Global Steel Wire Rope Market Report and Forecast 2024-2032

Global Steel Wire Rope Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global steel wire rope market attained a value of USD 9.038 billion in 2023. Aided by growth in steel production and growing investments in infrastructure involving motion and lifting applications, the market is projected to further grow at a CAGR of 2.3% between 2024 and 2032 to reach a value of USD 10.99 billion by 2032.

Steel wire ropes are complex mechanical devices used primarily for lifting, hauling, and conveying loads. They are integral to various industries due to their durability, high tensile strength, and resilience to environmental conditions. The ropes are primarily used in crane hoisting, oil & gas drilling rigs, mining operations, marine deck machinery, and general engineering applications.

The flourishing construction industry, which relies heavily on steel wire ropes for various applications including lifting and suspending materials, is a one of the key steel wire rope market trends driving the market. The booming urbanisation rates, particularly in emerging economies, and subsequent infrastructural developments are fuelling the demand for steel wire ropes.

In the mining sector, steel wire ropes are indispensable for their strength and ability to withstand harsh working conditions. As the demand for minerals and resources increases, the mining sector’s expansion globally is expected to contribute significantly to the market growth.

Moreover, the rising importance of safety and security in industrial operations has led to strict regulations and standards for wire rope manufacturing. These norms are encouraging the production of high-quality, reliable wire ropes, which is, in turn, bolstering the steel wire rope market demand.

In the maritime industry, steel wire ropes are crucial for anchoring, mooring, and towing operations due to their resistance to corrosion and fatigue. The growth in global trade, which is reliant on maritime transport, is set to increase the demand for steel wire ropes significantly.

The market is also witnessing a growing trend towards the use of non-corrosive materials and coatings, which can significantly enhance the lifespan and reliability of steel wire ropes. These innovations are helping the steel wire rope market to sustain its competitiveness against alternative materials.

Asia Pacific, led by China and India, is currently the dominant market for steel wire ropes, owing to extensive infrastructural development and expanding industries in these regions. The increasing investments in construction projects, coupled with industrial growth in these emerging economies, are set to drive the global steel wire rope market growth in this region.

Environmental and sustainability concerns are also shaping the future of the steel wire rope market. Manufacturers are increasingly under pressure to produce ropes that are not only strong and durable but also more environmentally friendly. This includes a focus on recyclability and the use of eco-friendly lubricants and coatings.

Market Segmentation

The market can be divided based on type of lay, strand pattern, steel type, coating type, application, and region.

Market Breakup by Type of Lay

• Regular Lay
• Lang Lay
• Alternate Lay

Market Breakup by Strand Pattern

• Single Layer
• Filler Wire
• Seals
• Warrington
• Combination

Market Breakup by Steel Type

• Stainless Steel
• Galvanised Steel

Market Breakup by Coating Type

• Vinyl
• Zinc
• Nylon
• PVC
• Others

Market Breakup by Application

• Oil and Gas
• Heavy Machinery
• Mining
• Marine
• General Engineering
• Construction
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global steel wire rope market. Some of the major players explored in the report by Expert Market Research are as follows:

• Cortland Limited
• Anchor Industries Pty Ltd
• Samson Rope Technologies, Inc.
• Chung Woo Rope Co. Ltd
• Teufelberger Holding AG
• Fasten Group
• Bekaert Group
• Others

About Us

Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.

Our high-quality, data-driven analysis provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.

Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of our Expert Market Research reports today.

*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.