Rope Market Size, Share & Trends Analysis Report By Product (Synthetic, Steel Wire, Cotton), By End-users (Industrial, Commercial, Residential), By Region, And Segment Forecasts, 2023 - 2030

Rope Market Growth & Trends

The global rope market size is expected to reach USD 21.14 billion by 2030, expanding at a CAGR of 6.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the global market is mainly driven by the rising demand for ropes for residential and commercial purposes to weigh and pull loads and materials. The market will experience growth in a number of utility applications due to the rise of residential and commercial building activities, which will increase product demand.

Key rope manufacturers are likely to focus on research & development and design innovations to stay competitive in the market. Major market players are likely to invest in the manufacturing of rope from different materials such as Kevlar, synthetic fiber, and aramid. With the emergence of advanced materials and innovative manufacturing technologies, key manufacturers in the market are expected to be in a strong position to expand their product portfolios while replacing traditional manufacturing standards with advanced machine-oriented methodologies.

The synthetic rope segment growing at the highest CAGR over the forecast period and is expected to maintain its strong penetration in heavy-weight industrial and residential sectors. Synthetic ropes are utilized more frequently in maritime industry operations like ship-assist, mooring, inland towing, and hoisting line applications on account of their lightweight, heavy strength, and lower corrosion susceptibility. This is anticipated to have a favorable effect on the global market's revenue growth. In the near future, multipurpose usage of synthetic ropes in residential, commercial, and industrial sectors is likely to increase in developing and developed parts of the world, offering key manufacturers with business expansion and product enhancement opportunities.

Commercial end-user segment is expected to grow at the fastest CAGR over the forecast period. The expansion of the category is anticipated to be aided by an increase in the number of commercial spaces, such as outdoor cafés and restaurants, restoration initiatives, and a trend of renovating outdoor areas. Ropes are widely used in construction operations because of their corrosion resistance and capacity to withstand harsh weather conditions including UV radiation, rain, snow, and extremely cold temperatures.

In 2022, the Asia Pacific region held the largest market share. Growth is linked to the quickly growing commercial and residential building industries, which promote the use of strong, lightweight, waterproof ropes. The scope of the market has expanded due to the construction industry's rapid rise as a result of rising urbanization in developing nations like China and India. Moreover, government initiatives to improve the construction industry are expected to propel the rope demand which will likely favor the growth of the market. For instance, the Government of India allocated USD 1.89 billion to Atal Mission for Rejuvenation and Urban Transformation along with Smart City Mission in the Union Budget 2021.

Rope Market Report Highlights

• The steel wire segment dominated the product category owing to increased use in construction, mining, oil and gas, and marine industries. Moreover, steel wire rope is widely used in applications for lifting and hosting as well as mechanical power transmission
• The residential end-user segment is expected to witness substantial growth over the forecast period from 2023 to 2030. Consumers are increasingly investing in home improvement or remodeling projects rather than purchasing new homes, which has a positive impact on demand and sales of rope for lifting heavy objects, which is expected to remain a key driver of growth in the rope industry
• The Asia Pacific region formed a majority in 2022. The rapid growth of the construction industry as a result of growing urbanization in emerging countries, such as China and India, has widened the scope of the market

Please note The report will be delivered in 4-8 business days upon order notification.