Steel Wire Rope & Plastic Rope Market Anticipates a Valuation of $17.5 Billion by 2026, at a CAGR of 8.0%

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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

The global steel wire rope & plastic rope market size was USD 11.9 billion in 2021 and is expected to reach USD 17.5 billion by 2026, projecting a CAGR of 8.0% between 2021 and 2026. Steel wire ropes & plastic ropes are increasingly used in the marine & fishing, sports & leisure, oil & gas, industrial & crane, mining, construction, and other end-use applications. However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for steel wire ropes & plastic ropes. Due to the lockdown scenario in Europe and North America, the demand for steel wire ropes & plastic ropes from oil & gas, industrial & crane, mining, construction, and other applications have declined sharply in 2020.

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Steel wire ropes and plastic ropes have high applicability in the marine & fishing and mining sectors. Plastic ropes are less prone to corrosion and have floating properties that make them suitable for use in fishing activities. In mining applications, steel wire ropes are preferred due to their high load-bearing strength. In APAC, the fishing and mining sectors are among the booming sectors, especially in countries such as China, Indonesia, Japan, and India. APAC led the total aquaculture production and accounted for 89% of the global aquaculture production in 2013. In addition, APAC has the world’s largest mineral reserves. This is expected to help the steel wire ropes and plastic ropes manufacturers with immense growth opportunities in the region.

Steel wire ropes and plastic ropes have a higher strength-to-weight ratio, which is an important factor for various applications specially in the marine and fishing sector. Plastic ropes are used for various lifting and towing purposes in the marine industry. The property of plastic ropes to float in water makes them appropriate for use in this industry. Plastic ropes are used by tankers and cargo vessels, cruise ships and ferries, tug and salvage operators, offshore oil & gas contractors, naval ships, and port authorities for mooring, towing, and safety lines.

Over the past years, steel wire ropes & plastic ropes manufacturers have strengthened their position in the global steel wire rope & plastic rope market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, owing to lockdown announced by several countries in 2020, the demand for steel wire ropes & plastic ropes from oil & gas, mining, construction, and other end-use applications has declined sharply, which resulted in declined demand for steel wire ropes & plastic ropes.

The major manufacturers profiled in this report include Cortland Limited (US), WireCo WorldGroup Inc., (US), Samson Rope Technologies (US), Southern Ropes (South Africa) and English Braids Ltd. (UK), are some of the key players in the steel wire rope & plastic rope market. Marlow Ropes (UK), Teufelberger Holding AG (Austria), Bekaert SA (Belgium), Usha Martin (India) and Gustav Wolf (Germany), and among others.

Cortland Limited (US) works through its subsidiaries: Cortland Cable (US), Cortland Puget Sound Rope (US), Cortland Fibron BX (UK), and Cortland Selantic (Norway). Cortland Limited operates as a subsidiary of Actuant Corporation (US), a diversified industrial company with operations in more than 30 countries worldwide. The company provides custom solutions and offers its products to various industries such as oil & gas, marine, aerospace & defense, and medical. Its product line is categorized into synthetic rope & strength members, lifting slings & tethers, umbilical, electro-optical-mechanical cables, and medical textile & strength members.

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WireCo WorldGroup Inc., (US)  is one of the leading manufacturers of steel wire & synthetic ropes, fabricated products, specialty steel wires, synthetic yarns, and electromechanical cables. It has three business segments—ropes, specialty wires, and engineered products. The company markets its products under multiple brands: Union, MacWhyte, Casar, Camesa, Oliveira, Wireline Works, Phillystran, Lankhorst Ropes and Yarns, Drumet, and US Reel.

The steel wire rope & plastic rope business of these companies is severely affected due to the outbreak of COVID – 19 pandemic. Reduced demand for steel wire ropes & plastic ropes from several applications and disruption in the supply chain have compelled the steel wire ropes & plastic ropes manufacturing companies to operate at partial capacities. However, several steel wire rope & plastic rope manufacturers have focused their concentration on new product development. These developments, coupled with end-use applications resuming their operations at full capacities, would create demand for steel wire ropes & plastic ropes during the forecast period.

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