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The global synthetic rope market is accounted for USD 1,326.2 Million in 2017 and is anticipated to reach USD 2,183.2 Million by 2023. Synthetic ropes are made from synthetic fibres such as polyester, nylon, polyethene, and others. These ropes are easy to handle and have properties such as high tensile strength, resistive, absorbent, lightweight and others. The global synthetic rope market assumed to achieve CAGR of 6.4% during the projected period of 6 years because of the rising demand in the market.
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Global synthetic rope market is assumed to rise in the near future because these ropes are relatively safer to use as a comparison to steel rope and are used in the marine and fishing industry. Furthermore, an increase in demand for crude oil and the rise in oil and gas extraction activities are expected to provide lucrative opportunities for the growth of the global market.
1. They are unbreakable.
2. They are cost-effective.
3. They are inherently safer than wire rope.
4. They are easy to use as a comparison to traditional wires.
5. They are efficient in their usage.
6. They are resistant to UV light.
The synthetic rope market is divided into material type, by application and by distribution channel. By material type, it is bifurcated into polypropylene, polyester, nylon, polyethene, fibres and others. By application, it is bifurcated into marine and fishing, mining, oil and gas, sports, building and construction and others. They are available through direct sales or any other distribution channel. The market statistics reveal that the synthetic rope is widely used in fishing and mining industries these days because of their exceptional high strength properties.
The synthetic rope market is segmented into countries such as North America, Asia-Pacific, Europe and others. The market regional analysis depicts that North America holds the major share in the market because of high demand in construction, cranes and mining industries. Further, countries such as the U.S. and Canada have also significant growth in the market. Asia-Pacific witnessed significant growth in the market because of the rising demand in the aquaculture industry and is cheap as a comparison to traditional ropes
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The major competitors on the competitive landscape in the synthetic rope market are WireCo Worldgroup Incorporation, Cortland Limited, Marlow Ropes, Samson Ropes Technologies Incorporation, Bridon International Limited, TEUFELBERGER, Responsive Industries Ltd, Southern Rope, English Braids Limited, Langman Incorporation and Other Prominent Players. All the manufacturers are adopting new policies and strategies in order to strengthen growth across the globe.