Synthetic Ropes Market, by Material Type (Polyethylene, Polypropylene, Polyester, Nylon, UHMWPE, Aramids, and Specialty Fibers), by End-Use industry (Oil & Gas, Transportation & Logistics, Mining, Construction, Marine, Defense, and Others (Sports and Others)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Synthetic fibers are man-made fibers, which include nylon, polyester, polypropylene, or high-performance fibers such as high modulus polyethylene (HMPE). They are used in the manufacturing of synthetic ropes to suit different applications in end-use industries such as oil & gas, mining, and construction, as well as in fishing. They are also used as mooring ropes in ocean liners. End users prefer synthetic ropes over wired ropes, owing to the benefits offered by synthetic ropes, such as superior flexibility, high strength, and lightweight.
Market Dynamics
Increasing demand for synthetic ropes from end-use industries such as oil & gas and marine across the globe is expected to fuel the growth of the global synthetic ropes market over the forecast period. This is also attributed to the properties they offer, such as high strength, heat & wear resistance, and better grip while handling. In the oil & gas industry, synthetic ropes are used in anchor lines, drilling lines, tubing lines, and marine riser tensioner lines. Increasing oil & gas exploration activities across the globe is expected to drive the growth of the synthetic ropes market over the forecast period. For instance, according to the International Energy Agency, in 2021, the global oil demand was pegged at 5.5 mb/d (million barrels per day), which increased to 3.3 mb/d by the end of 2017. Therefore, growing the demand from oil & gas industry is expected to facilitate the production of synthetic ropes and drive the global synthetic ropes market growth over the forecast period.
Moreover, Europe held a significant market share in the global synthetic ropes market in 2021, owing to the growth of transportation and logistics industry in the region. Increasing marine and fishing business across European countries is anticipated to result in increased demand for synthetic ropes over the forecast period. Moreover, products pertaining to high tensile strength as well as longer durability have managed to replace steel wires in many forms and applications. Therefore, synthetic ropes are a prime choice in the construction, marine, and oil and gas industries.
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