The changing dynamics in Synthetic Rope Market with covid-19 impact assessment

The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Synthetic Rope Market.

It was estimated prior to this unanticipated outbreak that the Synthetic Rope Market was expected to grow at a CAGR of >6.0% by 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.

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Synthetic rope offers many advantages over steel rope, such as higher corrosion resistance, fatigue resistance, weather and chemical resistance, and light weighting. It is widely preferred in the many industries, such as marine & fishing, mining, oil & gas, building & construction, and sports industry. It has been continuously gaining market acceptance over the last few decades by replacing steel ropes. Synthetic rope is about one seventh of the weight of similar sized wire rope.

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Marine & Fishing segment is likely to remain the growth engine of the synthetic rope market during the forecast period.  Synthetic ropes provide excellent corrosion and abrasion resistance and light weighting in the wide array of marine & fishing applications, such as mooning lines, towing lines, hoisting lines.

North America is expected to remain the largest market for synthetic rope in the next five years. Excellent distribution network across North America region, high marine & fishing activities, high offshore oil & gas activities are the prime drivers of the North American synthetic rope market. 

Key Players:

The key synthetic rope manufactures are WireCo Worldgroup Inc., Cortland Limited, Marlow Ropes, Samson Ropes Technologies, and Bridon International. New product development and regional expansion are the key strategies adopted by the key players to gain competitive edge in the market.