PUNE, India, May 16, 2016 /PRNewswire/ --
The report "Synthetic Rope Market by Material Type (Polypropylene, Polyester, Nylon, Polyethylene, Specialty Fibers), End-Use Industry (Marine & Fishing, Oil & Gas, Construction, Cranes, Sports & Leisure, Others), and by Region - Global Forecast to 2021", published by MarketsandMarkets, The market is projected to witness a CAGR of 5.9% from 2016 to reach a market size of USD 1.69 Billion by 2021.
Browse 136 market data Tables and 41 Figures spread through 182 Pages and in-depth TOC on "Synthetic Rope Market"
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This growth is mainly driven by the high strength and low weight characteristics along with safety features of synthetic ropes.
Synthetic rope made of Polypropylene (PP) projected to dominate the market during the forecast period
PP is projected to remain the dominant material in the manufacturing of synthetic ropes during the forecast period. The market players use PP on a large scale, as it is highly cost-effective in nature. PP provides high strength to the ropes and also performs well when used under water.
The cranes segment projected to witness the highest CAGR in the synthetic ropes market among all the end-use industries during the forecast period
The market for synthetic ropes in the cranes industry is projected to witness the highest CAGR, in terms of value and volume, between 2016 and 2021. The rising development of high performance ropes for lifting mobile cranes is expected to influence the demand for synthetic ropes during the forecast period. Various market leaders are introducing new high performance synthetic ropes for mobile cranes to ease up the operations on the site, which is expected to drive the market growth.
Asia-Pacific projected to witness the highest CAGR between 2016 and 2021
The Synthetic Rope Market in Asia-Pacific possesses immense potential of growth during the forecast period. Rising marine offshore mooring systems, growing construction industry, and the unexplored offshore oil & gas fields in the region are expected to drive the market in this region. High aquaculture production or fishing activities in the region are also expected to trigger the market growth in the region between 2016 and 2021. China, Japan, and South Korea are some of the key countries in the region contributing to the market growth.
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Some of the key participants in the market are WireCo WorldGroup (U.S.), Samson Rope Technologies (U.S.), Cortland Limited (U.S.), Marlow Ropes Ltd. (U.K.), and Bridon International Ltd (U.K.). New product developments and capacity expansions were the major growth strategies adopted by the market players between 2011 and 2016 to enhance their regional footprint and meet the growing demand for synthetic ropes in developing economies.
This report covers the synthetic ropes market size, in terms of value and volume, and its forecasts till 2021. The report includes the market segmentation by material type, application, and region. It also provides company profiles of various market participants and competitive strategies adopted by them between 2011 and 2016.
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