Marine Ropes Market Report
Fishing & Marine Ropes Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Fishing & Marine Ropes Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Fishing & Marine Ropes Market is segmented by Application Type (Fishing [Purse Seining and Trawling] and Marine [Mooring and Tug & Towing]), by Raw Material Type (Steel Ropes and Synthetic Ropes), by End-User Type (OE and Aftermarket), and by Region (North America [The USA, Canada, and Mexico], Europe [Russia, Norway, Iceland, Spain, and Rest of Europe], Asia-Pacific [China, Indonesia, India, and Rest of Asia-Pacific], and Rest of the World [Peru, Chile, and Others]).
Ropes play the most vital part while carrying out fishing. Generally, there are two ways in which fishing is carried out i.e., purse seining and trawling. Purse seining is a non-selective fishing method that involves a surrounding net, called seine, which captures everything that comes into its surrounding. Trawling, on the other hand, is the more common method of fishing. It entails pulling a fishing net, which is attached to a boat, through the water. Fishing nets are attached and handled through ropes from the boats. Furthermore, marine plays a crucial role in a country’s economy as it opens opportunities for global trade. Ropes are used in the marine industry for mooring and tug and towing. Mooring is the process of anchoring a ship to a fixed or floating element using ropes.
The sudden outbreak of the Covid-19 pandemic frazzled the world, resulting in massive supply chain disruption, a halt in manufacturing and production activities, lockdowns, and food shortages affecting all aspects of economic activity. The fishing and marine applications were no exception. Wire ropes used in the fishing and marine applications also witnessed a sharp decline in line with the industry average, falling by 2.7% in 2020. However, as expected, the market recovered as the Covid-19 wave began to fade, with a 4.7% increase in 2021. Overall, the fishing & marine ropes market is estimated to grow at a healthy CAGR of 3.3% during the forecast period to reach a value of US$ 1.1 Billion in 2027.
Based on the application type, the market is bifurcated into fishing and marine. Fishing, which is practiced in every corner of the world and contributes significantly to global food security, dominates the market. The fishing application segment is further bifurcated into purse seining and trawling. Purse seining and trawling are two different types of fishing methods, with trawling being the dominant one. Similarly, the marine application segment is further subdivided into mooring and tug & towing. The mooring application dominates the marine segment.
Based on the raw material type, the market is segmented into steel ropes and synthetic ropes. Steel rope is likely to hold a larger share of the market during the forecast period, whereas synthetic ropes are expected to witness higher growth during the same period. Steel ropes provide more load-bearing capacity; hence, preferred in applications involving heavy loads. Synthetic ropes are relatively lightweight and flexible.
Based on the end-user type, the market is segmented as OE and aftermarket. The aftermarket segment dominates the fishing & marine ropes market. Ropes have a limited life cycle in fishing and marine applications, necessitating regular replacement and maintenance, resulting in higher demand at the aftermarket level.
In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing market for fishing and marine ropes over the forecast period. The long coastline and low labor cost are the major factors behind the dominance of the region in the global market. China is the largest market for fishing and marine ropes across the globe and is likely to maintain its position during the forecast period as well. North America and Europe are also likely to offer substantial growth opportunities for the industry participants in the coming years.
The following are some of the key players in the fishing & marine ropes market:
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s fishing & marine 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.
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 fishing & marine ropes market is segmented into the following categories:
Fishing & Marine Ropes Market, by Application Type
Fishing & Marine Ropes Market, by Raw Material Type
Fishing & Marine Ropes Market, by End-User Type
Fishing & Marine Ropes Market, by Region
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The fishing & marine ropes market is estimated to grow at a healthy CAGR of 4.0% over the next five years to reach a value of US$ 1.1 Billion in 2027. The growth of the market can be majorly attributed to fishing, which is practiced in every corner of the world. Fishing contributes significantly to global food security and ropes play the most vital part while carrying out fishing.
Bridon-Bekaert (The Ropes Group), Kiswire Ltd., DSR Wire Corp., Randers Reb International A/S, and WireCo World Group are the key players in the market.
Asia-Pacific is estimated to be dominant in the fishing & marine ropes market in the coming years. The region is ideal for the fishing and marine market due to its long coastline and low labor costs, with China being the world's largest fish producer.
Synthetic rope is estimated to grow at a faster rate in the coming five years. They are preferred over steel ropes due to their flexibility and lightweight.
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