- Regular lay comprises a major share of the steel wire rope market, in terms of value.
- The polyester segment is projected to register the highest CAGR in the global steel wire rope & plastic rope market during the forecast period.
- APAC is expected to account for the largest market share in the steel wire rope & plastic rope market during the forecast period.
The steel wire rope & plastic rope industry is growing due to increasing demand from marine & fishing, oil & gas, industrial & crane, and construction applications. These ropes have excellent impact resistance, flexibility, high strength, and lightweight due to which they are preferred in these industry applications.
The steel wire rope & plastic rope market is expected to grow from $11.3 billion in 2019 to $14.5 billion by 2024, at a CAGR of 5.0% during the forecast period.
The steel wire rope & plastic rope market is divided further into type of lay, which includes regular lay and lang lay. The global market is dominated by the regular lay, in terms of both value and volume. These ropes are less subject to failure from crushing and distortion because of the shorter length of exposed outer wires. These ropes also spool better in a drum than lang lay ropes. Owing to these properties, this type of rope is preferred more in various applications.
The polyester segment is projected to register the highest CAGR in the global steel wire rope & plastic rope market during the forecast period. Polyester ropes are used widely for boat lines and sailing applications as they provide good strength, durability, relatively low stretch, and reasonable prices. Polyester ropes have excellent UV resistance, and unlike nylon, they retain their strength under wet conditions. Unlike nylon or polypropylene, polyester is not stretchy.
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Polyester is used usually as an outside coating to a rope having a Kevlar core, which is UV-sensitive. For several applications, polyester might only be used as the outer protective layer as it has excellent abrasion resistance. Polyester ropes are found often for winches, capstans, and block & tackles. It has low stretch and low creep.
APAC is expected to account for the largest share of the market. This is attributed to the increasing 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 ample 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.
WireCo WorldGroup Inc. (US), Bekaert SA (Belgium), Tuefelberger Holding AG (Austria), Cortland Limited (US), DSR (South Korea), Samson Rope (US), Usha Martin (India), Samson Ropes Technologies Inc. (US), Jiangsu Langshan (China), and Marlow Ropes Ltd. (UK) are some of the key players in the global steel wire rope & plastic rope market. These players have adopted various organic and inorganic developmental strategies over the past five years.