SEATTLE, Nov. 25, 2019 /PRNewswire/ -- The global UHMWPE rope market was valued at US$ 225.7 Mn in 2018 and is projected to exhibit a CAGR of 5.7% over the forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Global UHMWPE Rope Market:
The UHMWPE rope market is expected to witness significant growth over the forecast period. The market growth is majorly driven by benefits offered by UHMWPE ropes such as its light weight, high strength & durability, and its floating ability on water.
Ultra-high molecular weight polyethylene (UHMWPE) ropes are majorly used in industries such as marine, oil & gas, and aerospace for efficient and safe lifting and dragging of heavy loads. Moreover, UHMWPE ropes have anti-microbial and moisture resistant properties, which make them suitable for use in cables, sails, and rigging in yachting and lifting slings. Furthermore, owing to physical and chemical properties of ultra-high molecular weight polyethylene ropes such as high resistance to chemicals, water, and ultraviolet light, high strength, corrosion resistance, resistance to abrasion, flexible, light-weight, and high safety performance, it is gaining popularity in the aerospace industry.
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Availability of alternatives such as polyester and polypropylene is a major factor that is expected to restrain growth of the global UHMWPE rope market. Furthermore, companies across the globe that manufacture ropes are opting other low cost materials. For instance, Naroc Rope Tech offers Bell Mix rope, which is a compound rope made from polyester yarn and high strength polypropylene yarn, in order to increase strength of the rope. Therefore, easy availability of such substitutes is expected to negatively impact growth of the market.
Key Market Takeaways:
- The global UHMWPE rope market is expected to exhibit a CAGR of 5.7% during the forecast period in terms of revenue. The global UHMWPE rope market is expected to witness significant growth, owing to increasing demand for UHMWPE ropes from various end-use industries.
- Among applications, in 2018, the oil & gas segment accounted for the largest revenue share in the global UHMWPE rope market. The traditional steel wires used in oil & gas industry are reliable & strong, however, they are heavy, hard to handle, and potentially dangerous. Ultra high molecular weight polyethylene ropes are much stronger than steel wire & facilitate safer, faster, easier, and accurate operations in the oil & gas industry.
- Among regions, North America accounted for the largest share, in terms of revenue, in the global UHMWPE rope market in 2018. In North America, growth of end-use industries such as oil & gas is projected to fuel growth of the global ultra-high molecular weight polyethylene rope market over the forecast period. For instance, according to the U.S. Energy Information Administration, crude oil production in the U.S. was 9.3 million barrels per day in 2017, which increased by 17.2% to reach 10.9 million barrels per day in 2018.
- Prominent players operating in the UHMWPE rope market are adopting strategies such as product launches, to strengthen their position in the market. For instance, In October 2018, Marlow Ropes Ltd partnered with DSM N.V. to launch premium racing rope ranges using DSM's Dyneema brand (UHMWPE fiber). The new product launch helped Marlow Ropes to expand its product portfolio in UHMWPE rope segment.
- Key companies operating in the global UHMWPE rope market include Marlow Ropes Ltd., Yangzhou Hyropes Co., Ltd., Taizhou Hongda Rope&Net Co., Ltd., Katradis Marine Ropes Ind. S.A., Samson Rope Technologies, Inc., Southern Ropes, Dynamica Ropes ApS, Cortland Limited, Teufelberger Holding AG, and Yale Cordage Inc.
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- Global Ultra High Molecular Weight Polyethylene (UHMWPE) Rope Market, By Product Type:
- 3 Strands
- 8 Strands
- 12 Strands
- Global Ultra High Molecular Weight Polyethylene (UHMWPE) Rope Market, By Application:
- Oil & Gas
- Military & Aviation
- Global Ultra High Molecular Weight Polyethylene (UHMWPE) Rope Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East
- Rest of Middle East
- Northern Africa
- Central Africa
- South Africa
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Mr. Raj Shah
Coherent Market Insights
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SOURCE Coherent Market Insights