in water-related applications as these float in water.

APAC is the largest and the fastest-growing steel wire rope & plastic rope market.

The European region is projected to be the fastest-growing steel wire rope & plastic rope market. This is attributed to the increase in demand for steel wire rope & plastic ropes from marine & fishing, construction, mining, and other industries. Asia-Pacific is one of the key markets for steel wire ropes with a large scope for growth in construction, fishing, and mining sectors. The offshore mooring industry in Australia, Malaysia, and China is expected to drive the steel wire rope & plastic ropes market growth during the forecast period.

Market Dynamics

Drivers

• High Strength and Low Weight of Plastic Ropes
• Safety Aspects of Plastic Ropes
• Infrastructural Development, Increased Industrial Activity, and Growth in the Mining Industry

Restraints

• High Cost of Raw Materials and Frequent Preventive Maintenance of Plastic Ropes

Opportunities

• Plastic Ropes as A Better Alternative to Steel Wire Ropes
• Growing Fishing and Mining Sectors in APAC

Challenges

• Lack of Awareness About the Advantages of the Use of Plastic Ropes
• Corrosion of Steel Wire Ropes

Companies Mentioned

• Bekaert SA
• Bexco Nv SA
• Cortland Limited
• DSR
• English Braids Ltd.
• Gustav Wolf
• Jiangsu Langshan
• Katradis Marine Ropes Ind. S.A.
• Kiswire
• Lanex A.S.
• Marlow Ropes Ltd.
• Novatec Braids, Ltd.
• Pfeifer
• Samson Rope Technologies, Inc.
• Southern Ropes
• Teufelberger Holding AG
• Tokyo Rope
• Usha Martin
• Wireco Worldgroup Inc.
• Yale Cordage Inc.

For more information about this report visit https://www.researchandmarkets.com/r/bdp2oe

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