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Mining Ropes Market Growth Analysis | 2022-2027
Mining Ropes Market Size, Share, Trends, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Wire ropes were developed in the 1830s for mining hoisting applications. Wire ropes play a vital role in mining production. Increasing automation in the mining industry has led to a surge in the demand for high-quality ropes to be used in a variety of applications. Ropes are used in shovels, draglines, pendants, and material handling in surface mining; and drum hoists, friction winders, and shaft sinking applications in underground mining.
The outbreak of the COVID-19 pandemic in 2020, the year annus horribilis, tormented the mining industry. Lockdowns at mining sites, supply chain disruptions, and reduced demand were some of the major challenges that the industry faced. The grave impact of the pandemic was also felt in the mining ropes market, which declined by around 9% in 2020. The market gradually began to recover from the last quarter of 2020 and witnessed a healthy growth of about 6.7% in 2021. Mining is one of the few industries that recovered well from the worst of the post-pandemic economic crises. Overall, the mining ropes market is estimated to grow at a healthy CAGR of 4.1% during the forecast period to reach a value of US$ 766 Million in 2027.
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Based on the application type, the market is bifurcated into surface mining and underground mining. Surface mining dominates the market and is expected to grow at a higher growth rate during the forecast period. The surface mining application is further bifurcated into shovel machines, dragline machines, material ropeways, and rope-driven conveyors. Similarly, the underground mining application is further sub-segmented as friction winders, drum winders, guide ropes, inclined haulage, and shaft sinking.
Based on the raw material type, the market is segmented into steel ropes and synthetic ropes. Between these raw material types, steel dominates the mining ropes market and is expected to maintain its position during the forecast period. The mining industry involves the extraction and movement of very heavy minerals; steel ropes' high load-bearing capacity makes them the preferred choice for such applications. Synthetic ropes have gained significant traction in the mining industry in recent years. In comparison to steel ropes, synthetic ropes are lighter and require lesser maintenance.
Based on the end-user type, the market is segmented as OE and aftermarket. Between these end-user types, the aftermarket segment is likely to dominate the market during the forecast period. Due to extreme working conditions, the life cycle of ropes in the mining industry is averaged to be around 2-4 years only, necessitating regular maintenance and replacement.
In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing market for mining ropes during the forecast period, with China, Australia, India, and Japan being the major markets. The region led the global mining industry with around a two-thirds’ share in 2021. North America holds the second-largest position in the market, primarily driven by the USA and Canada.
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The global market is moderately consolidated with a handful of major companies securing a healthy market share. The following are some of the key players in the mining ropes market:
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The mining ropes market is segmented into the following categories:
Mining Ropes Market, by Application Type
Mining Ropes Market, by Raw Material Type
Mining Ropes Market, by End-User Type
Mining Ropes Market, by Region
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s mining ropes market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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Company Profiling
Competitive Benchmarking
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The mining ropes market is estimated to grow at a healthy CAGR of 4.1% over the next five years to reach a value of US$ 766 Million in 2027. Wire ropes play a vital role in mining production. Increasing automation in the mining industry has resulted in a surge in demand for high-quality ropes to be used in a variety of applications, which is driving the growth of the market.
Bridon-Bekaert (The Ropes Group), Haggie North America, Inc., WireCo World Group, Teufelberger-Redaelli, and Usha Martin Limited are some of the key players in the market.
Asia-Pacific is estimated to be dominant in the mining ropes market in the coming years as it is the largest producer of mining output in the world.
Surface Mining is likely to maintain its dominance in the market in the next five years. Ease of extraction, lower extraction cost, and higher safety standards are the reasons behind its dominance over underground mining.
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