The global steel wire rope & plastic rope market is expected to grow from US$ 11.3 bln in 2019 to US$14.5 bln by 2024, at a CAGR of 5%, as per ResearchAndMarkets.com.
New product launches leading to an increased application scope of steel wire rope & plastic rope as well as the growing usage of these products across various end-use industries, including industrial & crane, marine & fishing, construction, and mining are expected to augment the market growth. However, the lack of awareness among the end-use industries about the use of steel wire ropes & plastic ropes is the primary factor restraining the growth of the market.
Steel wire rope & plastic rope is gaining importance in the automotive end-use industry. Cranes are relatively an unexplored segment for the market and are projected to register a high CAGR. In the case of cranes, the weight of the rope can form a large part of the whole machine. Therefore, reduction in the weight of rope provides massive benefits, in terms of stability and significant savings in reducing axle loads. The plastic ropes used in cranes can withstand tough environment during the handling, installation, and maintenance operations. The plastic ropes for mobile cranes are replacing the steel ropes at a rapid pace, as they increase the lifting efficiency, provide extended rope life, and lower the maintenance cost.
The global plastic rope market is projected to be dominated by the polypropylene segment, in terms of both value and volume during the forecast period. Polypropylene is used on a large scale in manufacturing ropes for marine & fishing industry due to its high strength properties. As it is light in weight, it floats in water. It is found in multifilament fiber form, similar to but slightly thicker than polyester and nylon. It is sometimes found as thicker monofilament resembling straw or bristles, typically 0.1 mm to 0.15 mm diameter. Polypropylene is reasonably economical as compared to HMPE or polyester. It has excellent chemical resistance and is preferred in water-related applications as these float in water.
The European region is projected to be the fastest-growing steel wire rope & plastic rope market. This is attributed to the increase in demand for steel wire rope & plastic ropes from marine & fishing, construction, mining, and other industries. Asia-Pacific is one of the key markets for steel wire ropes with a large scope for growth in construction, fishing, and mining sectors. The offshore mooring industry in Australia, Malaysia, and China is expected to drive the steel wire rope & plastic ropes market growth during the forecast period.