Oil And Gas Ropes Market Report

Market Insights

Ropes are an integral part of the oil & gas industry; without them, no operations can be carried out. Ropes are used throughout the process, including for mooring, drilling, and tubing lines. Platform cranes and deck cranes use them as well. The oil & gas industry performs operations both offshore and onshore. When the process is carried out at sea, it is referred to as offshore, and when it is carried out on land, it is referred to as onshore. In general, offshore oil & gas extraction requires substantial investment. The offshore process consists primarily of exploration, construction, and production. The exploration entails locating the best area for digging and extracting petroleum products. Construction includes establishing a plant on the seabed for production. And production involves the extraction of oil & gas from beneath the seabed.

The oil & gas industry is highly volatile and changes overnight. The pandemic was devastating for the industry, resulting in significant losses for the key producers. A similar impact was witnessed in the oil & gas ropes market, which experienced a 15% decline in 2020. With the lifting of lockdowns and the gradual recovery of economic activities, the market began to recuperate and registered a healthy growth of 5.6% in 2021. The Russian invasion of Ukraine in February 2022, has once again created uncertainty among the industry stakeholders. However, Stratview Research estimates that the oil & gas ropes market is likely to grow at a modest CAGR of 1.6%, during the forecast period, to reach a value of US$ 1.9 Billion in 2027.

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Segments' Analysis

Based on the application type, the market is bifurcated into onshore, offshore exploration, offshore construction, and offshore production. Among these application types, offshore production dominates the market, whereas offshore exploration is likely to be the fastest-growing application segment during the forecast period. In this study, the onshore segment is further bifurcated into drilling lines and well servicing. Similarly, offshore exploration is sub-segmented as drilling rigs, marine riser tensioners, subsea winches, mooring, offshore cranes, and lifeboats. Further, offshore construction is subdivided into A&R winches, subsea winches, offshore cranes, floating cranes, mooring, diving bells, and lifeboats. And offshore production is bifurcated into offshore cranes, subsea winches, mooring, and lifeboats.

Based on the raw material type, the market is segmented into steel ropes and synthetic ropes. Steel ropes dominated the market in 2021, and are expected to maintain their position during the forecast period, owing to their higher load-bearing capacity and proven track record. On the other hand, significant R&D has led to increased penetration of synthetic ropes in the oil & gas industry, which is expected to grow further over the forecast period.

In terms of regions, Rest of the World, which majorly includes the Middle East, Latin America, and Africa, dominated the market and is expected to maintain its dominance throughout the forecast period. The Middle East is home to the world's largest producers of oil and gas, including Saudi Arabia, the UAE, and Iraq. Asia-Pacific holds the second-largest position in the market and is expected to witness the highest growth during the forecast period, primarily driven by China, Indonesia, and India. Europe and North America also hold significant shares of the global oil & gas ropes market. Russia dominates the European market, whereas the USA is the leader in the North American oil & gas ropes market.

Key Players

The following are some of the key players in the oil & gas ropes market:

• Bridon-Bekaert (The Ropes Group)
• KISWIRE Ltd.
• Teufelberger-Redaelli
• Usha Martin Limited
• WireCo World Group

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s oil & gas 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.

Report Features

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:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The oil & gas ropes market is segmented into the following categories:

Oil & Gas Ropes Market, by Application Type

• Onshore
• Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World
• Sub-Application Analysis: Drilling Lines and Well Servicing
• Offshore Exploration
• Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World
• Sub-Application Analysis: Drilling Rigs, Marine Riser Tensioner, Subsea Winches, Mooring, Offshore Cranes, and Lifeboat
• Offshore Construction
• Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World
• Sub-Application Analysis: A&R Winches, Subsea Winches, Offshore Cranes, Floating Cranes, Mooring, Diving Bells, and Lifeboat
• Offshore Production
• Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World
• Sub-Application Analysis: Offshore Cranes, Subsea Winches, Mooring, and Lifeboat

Oil & Gas Ropes Market, by Material Type

• Steel Ropes (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Synthetic Ropes (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Oil & Gas Ropes Market, by End-User Type

• OE (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Oil & Gas Ropes Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Russia, The UK, Norway, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Indonesia, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com