The steel wire rope and plastic rope market is expected to witness significant growth during the forecast period (2020-2027) due to the rising demand from end-use industries such as construction, transportation, and oil & gas. The market research report by (need remove brand name) provides comprehensive analysis of the market based on different parameters such as type of lay, coating type, type of core, material type, application, and region. The report also discusses the impact of COVID-19 on the market and the strategies adopted by players to sustain in the market.
The report suggests that the global steel wire rope and plastic rope market size is projected to reach USD 24.53 billion by 2027, growing at a CAGR of 7.2% during the forecast period. The demand for wire rope is expected to grow due to its high strength and durability, while the demand for plastic rope is expected to increase due to its lightweight and corrosion-resistant properties.
Based on type of lay, the report segments the market into regular lay, lang lay, and alternate lay. The regular lay segment is expected to have the highest market share due to its simplicity, reliability, and cost-effectiveness. Based on coating type, the market is segmented into galvanized, ungalvanized, and others. Among them, the galvanized segment is projected to hold a major market share due to its corrosion-resistant properties.
Based on type of core, the market is segmented into fiber core, wire strand core, and independent wire rope core. Among them, the wire strand core segment is expected to have the highest market share due to its high strength and durability. Based on material type, the market is segmented into steel and synthetic fibers. The steel segment is projected to have a major market share due to its high tensile strength and ability to withstand heavy loads.
Based on application, the market is segmented into marine & fishing, mining, oil & gas, sports & leisure, construction, and others. Among them, the construction segment is expected to have the highest market share due to the growing demand for steel wire ropes in building and infrastructure projects.
Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to be the fastest-growing region due to the increasing urbanization, infrastructure development, and industrialization in countries like China, India, and Japan.
The report also profiles key players in the market such as Bekaert, WireCo WorldGroup, Inc., Usha Martin, Samson Rope Technologies Inc., and Jiangsu Langshan Wire Rope Co., Ltd. These players are adopting strategies such as mergers & acquisitions, partnerships, and product launches to expand their business and gain a competitive edge in the market.
In conclusion, the steel wire rope and plastic rope market is expected to witness significant growth during the forecast period due to the rising demand from end-use industries such as construction, transportation, and oil & gas. The market research report by (need remove brand name) provides comprehensive analysis of the market based on different parameters such as type of lay, coating type, type of core, material type, application, and region. The report also profiles key players in the market and discusses the strategies adopted by them to sustain in the market.