As per MRFR analysis, the Steel Wire Plastic Rope Market Size was estimated at 16.23 (USD Billion) in 2022.The Steel Wire Plastic Rope Market Industry is expected to grow from 17.09 (USD Billion) in 2023 to 27.2 (USD Billion) by 2032. The Steel Wire Plastic Rope Market CAGR (growth rate) is expected to be around 5.3% during the forecast period (2024 - 2032).
Key Steel Wire Plastic Rope Market Trends Highlighted
Key market drivers for the Steel Wire Plastic Rope Market include rising demand for high-performance ropes in construction, infrastructure, and industrial applications. The increasing adoption of synthetic materials in various industries is also fueling market growth.
Opportunities to be explored in this market include the development of innovative and sustainable wire plastic rope products, as well as expansion into emerging markets. Strategic partnerships and collaborations with key players in the construction and infrastructure sectors can also create lucrative opportunities.
Recent trends in the Steel Wire Plastic Rope Market indicate a shift towards lightweight and high-strength ropes, driven by technological advancements. The use of advanced materials, such as high-performance polymers and alloys, has enhanced the durability and versatility of these ropes. Additionally, the growing emphasis on safety and regulatory compliance is driving demand for high-quality ropes that meet industry standards.
Figure1: Steel Wire Plastic Rope Market, 2018 - 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Wire Plastic Rope Market Drivers
Rising Demand for Steel Wire Plastic Rope in Construction
The construction industry is a major consumer of steel wire plastic rope, which is used in a variety of applications such as scaffolding, rigging, and fencing. The growing demand for construction projects, particularly in emerging markets, is expected to drive the growth of the steel wire plastic rope market. For instance, according to a report by the World Bank, the construction market is expected to reach a value of USD 15.5 trillion by 2030, growing at a CAGR of 4.2%.This growth is expected to be driven by increasing urbanization, rising disposable incomes, and government investments in infrastructure development. The increasing demand for steel wire plastic rope in the construction industry is expected to have a positive impact on the overall growth of the market.
Technological Advancements in Steel Wire Plastic Rope Manufacturing
The steel wire plastic rope market is witnessing significant technological advancements, which are leading to the development of new and improved products. These advancements include the use of advanced materials, such as high-strength steel and lightweight polymers, as well as the adoption of innovative manufacturing techniques. For instance, the use of high-strength steel allows for the production of ropes with higher breaking strength and reduced weight, making them ideal for use in demanding applications such as lifting and towing.In addition, the adoption of automated manufacturing techniques has led to increased efficiency and reduced production costs, making steel wire plastic rope more affordable for a wider range of applications.
Increasing Adoption of Steel Wire Plastic Rope in Marine Applications
The marine industry is another major consumer of steel wire plastic rope, which is used for a variety of purposes such as mooring, towing, and fishing. The growing demand for marine transportation and the increasing number of offshore activities are expected to drive the growth of the steel wire plastic rope market in the marine sector. For instance, according to a report by the International Maritime Organization (IMO), seaborne trade is expected to grow by 3-5% annually over the next decade.This growth is expected to be driven by increasing trade and the expansion of maritime infrastructure. The increasing demand for steel wire plastic rope in the marine industry is expected to have a positive impact on the overall growth of the market.
Steel Wire Plastic Rope Market Segment Insights
Steel Wire Plastic Rope Market Material Insights
The Steel Wire Plastic Rope Market is segmented by Material into Steel, Plastic, and Other Materials. Steel is the most commonly used material for wire plastic ropes due to its strength and durability. Steel wire plastic ropes are used in a wide range of applications, including construction, mining, and marine. Plastic wire plastic ropes are also resistant to corrosion, making them ideal for use in harsh environments. The plastic wire plastic rope market is expected to grow at a CAGR of 4.8% from 2023 to 2032, reaching a total market value of USD 25.6 billion by 2032.Other Materials used for wire plastic ropes include nylon, polyester, and Kevlar. These materials offer a range of properties, such as high strength, low weight, and resistance to abrasion. The other materials wire plastic rope market is expected to grow at a CAGR of 4.5% from 2023 to 2032, reaching a total market value of USD 22.8 billion by 2032. The choice of material for a wire plastic rope depends on the specific application. Factors to consider include the strength, durability, weight, and corrosion resistance required.
Figure2: Steel Wire Plastic Rope Market, By Material, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Wire Plastic Rope Market Diameter Insights
The Steel Wire Plastic Rope Market is segmented into Small Diameter (less than 10 mm), Medium Diameter (10-25 mm), and Large Diameter (over 25 mm) based on Diameter. The Small Diameter segment held the largest market share in 2023, accounting for around 45% of the Steel Wire Plastic Rope Market revenue. This is attributed to the increasing demand for small diameter ropes in various industries, including construction, automotive, and packaging. The Medium Diameter segment is expected to witness significant growth over the forecast period, owing to rising demand from the construction and infrastructure sectors.The Large Diameter segment is anticipated to hold a considerable market share due to its wide usage in heavy-duty applications, such as marine and offshore operations.
Steel Wire Plastic Rope Market Construction Insights
The construction segment is expected to account for a significant portion of the Steel Wire Plastic Rope Market revenue in 2024. The growth of this segment can be attributed to the increasing demand for steel wire plastic ropes in various construction applications, such as suspension bridges, cable-stayed bridges, and high-rise buildings. Single-strand ropes are commonly used in construction due to their high strength and durability. Multi-strand ropes offer greater flexibility and resistance to bending fatigue, making them suitable for applications where frequent bending is required.Braided ropes provide excellent abrasion resistance and are often used in applications where ropes are exposed to harsh environments. The Steel Wire Plastic Rope Market segmentation provides valuable insights into the market dynamics and trends. This data can help businesses make informed decisions about product development, marketing strategies, and investments. By understanding the specific needs and preferences of different end-use industries, manufacturers can tailor their offerings to meet the evolving demands of the market and drive growth.
Steel Wire Plastic Rope Market Coating Insights
The Steel Wire Plastic Rope Market is segmented on the basis of Coating into Uncoated, Galvanized, and Polymer Coated. Among these segments, the Galvanized segment is expected to hold the largest market share in 2023, accounting for around 45% of the Steel Wire Plastic Rope Market revenue. The growth of this segment can be attributed to the increasing demand for galvanized steel wire plastic ropes in construction and infrastructure applications, owing to their superior corrosion resistance and durability. The Uncoated segment is expected to witness a steady growth rate during the forecast period, owing to its cost-effectiveness and wide range of applications in packaging and agriculture.The Polymer Coated segment is expected to gain significant market share in the coming years, driven by the rising demand for ropes with enhanced wear resistance and chemical resistance in industries such as mining and marine.
Steel Wire Plastic Rope Market Regional Insights
The Steel Wire Plastic Rope Market is expected to reach $18.23 billion in 2023 and $29.38 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period. Regionally, North America held the largest market share in 2022, accounting for 36.3% of the revenue due to the presence of well-established infrastructure, high demand from the construction sector, and increased investment in renewable energy projects. Europe is expected to witness a significant growth rate during the forecast period, owing to the rising demand for steel wire plastic ropes in various industrial applications, including automotive, transportation, and manufacturing.The APAC region is anticipated to be the fastest-growing market, driven by the rapid expansion of the construction and infrastructure sectors in developing countries like China, India, and Southeast Asian nations. South America and MEA are expected to contribute moderately to the overall market growth, with increasing demand from the oil and gas industry and infrastructure development projects.
Figure3: Steel Wire Plastic Rope Market, By Regional, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Wire Plastic Rope Market Key Players And Competitive Insights
Major players in the Steel Wire Plastic Rope Market industry are constantly looking for ways to innovate and develop new products in order to gain a competitive edge. Leading Steel Wire Plastic Rope Market players are investing heavily in research and development and are also forming partnerships with other companies in order to expand their product portfolio. The Steel Wire Plastic Rope Market is expected to witness several new product launches and developments in the coming years.A leading company in the Steel Wire Plastic Rope Market, Bridon International has a strong presence and a wide product portfolio. The company offers a comprehensive line of steel ropes for various applications, including offshore, construction, fishing, and mining. Bridon International has a strong commitment to innovation and has developed several new technologies in recent years, including a new type of wire rope that is lighter and stronger than traditional steel ropes. The company is also actively involved in mergers and acquisitions and has acquired several other companies in the past few years in order to expand its geographical reach and product portfolio.A competitor company in the Steel Wire Plastic Rope Market, Wire Rope Corporation of America, is a leading manufacturer of steel ropes and wire products. The company offers a wide range of wire ropes for various applications, including construction, mining, and offshore. Wire Rope Corporation of America has a strong focus on quality, and its products are certified to meet various industry standards. The company has a presence, with manufacturing facilities in the United States, Europe, and Asia. Wire Rope Corporation of America is also actively involved in mergers and acquisitions and has acquired several other companies in the past few years in order to expand its geographical reach and product portfolio.
Key Companies in the Steel Wire Plastic Rope Market Include
Konecranes
Crosby Group
Gunnebo Industries AB
Gunnebo Industries
Casar
WireCo WorldGroup
Ahern Industries
Gunnebo Industrier AB
The Caldwell Manufacturing Company
Shizuoka Seiki
The Crosby Group LLC
Bridon International
Jakob Rope Systems
HiLine Utility Supply Co.
The Crosby Group Inc
Steel Wire Plastic Rope Market Industry Developments
The Steel Wire Plastic Rope market is projected to reach USD 17.09 billion by 2023, exhibiting a CAGR of 5.3% during the forecast period of 2024-2032. Rising demand for steel wire plastic ropes in the construction, automotive, and marine industries is driving market growth. Additionally, increasing infrastructure development in emerging economies and the growing popularity of lightweight and durable materials are contributing to market expansion. Recent advancements in technology, such as the development of high-performance ropes with improved strength and flexibility, are expected to further drive market growth. Key players in the market are focusing on expanding their product portfolios and enhancing their manufacturing capabilities to meet the evolving demands of customers.
Steel Wire Plastic Rope Market Segmentation Insights
Steel Wire Plastic Rope Market Material Outlook
Steel Wire Plastic Rope Market Diameter Outlook
Steel Wire Plastic Rope Market Construction Outlook
Steel Wire Plastic Rope Market Coating Outlook
Steel Wire Plastic Rope Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 16.23 USD Billion) |
| Market Size 2023 | 17.09 (USD Billion) |
| Market Size 2032 | 27.2 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.3% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Konecranes, Crosby Group, Gunnebo Industries AB, Gunnebo Industries, Casar, WireCo WorldGroup, Ahern Industries, Gunnebo Industrier AB, The Caldwell Manufacturing Company, Shizuoka Seiki, The Crosby Group LLC, Bridon International, Jakob Rope Systems, HiLine Utility Supply Co., The Crosby Group Inc |
| Segments Covered | Material, Diameter, Construction, Coating, Regional |
| Key Market Opportunities | Industrial automation Construction Infrastructure development Automotive Packaging |
| Key Market Dynamics | Demand from construction industry growth in the automotive sector surge in energy sector environmental concerns technological advancements |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Steel Wire Plastic Rope Market is expected to be valued at 17.09 billion USD in 2023.
The Steel Wire Plastic Rope Market is projected to grow at a CAGR of 5.3% from 2024 to 2032.
The Asia-Pacific region is expected to hold the largest market share in the Steel Wire Plastic Rope Market in 2023.
Key applications of Steel Wire Plastic Rope include construction, marine, and industrial.
Major competitors in the Steel Wire Plastic Rope Market include Bridon, Teufelberger, and WireCo WorldGroup.
The Steel Wire Plastic Rope Market is expected to reach a valuation of 27.2 billion USD by 2032.
The Asia-Pacific region is projected to experience the highest growth in the Steel Wire Plastic Rope Market from 2024 to 2032.
Key growth drivers of the Steel Wire Plastic Rope Market include increasing demand from the construction and marine industries.
Challenges faced by the Steel Wire Plastic Rope Market include rising raw material costs and competition from synthetic ropes.
Opportunities for growth in the Steel Wire Plastic Rope Market include expanding into new applications and developing innovative products.
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